Indiana Code 5-1.3-5-3. Transfers, leases, and leasebacks
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Terms Used In Indiana Code 5-1.3-5-3
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Property: includes personal and real property. See Indiana Code 1-1-4-5
Sec. 3. The NWIRDA may sell, transfer, or convey by any means any rail project to the IFA through negotiation of a lease. The NWIRDA may lease any existing rail project system or property under its control to the IFA for construction of a rail project. The rail project may be leased back to the NWIRDA.
As added by P.L.189-2018, SEC.26.