Indiana Code 16-22-7-20. Cumulative building fund as lease rental payment source
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Terms Used In Indiana Code 16-22-7-20
- 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
Sec. 20. Part or all of the cumulative building fund of the city hospital in existence at the time of execution of the lease to the lessee, or during the term of the lease, may be used to pay lease rental or may be held as a reserve for the payment of future lease rentals. The reserve fund described in this section is distinct from a reserve fund established under section 19 of this chapter. The board of directors of the hospital may decrease or eliminate the reserve fund unless the lease provides otherwise. The reserve fund may not exceed an amount equal to the amount of lease rental payable from net revenues for two (2) years. Interest or income on the reserve fund shall be transferred to the cumulative building fund of the city hospital.
[Pre-1993 Recodification Citation: 16-12-20.5-13.]
As added by P.L.2-1993, SEC.5.