Indiana Statutes
§ 36-1-10-9 — Leases; terms and conditions; options to renew or purchase; exercise of option to purchase
Indiana·Title 36 LOCAL GOVERNMENT·Art. 1 GENERAL PROVISIONS·Ch. 10 Leasing and Lease-Purchasing Structures
(a)The lease may provide that the leasing
agent has an option to renew the lease for a further term or to purchase
the property. The terms and conditions of the purchase must be
specified in the lease.
(b)Whenever the leasing agent exercises an option to purchase the
property, then the political subdivision or agency may issue and sell
bonds for the purpose of procuring money to pay the purchase price. If
the leasing agent does not exercise an option to purchase the property,
then upon the expiration of the lease and upon full performance by the
leasing agent, the property becomes the absolute property of the
political subdivision or agency. The lessor shall convey title to the
political subdivision or agency.
[Pre-Local Government Recodification Citation:
18-5-3.3-3.]
As added by Acts 1
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Nearby Sections
15
§ 36-1-10-1
Application of chapter§ 36-1-10-10
Plans, specifications, and estimates for structures, systems, and
transportation projects§ 36-1-10-11
Property held in fee simple; sale procedure§ 36-1-10-12
Lease in anticipation of acquisition or construction of structure, system,
or transportation project§ 36-1-10-13
Hearing; procedure; execution of lease§ 36-1-10-17
Annual appropriation and tax levy§ 36-1-10-18
Tax exemption of leased structures, systems, and transportation
projects; taxation of rental paid lessor§ 36-1-10-19
Assignment or conveyance of lease; conveyance of structure, system,
or transportation project§ 36-1-10-2
Definitions§ 36-1-10-20
Repealed