§ 36-12-10-4 — Provisions of lease

(a) All contracts of lease must provide that:
(1) the municipal corporation or corporations have an option to
renew the lease for a further term, with like conditions; or
(2) the property covered by the lease may be purchased after six
(6) years from the execution of the lease and before the expiration
of the term of the lease, on the date or dates in each year that are
fixed, at a price equal to the amount required to enable the lessor
corporation owning the site to:
(A) liquidate by paying all indebtedness, with accrued and
unpaid interest; and
(B) recover the expenses and charges of liquidation.
(b) However, the purchase price prescribed by subsection (a)(2) may
not exceed the capital actually invested in the property by the lessor
corporation represented by outstanding securities or indebtedness plus
the cost of transferring the property and liquidating the lessor
corporation.
(c) A lease may not provide that any municipal corporation is under
an obligation to purchase the leased library facilities or under an
obligation in respect to the creditors, members, or other security
holders of the lessor corporation.
[Pre-2005 Elementary and Secondary Education
Recodification Citation: 20-14-10-4.]

Legislative History

As added by P.L.1-2005, SEC.49. Amended by P.L.42-2018, SEC.51.