Indiana Code 36-7-30-20. Lessor of property
(1) A for-profit or nonprofit corporation organized under Indiana law or admitted to do business in Indiana.
Terms Used In Indiana Code 36-7-30-20
- 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
- military base: means a United States government military base or other military installation that is scheduled for closing or is completely or partially inactive or closed. See Indiana Code 36-7-30-1
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- reuse authority: means a military base reuse authority established under section 3 of this chapter. See Indiana Code 36-7-30-1
(3) An individual.
(4) With respect to all reuse authorities located in a county that does not have a consolidated city, a redevelopment authority established under IC 36-7-14.5.
(5) With respect to all reuse authorities located in a county with a consolidated city, an authority established under IC 36-7-15.3.
(b) Notwithstanding any other law, a lessor under this section and section 19 of this chapter is a qualified entity for purposes of IC 5-1.4.
(c) Notwithstanding any other law, a military base reuse facility leased by the reuse authority under this chapter from a lessor borrowing bond proceeds from a unit under IC 36-7-12 is an economic development facility for purposes of IC 36-7-11.9-3 and IC 36-7-12.
(d) Notwithstanding IC 36-7-12-25 and IC 36-7-12-26, payments by a reuse authority to a lessor described in subsection (c) may be made from sources set forth in section 19 of this chapter if the payments and the lease are structured to prevent the lease obligation from constituting a debt of the unit or the district for purposes of the Constitution of the State of Indiana.
As added by P.L.26-1995, SEC.14.