Indiana Code 8-10-5-8.1. Railroad right-of-way; powers
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Terms Used In Indiana Code 8-10-5-8.1
- Contract: A legal written agreement that becomes binding when signed.
- 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
- Port authority: means a port authority created pursuant to authority of this chapter. See Indiana Code 8-10-5-1
- Property: includes personal and real property. See Indiana Code 1-1-4-5
Sec. 8.1. In addition to the other powers granted under this chapter, the port authority may contract for, accept, or otherwise acquire and maintain railroad property and rights-of-way. The port authority may accept and expend funding from any source, and may issue revenue bonds, for the construction, operation, and maintenance of the property and rights-of-way and the lease or purchase of all necessary equipment and appurtenances to successfully operate a railroad over the rights-of-way. The powers granted, and procedures provided for, by this chapter shall extend to any authority created pursuant to this chapter even though the railroad facilities will not serve a port or harbor.
As added by Acts 1977, P.L.109, SEC.1. Amended by Acts 1979, P.L.89, SEC.2; Acts 1981, P.L.74, SEC.3; P.L.85-1988, SEC.2.