§ 36-9-13-25 — Leases; options to purchase; authorization of bond issue to pay purchase price

Indiana § 36-9-13-25

• Jurisdiction: Indiana
• Title 36: LOCAL GOVERNMENT
• Art. 9: TRANSPORTATION AND PUBLIC WORKS
• Ch. 13: County Building Authority

Text

(a) A lease under section 23 of this chapter
may give one (1) or more of the lessees acting jointly or severally an
option to purchase before the expiration of the term of the lease:
(1) on the date or dates in each year that are fixed by the lease;
and
(2) at a price to be computed by a method set forth in the lease.
However, such a lease may not provide, or be construed to provide, that
an eligible entity is under an obligation to purchase the leased
government building or system or is under an obligation respecting any
creditors or bondholders of the authority.
(b) An eligible entity that exercises an option to purchase may issue
general obligation bonds for the purpose of obtaining enough money to
pay the purchase price or its proportionate share of the purchase price.
The bonds shall be authorized, issued, and sold in the manner
prescribed by law for the authorization, issuance, and sale of bonds of
the eligible entity for other purposes.
[Pre-Local Government Recodification Citation: 19-8-4-13
part.]
As added by Acts 1981, P.L.309, SEC.86. Amended by
P.L.37-1988, SEC.34.