§ 36-7-23-53 — Lease of infrastructures

Indiana § 36-7-23-53

• Jurisdiction: Indiana
• Title 36: LOCAL GOVERNMENT
• Art. 7: PLANNING AND DEVELOPMENT
• Ch. 23: Multiple County Infrastructure Authority

Text

(a) An authority may enter into a lease of
any infrastructure that could be financed with the proceeds of bonds
issued under this chapter with a lessor for a term not to exceed fifty
(50) years, and the lease may provide for payments to be made by the
authority from any revenues of the authority.
(b) A lease may provide that payments by the authority to the lessor
are required only to the extent and only for the period that the lessor is
able to provide the leased infrastructure in accordance with the lease.
The terms of each lease must be based upon the value of the
infrastructure leased and may not create a debt of the authority or a
member for purposes of the Constitution of the State of Indiana.
(c) A lease may be entered into by the authority only after a public
hearing by the board at which all interested parties are provided the
opportunity to be heard. After the public hearing, the board may adopt
a resolution authorizing the execution of the lease on behalf of the
authority if the board finds that the service to be provided throughout
the term of the lease will serve the public purpose of the authority and
is in the best interests of its residents.
(d) The authority may:
(1) pledge revenues to make payments under the lease; and
(2) establish a special fund to make the payments.
(e) Lease rentals may be limited to money in the special fund so that
the obligations of the authority to make the lease rental payments are
not considered debt of the authority or a member for purposes of the
Constitution of the State of Indiana.
(f) Except as provided in this section, no approvals of any
governmental body or agency are required before the authority enters
into a lease under this section.

Legislative History

As added by P.L.346-1989(ss), SEC.7. Amended by P.L.86-1999, SEC.19.