Indiana § 5-1.2-7-18 Options to renew and to purchase; obligations of county; general
obligation bonds

Indiana Statutes

§ 5-1.2-7-18 — Options to renew and to purchase; obligations of county; general obligation bonds

Indiana § 5-1.2-7-18

Title 5STATE AND LOCAL ADMINISTRATION

Art. 1.2INDIANA FINANCE AUTHORITY

Ch. 7Health Facility Financing

This text of Indiana § 5-1.2-7-18 (Options to renew and to purchase; obligations of county; general obligation bonds) 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 § 5-1.2-7-18 (2026).

Text

(a)A lease under this chapter may provide that the lessee has an option to renew the lease for a like or lesser term, on the conditions that are provided in the lease. A lease shall contain an option to purchase:

(1)at any time after ten (10) years from the execution of the lease and before the expiration of the term of lease on the date fixed in the lease; and

(2)at a price equal to:

(A)the amount required to enable the authority to redeem all outstanding securities payable out of the rentals provided for in the lease, all premiums payable on the redemption, and accrued and unpaid interest; and

(B)all other expenses, indebtedness, and obligations of the authority attributable to the acquisition, construction, renovation, and leasing of the building.

(b)A lease may not provide or be

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(a) A lease under this chapter may provide
that the lessee has an option to renew the lease for a like or lesser term,
on the conditions that are provided in the lease. A lease shall contain
an option to purchase:
(1) at any time after ten (10) years from the execution of the lease
and before the expiration of the term of lease on the date fixed in
the lease; and
(2) at a price equal to:
(A) the amount required to enable the authority to redeem all
outstanding securities payable out of the rentals provided for in
the lease, all premiums payable on the redemption, and accrued
and unpaid interest; and
(B) all other expenses, indebtedness, and obligations of the
authority attributable to the acquisition, construction,
renovation, and leasing of the building.
(b) A lease may not provide or be construed to provide that the
county is under any obligation to purchase the leased building or under
any obligation with respect to any creditor or bondholder of the
authority.
(c) A county exercising an option to purchase may issue general
obligation bonds for the purpose of procuring funds with which to pay
the purchase price of the building. The general obligation bonds shall
be authorized, issued, and sold in the manner provided by law for the
authorization, issuance, and sale of general obligation bonds of the
county for other purposes.