§ 5-1.2-8-16 — Leases

Indiana § 5-1.2-8-16

• Jurisdiction: Indiana
• Title 5: STATE AND LOCAL ADMINISTRATION
• Art. 1.2: INDIANA FINANCE AUTHORITY
• Ch. 8: Educational Facility Financing

Text

(a) In connection with any lease entered into
between the authority and any nonprofit college or university, the
authority shall fix, revise, charge, and collect rents for the use of each
educational facility project and contract with any person, partnership,
association, limited liability company, or corporation, or other body,
public or private, with respect to the educational facility project.
(b) Each lease entered into by the authority with a nonprofit college
or university must provide that the rents or other money payable by the
nonprofit college or university is sufficient at all times:
(1) to pay the private institution's share of the administrative costs
and expenses of the authority;
(2) to pay the principal of, the premium on (if any), and the
interest on outstanding bonds of the authority issued in respect of
the educational facility project as the bonds become due and
payable; and
(3) to create and maintain reserves that may be required or
provided for in the bond resolution relating to the bonds of the
authority.
(c) The authority shall pledge the revenues derived and to be
derived from an educational facility project for the purposes specified
in subsection (b).

Legislative History

As added by P.L.189-2018, SEC.25. Amended by P.L.10-2019, SEC.18.