Indiana Code 36-12-10-2. Power to lease library buildings; conditions; joint lease contracts
(1) A lease may not be entered into for a period of more than forty (40) years.
Terms Used In Indiana Code 36-12-10-2
- 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
(3) After investigation, the governing authority must determine that a need exists for the library building or buildings.
(4) The governing authority must determine that the municipal corporation cannot provide the necessary funds to pay the cost or the municipal corporation’s proportionate share of the cost of the library building or buildings required to meet the present needs.
(b) If two (2) or more municipal corporations propose to enter into a lease jointly, joint meetings of the governing authority of the corporations may be held. Action taken is binding on a municipal corporation only if the action is approved by the municipal corporation’s governing authority. A lease executed by two (2) or more municipal corporations as joint lessees must set out the amount of the total lease rental agreed upon to be paid by each. A lessee is entitled to occupancy only if the total rental is paid as stipulated in the lease. All rights of joint lessees under the lease must be proportionate to the amount of lease rental paid by each.
[Pre-2005 Elementary and Secondary Education Recodification Citation: 20-14-10-2.]
As added by P.L.1-2005, SEC.49. Amended by P.L.42-2018, SEC.49.