Sec. 5. (a) A lease under this chapter must provide that the municipality has an option to purchase the property covered by the lease, under the terms and conditions specified in the lease.

lawyer at desk

Ask a legal question, get an answer ASAP!
Click here to chat with a lawyer about your rights.

Terms Used In Indiana Code 36-9-24-5

  • 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
     (b) If the municipality exercises the option to purchase, it may obtain money to pay the purchase price by issuing and selling revenue bonds under the statutes governing the issuance and sale of sewage works revenue bonds for additions and extensions to the municipally owned sewage works.

     (c) If the municipality does not exercise the option to purchase, the property covered by the lease becomes the absolute property of the municipality when:

(1) the lease has expired; and

(2) the municipality has discharged and performed all its obligations under the lease.

The lessor shall then execute proper instruments conveying good and merchantable title to the property to the municipality.

[Pre-Local Government Recodification Citation: 19-2-5.5-3 part.]

As added by Acts 1981, P.L.309, SEC.97.

  Previous section
Next section  
 Chapter 24 Contents