§ 36-10-11-15 — Lease; notice and hearing; authorization of execution

(a) When the authority and a governmental
entity have agreed upon the lease, and before the final execution of the
lease, a notice shall be published under IC 5-3-1 of a hearing to be held
by the fiscal body of the governmental entity. The hearing shall be held
on a day at least ten (10) days after the publication of notice. The
proposed lease and any plans and specifications must be open to
inspection by the public during the ten (10) day period and at the
hearing.
(b) The notice must state:
(1) the date, place, and time of the hearing;
(2) a brief summary of the principal terms of the lease, including
the character and location of the property to be leased;
(3) the estimated lease rental to be paid; and
(4) the period of the lease.
(c) All interested persons are entitled to be heard at the hearing
concerning the necessity for the execution of the lease and whether the
lease rental is fair and reasonable. The hearing may be adjourned to a
later date fixed before adjournment. Following the hearing the fiscal
body may either:
(1) authorize the execution of the original lease; or
(2) authorize the execution of the lease with modifications that are
agreed to by the authority.
As added by Acts 1982, P.L.218, SEC.5.