Indiana Code 5-1-17.5-35. Authorization and execution of leases by commission board of directors
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Terms Used In Indiana Code 5-1-17.5-35
- authority: refers to the Indiana finance authority. See Indiana Code 5-1-17.5-4
- board: refers to the board of directors of the commission. See Indiana Code 5-1-17.5-5
- commission: refers to the Indiana motorsports commission created by this chapter. See Indiana Code 5-1-17.5-9
- 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. 35. Each lease under section 32 of this chapter must be authorized by resolution of the board, which shall be entered in the official records of the commission. Such a lease must be executed on behalf of the commission by the chair or the vice-chair and the secretary-treasurer of the commission, and on behalf of the authority by the chairman or the vice chairman of the authority and the public finance director.
As added by P.L.233-2013, SEC.5.