Indiana Code 36-9-4-29. Public transportation corporation; operation of system; contracts or leases for use of system
(1) operate and maintain the system;
Terms Used In Indiana Code 36-9-4-29
- 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
- Property: includes personal and real property. See Indiana Code 1-1-4-5
(3) contract for the use of the system by any operator.
(b) The board may also contract with any organization that has executive personnel with experience and skill applicable to the superintendence of the operation and maintenance of an urban mass transportation system. The contract must require the organization to furnish its services and the services of its personnel for the superintendence of the system.
(c) The maximum term of a contract or lease executed under this section is twenty-five (25) years.
(d) A contract or lease executed under this section must be confirmed by ordinance of the board.
[Pre-Local Government Recodification Citation: 19-5-2-21.]
As added by Acts 1981, P.L.309, SEC.77. Amended by Acts 1981, P.L.317, SEC.5.