Indiana § 5-1-17.5-34 Option to purchase leased property; conveyance of property;
requirements

Indiana Statutes

§ 5-1-17.5-34 — Option to purchase leased property; conveyance of property; requirements

Indiana § 5-1-17.5-34

Title 5STATE AND LOCAL ADMINISTRATION

Art. 1BONDS AND OTHER OBLIGATIONS

Ch. 17.5Motorsports Investment District

This text of Indiana § 5-1-17.5-34 (Option to purchase leased property; conveyance of property; requirements) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ind. Code § 5-1-17.5-34 (2026).

Text

(a)A lease from the authority to the commission under section 32 of this chapter shall give the commission an option to purchase the leased property 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 the commission is under an obligation to purchase the leased structures or improvements or is under an obligation respecting any creditors or bondholders of the authority.

(b)If the commission does not exercise the option to purchase the property, then upon the expiration of the lease and upon full performance by the commission, the property becomes the absolute property of the commission

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(a) A lease from the authority to the
commission under section 32 of this chapter shall give the commission
an option to purchase the leased property 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
the commission is under an obligation to purchase the leased structures
or improvements or is under an obligation respecting any creditors or
bondholders of the authority.
(b) If the commission does not exercise the option to purchase the
property, then upon the expiration of the lease and upon full
performance by the commission, the property becomes the absolute
property of the commission or the authority's leasehold interest in such
property terminates, as applicable. The authority shall take the steps
necessary to convey title or such leasehold interest to the commission.
(c) If the commission purchases the leased property as provided in
subsection (a) or in the event described in subsection (b), the
commission may convey, with or without consideration, its ownership
or leasehold interest, as applicable, in such property to the owner or
owners of the qualified motorsports facility. However, the commission
shall not convey its ownership or leasehold interest in any such
property to the owner or owners of the qualified motorsports facility
until:
(1) the date on which the aggregate amount of credits provided to
the owner or owners of the qualified motorsports facility under IC 4-10-23 equals or exceeds the aggregate of the amount of money
appropriated to the commission and used to pay rent by the
commission to the authority under any lease entered into between
the authority and the commission under this chapter and any
expenses that are incurred by the authority or the commission
under this chapter and are not paid out of such rent; and
(2) all bonds issued by the authority under section 37 of this
chapter are no longer deemed outstanding.