Sec. 16. (a) The authority may lease for a nominal lease rental or sell to the development authority one (1) or more airport projects or portions of airport projects or land upon which an airport project is located or is to be constructed.

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 8-22-3.7-16

  • airport project: has the meaning set forth in Indiana Code 8-22-3.7-1
  • bonds: means bonds, notes, or other evidences of indebtedness issued by the development authority. See Indiana Code 8-22-3.7-2
  • development authority: refers to an airport development authority created by this chapter. See Indiana Code 8-22-3.7-3
  • eligible entity: means the following:

    Indiana Code 8-22-3.7-4.5

  • 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) Any lease of all or a portion of an airport project by the authority to the development authority must be for a term equal to the term of the lease of that airport project back to the authority.

     (c) The authority or the eligible entity may sell property to the development authority for the amount that the authority or the eligible entity determines to be in the best interest of the authority or the eligible entity, which amount may be paid from the proceeds of bonds of the development authority.

     (d) The authority may sublease an airport project or portion of an airport project to any person or entity for a term not to exceed the term of the lease from the development authority, upon the terms and at the rental that the authority determines to be in the best interest of the authority.

As added by P.L.108-1993, SEC.11.

  Previous section
Next section  
 Chapter 3.7 Contents