Sec. 1. (a) Except as provided in subsection (b), this chapter applies to: (1) political subdivisions and agencies of political subdivisions that determine to acquire structures, transportation projects, or systems by lease or lease-purchase; (2) a convention and visitor bureau established under IC 6-9-2 that determines to acquire a visitor center by lease or lease […]
Sec. 10. (a) A lessor proposing to build, acquire, improve, remodel, or expand a structure for lease to a political subdivision or agency shall submit plans, specifications, and estimates to the leasing agent before executing a lease. The leasing agent shall submit the plans and specifications to the department of homeland security or the state […]
Sec. 11. (a) The lessor must hold in fee simple land on which a structure is to be erected, acquired, improved, remodeled, or expanded. The lessor must hold in fee simple a structure that is to be acquired, improved, remodeled, or expanded. (b) The leasing agent may sell land or a structure owned by the […]
Sec. 12. (a) The leasing agent may, in anticipation of the acquisition of a site on which a structure is to be constructed, acquired, improved, remodeled, or expanded, enter into a contract to lease a structure from the lessor before the actual acquisition of the site and the construction, acquisition, improvement, remodeling, or expansion of […]
Sec. 13. (a) After the leasing agent and the lessor have agreed upon the terms and conditions of the lease but before the execution of the lease, the leasing agent shall publish notice, in accordance with IC 5-3-1, of a public hearing to be held before the leasing agent. The cost of the publication of […]
Sec. 14. (a) As used in this section, “threshold amount” has the meaning set forth in section 7 of this chapter. (b) This section does not apply if the total annual cost of the lease is less than the threshold amount. (c) If lease rentals are payable, in whole or in part, from property taxes, […]
Sec. 15. An action to contest the validity of a lease under this chapter, or to enjoin performance under the lease, must be brought within thirty (30) days after publication of notice of the execution of the lease by the leasing agent or, if an appeal has been taken to the department of local government […]
Sec. 16. (a) A political subdivision or agency owning a structure with respect to which its revenue bonds are outstanding may, to refinance those bonds, convey the structure to the lessor in fee simple and lease it from the lessor in accordance with this chapter. (b) The price of a purchase under this section must […]
Sec. 17. (a) A political subdivision or agency that executes a lease under this chapter shall, subject to subsection (d), make an annual appropriation and tax levy at a rate to provide sufficient money to pay the rental payable from property taxes stipulated in the lease. (b) The appropriation and levy are subject to review […]
Sec. 18. Structures, transportation projects, and systems leased by a lessor contracting with the political subdivision or agency under this chapter are exempt from all state, county, and other taxes. However, the rental paid to a lessor under the terms of a lease is subject to taxation. [Pre-Local Government Recodification Citation: 18-5-3.3-10.] As added by […]
Sec. 19. A lessor may assign or convey a lease entered into under this chapter to any other person as set forth in the lease. A lessor may convey the structures, transportation projects, or system to any person. However, an assignment or conveyance under this section does not affect the terms and conditions of the […]
Sec. 2. As used in this chapter: “Leasing agent” means the board or officer of a political subdivision or agency with the power to lease structures. “Parking facility” refers to a parking facility as defined in IC 36-9-1. “Structure” means: (1) a building used in connection with the operation of a political subdivision; or (2) […]
As added by P.L.74-1987, SEC.21. Amended by P.L.35-1990, SEC.42. Repealed by P.L.25-1995, SEC.94.
As added by P.L.35-1990, SEC.82. Repealed by P.L.25-1995, SEC.94.
Sec. 21. (a) A not-for-profit corporation qualifying as a lessor corporation under this chapter may issue and sell bonds and other securities. Mortgage bonds issued by a lessor corporation that are a first lien on the leased property shall be considered legal and proper investments for state banks and trust companies, insurance companies, and fiduciaries. […]
Sec. 22. (a) This section applies only to a lease that meets all of the following: (1) The lease was entered into before January 1, 2019. (2) The total annual cost of the lease is less than two hundred fifty thousand dollars ($250,000). (3) Any one (1) of the following applies: (A) The leasing agent […]
Sec. 3. Any of the following persons may lease property to a political subdivision or agency under this chapter: (1) A profit or not-for-profit corporation organized under Indiana law or admitted to do business in Indiana. (2) A partnership, association, limited liability company, or firm. (3) An individual. [Pre-Local Government Recodification Citation: 18-5-3.3-2 part.] As […]
[Local Government Recodification Citation: New.] As added by Acts 1981, P.L.57, SEC.36. Amended by P.L.37-1988, SEC.11; P.L.343-1989(ss), SEC.14; P.L.2-1989, SEC.22. Repealed by P.L.1-1990, SEC.356.
Sec. 4.1. (a) A leasing agent who wants to lease a structure or transportation project must comply with this chapter. A leasing agent who wants to lease a system must comply with this chapter or IC 5-22. (b) A leasing agent who enters into a lease under this section without an option to purchase must […]
Sec. 5. Notwithstanding sections 6, 12, 16, and 17 of this chapter, the following procedure shall be followed whenever a lease does not contain an option to purchase: (1) The lease must provide that the lease is subject to annual appropriation by the appropriate fiscal body. (2) The leasing agent must have a copy of […]
