Indiana Code 20-47-2-10. Lease preceding acquisition of land
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Terms Used In Indiana Code 20-47-2-10
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- 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
- lessor corporation: means a corporation described in section 6 of this chapter. See Indiana Code 20-47-2-3
- school building: means a building used as a part of or in connection with the operation of a school and includes the:
Indiana Code 20-47-2-4
Sec. 10. A school corporation or corporations may, in anticipation of the acquisition of a site and the construction and erection of a school building or buildings, enter into a lease with a lessor corporation before the actual acquisition of the site and the construction and erection of the building or buildings. However, a lease entered into under this section may not provide for the payment of any lease rental by the lessee or lessees until the building or buildings are ready for occupancy, at which time the stipulated lease rental may begin. The contractor must furnish to the lessor corporation a bond satisfactory to the lessor corporation conditioned upon the final completion of the building or buildings within the period specified in the contract.
[Pre-2006 Recodification Citation: 21-5-11-6.]
As added by P.L.2-2006, SEC.170.