§ 36-12-10-7 — Leases in anticipation of completion of building; bond

Indiana § 36-12-10-7

• Jurisdiction: Indiana
• Title 36: LOCAL GOVERNMENT
• Art. 12: LIBRARIES
• Ch. 10: Leasing of Library Property

Text

(a) The municipal corporation or corporations
may, in anticipation of the acquisition of real property and any
necessary construction of a library building or buildings, including the
necessary equipment and appurtenances, enter into a lease with the
lessor corporation before actual acquisition of real property and any
construction of the building or buildings. However, the lease may not
provide for the payment of lease rental by the lessee or lessees until the
building or buildings are complete and ready for occupancy, at which
time the stipulated lease rental payments may begin.
(b) The contractor must be required under the lease to furnish to the
lessor corporation a bond satisfactory to the corporation conditioned
upon the final completion of the building or buildings within a period
that may be provided in the contract.
[Pre-2005 Elementary and Secondary Education
Recodification Citation: 20-14-10-7.]

Legislative History

As added by P.L.1-2005, SEC.49. Amended by P.L.42-2018, SEC.52.