Sec. 7. (a) The municipal
corporation or corporations may, in anticipation of the acquisition of
real property and any necessary construction of a library building or buildings, including the necessary equipment and appurtenances, enter into a
lease with the lessor corporation before actual acquisition of real
property and any construction of the building or buildings. However, the lease may not provide for the payment of lease rental by the lessee or lessees until the building or buildings are complete and ready for occupancy, at which time the stipulated lease rental payments may begin.
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Terms Used In Indiana Code 36-12-10-7
- 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
[Pre-2005 Elementary and Secondary Education Recodification Citation: 20-14-10-7.]
As added by P.L.1-2005, SEC.49. Amended by P.L.42-2018, SEC.52.
