Indiana § 36-9-24-5 Options to purchase; authorization of bonds to finance purchase;
disposition of property when option not exercised

Indiana Statutes

§ 36-9-24-5 — Options to purchase; authorization of bonds to finance purchase; disposition of property when option not exercised

Indiana·Title 36 LOCAL GOVERNMENT·Art. 9 TRANSPORTATION AND PUBLIC WORKS·Ch. 24 Leasing of Sewage Disposal Facilities

(a)A lease under this chapter must provide that the municipality has an option to purchase the property covered by the lease, under the terms and conditions specified in the lease.

(b)If the municipality exercises the option to purchase, it may obtain money to pay the purchase price by issuing and selling revenue bonds under the statutes governing the issuance and sale of sewage works revenue bonds for additions and extensions to the municipally owned sewage works.

(c)If the municipality does not exercise the option to purchase, the property covered by the lease becomes the absolute property of the municipality when:

(1)the lease has expired; and

(2)the municipality has discharged and performed all its obligations under the lease. The lessor shall then execute proper instruments conve

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(a) A lease under this chapter must provide that
the municipality has an option to purchase the property covered by the
lease, under the terms and conditions specified in the lease.
(b) If the municipality exercises the option to purchase, it may
obtain money to pay the purchase price by issuing and selling revenue
bonds under the statutes governing the issuance and sale of sewage
works revenue bonds for additions and extensions to the municipally
owned sewage works.
(c) If the municipality does not exercise the option to purchase, the
property covered by the lease becomes the absolute property of the
municipality when:
(1) the lease has expired; and
(2) the municipality has discharged and performed all its
obligations under the lease.
The lessor shall then execute proper instruments conveying good and
merchantable title to the property to the municipality.
[Pre-Local Government Recodification Citation: 19-2-5.5-3
part.]
As added by Acts 1981, P.L.309, SEC.97.

Indiana § 36-9-24-5 (Options to purchase; authorization of bonds to finance purchase; disposition of property when option not exercised) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.