(a)If lease rental payments under a lease from
the IFA to the NWIRDA are payable in whole or in part from state
appropriations, a lease entered into under this chapter must include the
following:
(1)A statement that the term of the lease is for a period
coextensive with the biennium used for state budgetary and
appropriation purposes with a fractional period when the lease
begins, if necessary.
(2)A statement that the term of the lease may be extended from
biennium to biennium, with the extensions not to exceed a
cumulative lease term of forty (40) years, unless either the IFA or
the NWIRDA gives notice of no extension at least six (6) months
before the end of a biennium, in which event the lease expires at
the end of the biennium in which the notice is given.
(3)A provision stating pl
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(a) If lease rental payments under a lease from
the IFA to the NWIRDA are payable in whole or in part from state
appropriations, a lease entered into under this chapter must include the
following:
(1) A statement that the term of the lease is for a period
coextensive with the biennium used for state budgetary and
appropriation purposes with a fractional period when the lease
begins, if necessary.
(2) A statement that the term of the lease may be extended from
biennium to biennium, with the extensions not to exceed a
cumulative lease term of forty (40) years, unless either the IFA or
the NWIRDA gives notice of no extension at least six (6) months
before the end of a biennium, in which event the lease expires at
the end of the biennium in which the notice is given.
(3) A provision stating plainly that the lease does not constitute an
indebtedness of the state within the meaning or application of any
constitutional or statutory provision, prohibition, or limitation,
and if lease rental payments are payable in whole or in part from
state appropriations, that lease rentals are payable by the
NWIRDA solely from biennial appropriations, and that the lease
is for the actual use or availability for use of rail projects provided
by the IFA, with payment commencing no earlier than the time
the use or availability or partial use or availability commences.
(4) Provisions requiring the NWIRDA to pay rent at times and in
amounts sufficient to pay in full:
(A) the debt service payable under the terms of any bonds or
notes issued by the IFA and outstanding with respect to any rail
project, including any required additions to reserves for the
bonds or notes maintained by the IFA; and
(B) additional rent as provided by the lease.
(5) Provisions requiring the NWIRDA to operate and maintain the
rail project or rail projects or to cause the rail project or rail
projects to be operated and maintained during the term of the
lease.
(6) A provision in each master lease for two (2) or more rail
projects requiring that each rail project added to the master lease
shall be covered by a supplemental lease describing the particular
rail project, stating the additional rent payable, and providing that
all lease covenants, including the obligation to pay the original
and additional rent under any supplement, shall be unitary and
include all rail projects covered, whether by the master lease or a
supplemental lease.
(7) Provisions permitting the NWIRDA to pay lease rentals solely
from available revenues from the fund established under IC 36-7.5-4-1 without providing for consideration of state
appropriations.
(b) A lease entered into under this chapter may contain other terms
and conditions that the IFA and the NWIRDA consider appropriate.
(c) If lease rental payments under a lease from the IFA to the
NWIRDA are payable in whole or in part from state appropriations, the
NWIRDA shall request an appropriation for payment of lease rentals
on any lease entered into under this chapter in writing at a time
sufficiently in advance of the date for payment of the lease rentals.
(d) If lease rental payments under a lease from the IFA to the
NWIRDA are payable in whole or in part from state appropriations,
and the NWIRDA fails at any time to pay to the IFA when due any
lease rentals on any lease under this section, the chairperson of the IFA
shall immediately:
(1) report the unpaid amount in writing to the governor and, in an
electronic format under IC 5-14-6, to the general assembly; and
(2) notify the treasurer of state that the NWIRDA has failed to pay
lease rentals when due.
The treasurer of state, upon being notified of the failure, shall pay the
unpaid lease rental obligations that are due from money in the
possession of the state that would otherwise be available for
distribution to the NWIRDA under any other law, deducting the
payment from the amount distributed.
(e) A lease entered into under this chapter must state the term of the
lease, which may not exceed forty (40) years.