§ 5-1-5-15 — Lease modifications

In connection with the issuance of refunding
bonds, an issuing body and the lessee, or lessees, of any building, or
buildings, financed from the proceeds of the bonds being refunded may
enter into an amendment to the lease modifying or amending the
provisions of such lease in any one (1) or more of the following
respects:
(1) To provide for a reduction in the amount of lease rental
payable by the lessee, or lessees, to be effective upon the
redemption of the bonds being refunded; or the happening of the
events set forth in section 9 of this chapter if permitted by law and
the covenants on the bonds to be refunded.
(2) To provide for extensions or reductions of the times set forth
in the lease before the options of the lessee or lessees to purchase
may be exercised to such times as may be agreed upon between
the issuing body and the lessee or lessees.
(3) To provide that the lease rental payable by the lessee or
lessees, after the redemption of all the bonds being refunded may
be payable to the trustee under a trust indenture securing such
refunding bonds.
The refunding authorized under this section shall in no way affect the
obligation of the lessee or lessees to pay the lease rental under the lease
of the building or buildings, except to the extent such lease rental may
be reduced by any amendment as authorized under this section.
Formerly: Acts 1973, P.L.28, SEC.1. As amended by
P.L.136-2018, SEC.21.