§ 5-1.2-6-10 — Use of park improvement agreements; terms

Indiana § 5-1.2-6-10

• Jurisdiction: Indiana
• Title 5: STATE AND LOCAL ADMINISTRATION
• Art. 1.2: INDIANA FINANCE AUTHORITY
• Ch. 6: Recreational Development Facilities and Park Projects

Text

(a) The authority and the department of
natural resources may enter into appropriate agreements setting forth
the terms and conditions of use of park improvements and the money
agreed to be paid at intervals for the use. The department of natural
resources is not obligated to continue the use and make payments under
the agreement but shall vacate the improvements if it is shown that:
(1) the terms and conditions of the use and occupancy; and
(2) the amount to be paid;
are unjust and unreasonable considering the value of the
improvements.
(b) In determining just and reasonable amounts to be paid for the
use of improvements, the authority shall impose and collect money that
in the aggregate will be sufficient to pay the expenses of operation,
maintenance, and repair of the improvements to the extent that the
expenses are not otherwise provided and leave a balance of net income
of revenues from the improvements to pay the interest on the bonds as
the interest is due and accomplish retirement of the bonds at or before
maturity. If the department of natural resources has made all payments
provided in the agreements, the use of improvements covered by the
agreements and the sites of the improvements revert to the department
of natural resources at the end of the terms of the agreement.

Legislative History

As added by P.L.189-2018, SEC.25.