§ 36-10-11-27 — Refunding bonds; authority to amend lease

Indiana § 36-10-11-27

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

Text

(a) In connection with the issuance of
refunding bonds, the authority and the lessee, or lessees, of the
building, or buildings, financed from the proceeds of the bonds being
refunded may enter into an amendment to the lease modifying the
lease:
(1) to provide for a reduction in the amount of lease rental
payable by the lessee, or lessees, to be effective upon the
redemption of the bonds being refunded;
(2) to provide for an extension of the time set forth in the lease
before the option of the lessee, or lessees, to purchase may be
exercised to the time that is agreed upon between the authority
and the lessee or lessees; or
(3) to provide that the lease rental payable by the lessee, or
lessees, after the redemption of all the bonds being refunded is
payable to the trustee under the trust indenture securing the
refunding bonds.
(b) Proceedings or actions by the lessee and approval by any board,
commission, or agency are not required for refunding. The refunding
authorized in this chapter does not affect the obligation of the lessee,
or lessees, to pay the lease rental under the lease of the building or
buildings, except to the extent the lease rental may be reduced by any
amendment as authorized by this section.
As added by Acts 1982, P.L.218, SEC.5.