Indiana Code 21-31-4-2. Application of section; term of leases
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Sec. 2. (a) This section applies to the board of trustees of the following state educational institutions:
(2) Indiana University.
(1) Ball State University.
Terms Used In Indiana Code 21-31-4-2
- 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
(3) Indiana State University.
(4) Purdue University.
(5) University of Southern Indiana.
(b) The board of trustees of a state educational institution may enter into a lease if the board of trustees determines that the lease is in the best interest of the state educational institution. A lease may not be executed under this chapter for a term exceeding four (4) years unless the execution is approved by the:
(1) governor; and
(2) budget agency.
[Pre-2007 Higher Education Recodification Citation: 20-12-1-2(b) part.]
As added by P.L.2-2007, SEC.272.