§ 36-9-13-23 — Lease of land, government buildings, or systems to eligible entity by authority; authorization

(a) An eligible entity may lease land or any
part of a government building or system from a building authority, and
the authority may lease land or any part of a government building or
system to an eligible entity. An eligible entity that enters into such a
lease may sublease part of the leased premises to other eligible entities.
Such a lease or sublease may not be entered into for a period of more
than forty (40) years.
(b) An eligible entity may, in anticipation of:
(1) the construction or purchase of government buildings,
including the necessary equipment and appurtenances; or
(2) the purchase of land;
enter into a lease with a building authority before the construction or
purchase. Such a lease must require the payment of lease rental by the
lessee or lessees to begin when the building or land has been acquired
or completed and is ready for occupancy, but not before that time.
(c) Whenever property is to be acquired and reconstructed or
renovated under this chapter, an eligible entity may, in anticipation of
the acquisition, enter into a lease with a building authority, upon such
terms and conditions as may be agreed upon, including:
(1) provisions for the lessee to continue to operate the property
until completion of the reconstruction or renovation; and
(2) provisions for the payment of a lease rental by the lessee for
the use of the property while it is being reconstructed or
renovated.
(d) An eligible entity may, in anticipation of the acquisition of a
system, enter into a lease with the building authority before the
completion of the acquisition. Such a lease must require the payment
of lease rental by the lessee or lessees to begin when acquisition of the
system, or a discrete, functional part of the system, has been completed
and is ready for use, but not before that time. An opinion or report of
an independent expert that the system, or a discrete, functional part of
the system, is complete and ready for use is conclusive and binding on
all parties and on all taxpayers of an eligible entity.
[Pre-Local Government Recodification Citations: 19-8-4-10;
19-8-4-11.]
As added by Acts 1981, P.L.309, SEC.86. Amended by Acts
1981, P.L.188, SEC.7; P.L.37-1988, SEC.33.