§ 5-1-17-28 — Lease payments from taxes; budget director designee

Indiana § 5-1-17-28

• Jurisdiction: Indiana
• Title 5: STATE AND LOCAL ADMINISTRATION
• Art. 1: BONDS AND OTHER OBLIGATIONS
• Ch. 17: Indiana Stadium and Convention Building Authority

Text

If the authority enters into a lease with a
capital improvement board under section 13 of this chapter or a state
agency under section 26 of this chapter, which then enters into a
sublease with a capital improvement board under section 26(b) of this
chapter, and the rental payments owed by the capital improvement
board to the authority under the lease or to the state agency under the
sublease are payable from the taxes described in section 25 of this
chapter or from the taxes authorized under IC 6-9-35, the budget
director may choose the designee of the capital improvement board,
which shall receive and deposit the revenues derived from such taxes.
The designee shall hold the revenues on behalf of the capital
improvement board pursuant to an agreement between the authority
and the capital improvement board or between a state agency and the
capital improvement board. The agreement shall provide for the
application of the revenues in a manner that does not adversely affect
the validity of the lease or the sublease, as applicable.

Legislative History

As added by P.L.214-2005, SEC.6.