Sec. 7. (a) The NWIRDA may lease for a nominal lease rental, or sell to the IFA, one (1) or more rail projects or portions of a rail project or land upon which a rail project is located or is to be constructed.

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Terms Used In Indiana Code 5-1.3-5-7

  • 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
     (b) Any lease of all or a portion of a rail project by the NWIRDA to the IFA must be for a term equal to the term of the lease of that rail project back to the NWIRDA.

     (c) The NWIRDA may sell property to the IFA for the amount the NWIRDA determines to be in the best interest of the NWIRDA. The IFA may pay that amount from the proceeds of bonds of the IFA.

As added by P.L.189-2018, SEC.26.

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