Indiana § 36-1-10-12 Lease in anticipation of acquisition or construction of structure, system,
or transportation project

Indiana Statutes

§ 36-1-10-12 — Lease in anticipation of acquisition or construction of structure, system, or transportation project

Indiana·Title 36 LOCAL GOVERNMENT·Art. 1 GENERAL PROVISIONS·Ch. 10 Leasing and Lease-Purchasing Structures

(a)The leasing agent may, in anticipation of the acquisition of a site on which a structure is to be constructed, acquired, improved, remodeled, or expanded, enter into a contract to lease a structure from the lessor before the actual acquisition of the site and the construction, acquisition, improvement, remodeling, or expansion of the structure. The lease may not provide for payment of any rental by the leasing agent if a new structure is to be constructed until it is complete and ready for occupancy. However, the lease may provide for payment of lease rental for any part of the structure to be used by the political subdivision or its agency for any period during improvement, remodeling, or expansion of the structure.

(b)A leasing agent may, in anticipation of the acquisition of a syst

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(a) The leasing agent may, in anticipation of
the acquisition of a site on which a structure is to be constructed,
acquired, improved, remodeled, or expanded, enter into a contract to
lease a structure from the lessor before the actual acquisition of the site
and the construction, acquisition, improvement, remodeling, or
expansion of the structure. The lease may not provide for payment of
any rental by the leasing agent if a new structure is to be constructed
until it is complete and ready for occupancy. However, the lease may
provide for payment of lease rental for any part of the structure to be
used by the political subdivision or its agency for any period during
improvement, remodeling, or expansion of the structure.
(b) A leasing agent may, in anticipation of the acquisition of a
system, enter into a lease with the lessor before the completion of the
acquisition. A leasing agent may, in anticipation of the acquisition or
construction of a transportation project, enter into a lease with the
lessor before the completion of construction or acquisition. Such a
lease must require the payment of lease rental by the lessee or lessees
to begin when acquisition of the system, or a discrete, functional part
of the system, or acquisition or construction of the transportation
project, has been completed and is ready for use, but not before that
time. An opinion or report of an independent expert that the system, or
a discrete, functional part of the system, or a transportation project is
complete and ready for use is conclusive and binding on all parties and
on all taxpayers of an eligible entity.
(c) The lease may provide that the leasing agent shall pay all taxes
and assessments, maintain insurance for the benefit of the lessor, and
assume all responsibilities for repair and alterations during the term of
the lease.
(d) The leasing agent may require the lessor, as a condition of
entering into a lease, to furnish a bond guaranteeing the lease in an
amount specified by the leasing agent.
[Pre-Local Government Recodification Citations:
18-5-3.3-5; 18-5-3.3-6.]
As added by Acts 1981, P.L.57, SEC.36. Amended by
P.L.74-1987, SEC.19; P.L.37-1988, SEC.15; P.L.188-1988, SEC.3;
P.L.343-1989(ss), SEC.18.

Indiana § 36-1-10-12 (Lease in anticipation of acquisition or construction of structure, system, or transportation project) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.