Sec. 10. A school corporation or corporations may, in anticipation of the acquisition of a site and the construction and erection of a school building or buildings, enter into a lease with a lessor corporation before the actual acquisition of the site and the construction and erection of the building or buildings. However, a lease entered into under this section may not provide for the payment of any lease rental by the lessee or lessees until the building or buildings are ready for occupancy, at which time the stipulated lease rental may begin. The contractor must furnish to the lessor corporation a bond satisfactory to the lessor corporation conditioned upon the final completion of the building or buildings within the period specified in the contract.
[Pre-2006 Recodification Citation: 21-5-11-6.]
As added by P.L.2-2006, SEC.170.
Structure Indiana Code
Article 47. Related Entities; Holding Companies; Lease Agreements
Chapter 2. Public Holding Companies
20-47-2-2. "Capital Actually Invested"
20-47-2-3. "Lessor Corporation"
20-47-2-5. Powers; Lease of School Building
20-47-2-7. Required Terms of Lease Agreement
20-47-2-8. Lessor Corporation; Submission of Preliminary Plans
20-47-2-9. Permissible Provisions of Lease; Payment of Taxes; Insurance
20-47-2-10. Lease Preceding Acquisition of Land
20-47-2-11. Required Public Hearing; Notice of Lease Terms
20-47-2-12. Conduct of Public Hearing; Lease Authorization Procedures
20-47-2-13. Notice of Signing of Lease; Appeal
20-47-2-14. Limitation on Time to File Appeal
20-47-2-15. Acquisition of Land for Building Site; Sale to Lessor Corporation
20-47-2-16. Lessor Corporation; Sale of Bonds and Securities; Mortgage Bonds
20-47-2-17. Refunding of Outstanding Bonds; Appeal
20-47-2-19. Option to Purchase; Bonds to Fund Purchase
20-47-2-20. Required Levy; Payment of Obligations
20-47-2-21. Exemption of Lessor Corporation Property From Taxes
20-47-2-23. Termination of Lease; Disposition of Surplus Revenues