Indiana Code 8-10-5-8.9. Royalty contracts
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Terms Used In Indiana Code 8-10-5-8.9
- Contract: A legal written agreement that becomes binding when signed.
- governing body: shall mean the legislative authority of the governmental unit or units establishing or having established a port authority under the provisions of this chapter. See Indiana Code 8-10-5-1
- 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
Sec. 8.9. With the approval of the governing body creating it, a port authority may sell, lease, or enter into a royalty contract for the natural or mineral resources of land that it owns. Money received from these sources shall be deposited in the nonreverting capital fund of the port authority.
As added by P.L.49-2010, SEC.5.