§ 36-10-11-16 — Lease; execution; notice; limitation on annual rental; transfer of net revenue

Indiana § 36-10-11-16

• Jurisdiction: Indiana
• Title 36: LOCAL GOVERNMENT
• Art. 10: RECREATION, CULTURE, AND COMMUNITY
• Ch. 11: Gary Building Authority

Text

(a) The lease shall be executed on behalf
of the governmental entity by an officer authorized by law to execute
contracts for the entity and on behalf of the authority by both the
president or vice president of the board and the secretary of the board
of directors.
(b) Notice of the execution of the lease shall be given by the
governmental entity by publication as provided in IC 5-3-1.
(c) A lease may not be executed with annual lease rental exceeding
an aggregate of two hundred seventy-five thousand dollars ($275,000)
unless the fiscal body of the lessee governmental entity finds that the
estimated annual net income to the lessee governmental entity from the
civic center, plus any other nonproperty tax funds made available
annually for the payment of the lease rental, will not be less than the
amount of the excess.
(d) All net revenues of the leased building, together with any other
funds made available for the payment of lease rental, shall be
transferred at least annually by the lessee to a fund for payment of lease
rental.
As added by Acts 1982, P.L.218, SEC.5. Amended by
P.L.73-1983, SEC.23; P.L.90-2002, SEC.525; P.L.197-2016,
SEC.154.