Indiana § 8-1.5-2-27 Lease of waterworks facilities; term; option to purchase or renew;
transfer of property to municipality

Indiana Statutes

§ 8-1.5-2-27 — Lease of waterworks facilities; term; option to purchase or renew; transfer of property to municipality

Indiana § 8-1.5-2-27

Art. 1.5MUNICIPAL UTILITIES

Ch. 2Transfer, Acquisition, and Improvement of Utilities by

This text of Indiana § 8-1.5-2-27 (Lease of waterworks facilities; term; option to purchase or renew; transfer of property to municipality) 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 § 8-1.5-2-27 (2026).

Text

(a)A municipality may lease waterworks facilities from a not-for-profit corporation, a public utility, a county, or a municipality. The term of the lease may not exceed fifty (50) years. The lease must provide that the municipality has an option to:

(1)renew the lease for a further term on like conditions; and

(2)purchase the waterworks facilities covered by the lease contract with the terms and conditions of the purchase specified in the lease.

(b)If the option to purchase the waterworks facilities covered by the lease is exercised, the municipality, for the purpose of procuring money to pay the purchase price, may issue and sell revenue bonds under other laws governing the issuance and sale of waterworks revenue bonds for additions and extensions to municipal waterworks.

(c)If the m

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(a) A municipality may lease waterworks
facilities from a not-for-profit corporation, a public utility, a county, or
a municipality. The term of the lease may not exceed fifty (50) years.
The lease must provide that the municipality has an option to:
(1) renew the lease for a further term on like conditions; and
(2) purchase the waterworks facilities covered by the lease
contract with the terms and conditions of the purchase specified
in the lease.
(b) If the option to purchase the waterworks facilities covered by the
lease is exercised, the municipality, for the purpose of procuring money
to pay the purchase price, may issue and sell revenue bonds under other
laws governing the issuance and sale of waterworks revenue bonds for
additions and extensions to municipal waterworks.
(c) If the municipality has not exercised an option to purchase the
property covered by the lease at the expiration of the lease, and upon
the full discharge and performance by the municipality of its
obligations under the lease contract, the property covered by the lease
thereupon becomes the absolute property of the municipality, and the
lessor shall execute proper instruments conveying to the municipality
good and merchantable title thereto.
As added by Acts 1982, P.L.74, SEC.1. Amended by
P.L.35-1990, SEC.26; P.L.252-2015, SEC.20.