§ 36-9-13-27 — Leases; notice and hearing; execution

(a) When a building authority and an eligible
entity have agreed upon the terms and conditions of a proposed lease
under section 23 of this chapter, a notice of a public hearing to be held
in the county by the governing body of the eligible entity shall be given
by publication to all interested persons. The notice of the hearing shall
be published in accordance with IC 5-3-1. The notice must name the
day, place, and hour of the hearing, and set forth a brief summary of the
principal terms of the lease agreed upon, including the character of the
property to be leased, the location of the property to be leased if the
property is a government building, the estimated lease rental to be paid,
and the number of years the lease is to be in effect.
(b) The proposed lease, a detailed description of the government
building or system, and any drawings, plans, specifications, and
estimates that are available for the government building or system shall
be kept open for inspection by the public after the notice is published
and at the hearing.
(c) At the hearing, all interested persons are entitled to be heard
upon the necessity for the execution of the lease and whether the basis
for the determination of the lease rental is fair and reasonable. The
hearing may be adjourned to a later date or dates, with the place and
date of the continued hearing to be fixed before adjournment.
(d) Following the hearing, the governing body may approve the
proposed lease in substantially final form and authorize the execution
of the lease within parameters established by the authority at the time
the proposed lease is approved, as originally agreed upon or with any
modifications that the authority agrees to. The governing body may rely
on the testimony of independent experts as to the fairness and
reasonableness of the lease. Such an authorization must be by
resolution or ordinance entered in the official records of the governing
body. The lease must be executed on behalf of the eligible entity by the
officer or officers authorized by law to execute contracts on behalf of
that entity, and on behalf of the authority by the president or vice
president and the secretary of its board of directors.
[Pre-Local Government Recodification Citation: 19-8-4-12
part.]
As added by Acts 1981, P.L.309, SEC.86. Amended by Acts
1981, P.L.45, SEC.47; P.L.37-1988, SEC.36; P.L.35-1990,
SEC.65.