Indiana § 36-10-9.1-13 Lease of capital improvements to capital improvement board; terms

Indiana Statutes

§ 36-10-9.1-13 — Lease of capital improvements to capital improvement board; terms

Indiana § 36-10-9.1-13

Title 36LOCAL GOVERNMENT

Art. 10RECREATION, CULTURE, AND COMMUNITY

Ch. 9.1Marion County Convention and Recreational Facilities

This text of Indiana § 36-10-9.1-13 (Lease of capital improvements to capital improvement board; terms) 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 § 36-10-9.1-13 (2026).

Text

(a)Before a lease may be entered into, both the capital improvement board and the executive of the county must find that the lease rental provided for is fair and reasonable.

(b)A lease of capital improvements from the authority to the capital improvement board:

(1)may not have a term exceeding forty (40) years;

(2)may not require payment of lease rental for a newly constructed capital improvement or for improvements to an existing capital improvement until the capital improvement or improvements thereto have been completed and are ready for occupancy;

(3)may contain provisions:

(A)allowing the capital improvement board to continue to operate an existing capital improvement until completion of the improvements, reconstruction, or renovation; and

(B)requiring payment of lease rentals

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(a) Before a lease may be entered into,
both the capital improvement board and the executive of the county
must find that the lease rental provided for is fair and reasonable.
(b) A lease of capital improvements from the authority to the capital
improvement board:
(1) may not have a term exceeding forty (40) years;
(2) may not require payment of lease rental for a newly
constructed capital improvement or for improvements to an
existing capital improvement until the capital improvement or
improvements thereto have been completed and are ready for
occupancy;
(3) may contain provisions:
(A) allowing the capital improvement board to continue to
operate an existing capital improvement until completion of the
improvements, reconstruction, or renovation; and
(B) requiring payment of lease rentals for an existing capital
improvement being used, reconstructed, or renovated;
(4) may contain an option to renew the lease for the same or
shorter term on the conditions provided in the lease;
(5) must contain an option for the capital improvement board to
purchase the capital improvement upon the terms stated in the
lease during the term of the lease for a price equal to the amount
required to pay all indebtedness incurred on account of the capital
improvement, including indebtedness incurred for the refunding
of that indebtedness;
(6) may be entered into before acquisition or construction of a
capital improvement;
(7) must be approved by the executive of the county;
(8) may provide that the capital improvement board shall agree to:
(A) pay all taxes and assessments thereon;
(B) maintain insurance thereon for the benefit of the authority;
and
(C) assume responsibility for utilities, repairs, alterations, and
any costs of operation; and
(9) subject to IC 36-10-9-11, may provide that the lease rental
payments by the capital improvement board shall be made from
any one (1) or more of the following sources:
(A) Proceeds of one (1) or more of the excise taxes as defined
in IC 36-10-9.
(B) Net revenues of the capital improvement.
(C) Any other funds available to the capital improvement
board.