§ 36-9-30-32 — Lease with option to purchase facilities; exercise of option; nonexercise of option; extension of lease

Indiana § 36-9-30-32

• Jurisdiction: Indiana
• Title 36: LOCAL GOVERNMENT
• Art. 9: TRANSPORTATION AND PUBLIC WORKS
• Ch. 30: Solid Waste Collection and Disposal

Text

(a) If a unit exercises an option to purchase
contained in a lease under section 24 of this chapter, it may pay the
purchase price of the facilities purchased with money obtained from
bonds issued and sold under the statutes governing the issue and sale
of bonds of the unit.
(b) If the unit does not exercise the option to purchase at the
expiration of the lease, the solid waste disposal facilities covered by the
lease become the absolute property of the unit upon the unit's full
discharge and performance of its obligations under the lease. The lessor
corporation shall execute proper instruments conveying to the unit
good and merchantable title to the facilities.
(c) If the unit does not exercise the option to purchase, then the
board, subject to the approval of the fiscal body of the unit, may extend
the lease of the solid waste disposal facility for the term, not to exceed
a period equal to the term of the original lease, and for the
consideration agreed to by the parties to the original lease or their
assignees. At the end of the extension period, the facility covered by
the lease becomes the absolute property of the unit, and the lessor
corporation shall execute all proper instruments to convey the facility
to the unit.
[Pre-Local Government Recodification Citation:
19-2-1-21.]
As added by Acts 1981, P.L.309, SEC.106.