§ 36-1-10-13 — Hearing; procedure; execution of lease

(a) After the leasing agent and the lessor
have agreed upon the terms and conditions of the lease but before the
execution of the lease, the leasing agent shall publish notice, in
accordance with IC 5-3-1, of a public hearing to be held before the
leasing agent. The cost of the publication of the notice shall be paid by
the lessor. Notice of the hearing must be given at least ten (10) days
before the hearing is held.
(b) The notice must state the date, place, and hour of the hearing
and provide a summary of the principal terms of the lease.
Additionally, the notice must contain the name of the proposed lessor,
the location and character of the structure, transportation project, or
system to be leased, the rental to be paid, and the number of years the
lease is to be in effect.
(c) The proposed lease, drawings, plans, specifications, and
estimates for the structure, or description and cost estimate of the
transportation project or system, are open to public inspection during
the ten (10) day period and at the hearing.
(d) All persons are entitled to be heard at the hearing as to whether
the execution of the lease is necessary and whether the rental is fair and
reasonable for the proposed structure or system. After the hearing,
which may be adjourned from time to time, the leasing agent may
modify, confirm, or rescind the proposed lease, but the rental as set out
in the published notice may not be increased. The leasing agent may
rely on the testimony of independent experts as to the fairness and
reasonableness of the lease.
(e) If the execution of the lease as originally agreed upon or as
modified is authorized by the leasing agent, the leasing agent shall give
notice of the execution of the lease by publication in accordance with
IC 5-3-1.
[Pre-Local Government Recodification Citation: 18-5-3.3-7
part.]
As added by Acts 1981, P.L.57, SEC.36. Amended by
P.L.74-1987, SEC.20; P.L.37-1988, SEC.16; P.L.343-1989(ss),
SEC.19; P.L.25-1995, SEC.82.