Indiana Code 8-1.5-2-27. Lease of waterworks facilities; term; option to purchase or renew; transfer of property to municipality
(1) renew the lease for a further term on like conditions; and
Terms Used In Indiana Code 8-1.5-2-27
- Contract: A legal written agreement that becomes binding when signed.
- 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
- Property: includes personal and real property. See Indiana Code 1-1-4-5
(b) If the option to purchase the waterworks facilities covered by the lease is exercised, the municipality, for the purpose of procuring money to pay the purchase price, may issue and sell revenue bonds under other laws governing the issuance and sale of waterworks revenue bonds for additions and extensions to municipal waterworks.
(c) If the municipality has not exercised an option to purchase the property covered by the lease at the expiration of the lease, and upon the full discharge and performance by the municipality of its obligations under the lease contract, the property covered by the lease thereupon becomes the absolute property of the municipality, and the lessor shall execute proper instruments conveying to the municipality good and merchantable title thereto.
As added by Acts 1982, P.L.74, SEC.1. Amended by P.L.35-1990, SEC.26; P.L.252-2015, SEC.20.