Indiana Code 14-30.5-3-7. Powers concerning real or personal property; development of water resources
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Sec. 7. (a) A watershed development commission may:
(2) hold, use, improve, maintain, operate, own, manage, or lease as lessor or lessee real or personal property or any interest in that property;
(1) acquire and dispose of real or personal property by grant, gift, purchase, lease, devise, or otherwise; and
Terms Used In Indiana Code 14-30.5-3-7
- Devise: To gift property by will.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- 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
- Personal property: All property that is not real property.
- Personal property: includes goods, chattels, evidences of debt, and things in action. See Indiana Code 1-1-4-5
- Property: includes personal and real property. See Indiana Code 1-1-4-5
for the purposes set forth in this chapter.
(b) A watershed development commission may exercise the powers granted by this section for the development of the water resources of the commission’s designated watershed.
As added by P.L.251-2023, SEC.13.