§ 5-1.2-7-13 — Leases by county with the authority

Indiana § 5-1.2-7-13

• Jurisdiction: Indiana
• Title 5: STATE AND LOCAL ADMINISTRATION
• Art. 1.2: INDIANA FINANCE AUTHORITY
• Ch. 7: Health Facility Financing

Text

(a) A county may lease land and buildings,
including the necessary equipment and appurtenances, from the
authority for hospital purposes. No lease on a particular building shall
be entered into for a period of more than forty (40) years. However, a
lease is renewable for less than forty (40) years.
(b) A lease entered into by a county may require the funding of a
reserve fund for the benefit of the authority or the authority's assigns.
To assure the maintenance of the required reserve amount in any
reserve fund, the county council may appropriate for deposit in the
reserve fund the sum certified by the county fiscal officer to the county
council that is necessary to restore the reserve fund to an amount equal
to the required reserve amount. The county fiscal officer shall annually
before July 1 prepare and deliver a certificate to the county council
stating the sum required to restore the reserve fund to the appropriate
reserve amount. Nothing in this subsection creates a debt or liability of
the county to make an appropriation.
(c) All amounts received because of money appropriated by the
county to a reserve fund must be held by the authority under the lease
and applied in accordance with the lease.

Legislative History

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