Indiana § 36-1-12.5-7 Installment payment contracts; maximum period

Indiana Statutes

§ 36-1-12.5-7 — Installment payment contracts; maximum period

Indiana § 36-1-12.5-7

Title 36LOCAL GOVERNMENT

Art. 1GENERAL PROVISIONS

Ch. 12.5Guaranteed Savings Contracts; Energy Efficiency

This text of Indiana § 36-1-12.5-7 (Installment payment contracts; maximum period) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ind. Code § 36-1-12.5-7 (2026).

Text

(a)If the governing body enters into an installment payment contract for the purchase and installation of conservation measures under this chapter that are part of a project that is not related to the alteration of a water or wastewater structure or system, the balance of the payments must be paid in installments not to exceed the lesser of twenty (20) years or the average life of the conservation measure installed from the date of final installation. Payments under an installment payment contract are subject to annual appropriation by the fiscal body of the school corporation or political subdivision and do not constitute an indebtedness of the school corporation or political subdivision within the meaning of a constitutional or statutory debt limitation.

(b)If the governing body enters

Free access — add to your briefcase to read the full text and ask questions with AI

(a) If the governing body enters into an
installment payment contract for the purchase and installation of
conservation measures under this chapter that are part of a project that
is not related to the alteration of a water or wastewater structure or
system, the balance of the payments must be paid in installments not
to exceed the lesser of twenty (20) years or the average life of the
conservation measure installed from the date of final installation.
Payments under an installment payment contract are subject to annual
appropriation by the fiscal body of the school corporation or political
subdivision and do not constitute an indebtedness of the school
corporation or political subdivision within the meaning of a
constitutional or statutory debt limitation.
(b) If the governing body enters into an installment payment
contract for the purchase and installation of conservation measures
under this chapter that are part of a project that is related to the
alteration of a water or wastewater structure or system, the balance of
the payments must be paid in installments not to exceed the lesser of
twenty (20) years or the average life of the conservation measure
installed from the date of final installation. Payments under an
installment payment contract are subject to annual appropriation by the
fiscal body of the school corporation or political subdivision and do not
constitute an indebtedness of the school corporation or political
subdivision within the meaning of a constitutional or statutory debt
limitation.
(c) With respect to a conservation measure described in section
1(a)(2)(G) or 1(a)(2)(H) of this chapter, annual revenues or savings
from a guaranteed savings contract may be less than annual payments
on the contract if during the length of the contract total savings and
increased billable revenues occur as provided for by the contract.
(d) The financing of a guaranteed savings contract may be provided
by:
(1) the vendor under the guaranteed savings contract; or
(2) a third party financial institution or company.