Indiana § 36-7.6-4-7 Leases; findings

Indiana Statutes

§ 36-7.6-4-7 — Leases; findings

Indiana § 36-7.6-4-7

Title 36LOCAL GOVERNMENT

Art. 7.6REGIONAL DEVELOPMENT AUTHORITIES

Ch. 4Financing; Issuance of Bonds; Leases

This text of Indiana § 36-7.6-4-7 (Leases; findings) 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 § 36-7.6-4-7 (2026).

Text

(a)Before a lease may be entered into by an eligible political subdivision under this chapter, the eligible political subdivision must find that the lease rental provided for is fair and reasonable.

(b)A lease of land or a project from a development authority to an eligible political subdivision:

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

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

(3)may contain provisions:

(A)allowing the eligible political subdivision to continue to operate an existing project until completion of the acquisition, improvements, reconstruction, or renovation of that project or any

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(a) Before a lease may be entered into by an
eligible political subdivision under this chapter, the eligible political
subdivision must find that the lease rental provided for is fair and
reasonable.
(b) A lease of land or a project from a development authority to an
eligible political subdivision:
(1) may not have a term exceeding forty (40) years;
(2) may not require payment of lease rentals for a newly
constructed project or for improvements to an existing project
until the project or improvements to the project have been
completed and are ready for occupancy or use;
(3) may contain provisions:
(A) allowing the eligible political subdivision to continue to
operate an existing project until completion of the acquisition,
improvements, reconstruction, or renovation of that project or
any other project; and
(B) requiring payment of lease rentals for land, for an existing
project being used, reconstructed, or renovated, or for any other
existing project;
(4) may contain an option to renew the lease for the same or a
shorter term on the conditions provided in the lease;
(5) must contain an option for the eligible political subdivision to
purchase the project 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 project, including
indebtedness incurred for the refunding of that indebtedness;
(6) may be entered into before acquisition or construction of a
project;
(7) may provide that the eligible political subdivision shall agree
to:
(A) pay any taxes and assessments on the project;
(B) maintain insurance on the project for the benefit of the
development authority;
(C) assume responsibility for utilities, repairs, alterations, and
any costs of operation; and
(D) pay a deposit or series of deposits to the development
authority from any funds available to the eligible political
subdivision before the commencement of the lease to secure the
performance of the eligible political subdivision's obligations
under the lease; and
(8) must provide that the lease rental payments by the eligible
political subdivision shall be made from the development
authority fund established under section 1 of this chapter and may
provide that the lease rental payments by the eligible political
subdivision shall be made from:
(A) net revenues of the project;
(B) any other funds available to the eligible political
subdivision; or
(C) both sources described in clauses (A) and (B).