§ 5-1.2-7-16 — Payment of lease rental from cumulative building fund

Indiana § 5-1.2-7-16

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

Text

In addition to the ways specified in section
15 of this chapter for the payment of lease rental, any lease executed
under this chapter may provide for the payment of lease rental from a
cumulative building fund established by the lessee under IC 16-22-5-3
(or IC 16-12.1-4-4 before its repeal). Part or all of a cumulative
building fund and the tax levied for that cumulative building fund may
be committed and pledged to the payment of the lease rental. To the
extent that the amount committed and pledged is insufficient to pay the
lease rental, the lease shall provide that any remaining lease rental shall
be paid entirely from the net revenues of the hospital of which the
leased building is a part. So long as the lease remains in effect:
(1) any amount of cumulative building fund so committed and
pledged may not be expended by the lessee for any other purpose;
and
(2) the tax levy committed and pledged for the cumulative
building fund may not be reduced or rescinded by the county
council.
Notwithstanding any other provision of this chapter, if a lease provides
for payment of lease rental under this section, no approval of the county
council is required for the lease, the terms and conditions of the lease,
or the sale of the land by the county to the authority under this chapter.

Legislative History

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