Sec. 10. (a) At the hearing, all interested persons have a right to be heard upon the necessity for the execution of the proposed lease and whether the rental to be paid to the lessor corporation under the proposed lease is a fair and reasonable rental for the proposed building. The hearing may be adjourned to a later date or dates.
(b) Not later than thirty (30) days following the termination of the hearing, the governing body or bodies of the school corporation or corporations may by a majority vote of all members of the governing body or bodies:
(1) authorize the execution of the lease as originally agreed upon; or
(2) make modifications to the proposed lease as agreed upon with the lessor corporation.
However, the lease rentals as set out in the published notice may not be increased.
[Pre-2006 Recodification Citation: 21-5-12-7(a) part.]
As added by P.L.2-2006, SEC.170.
Structure Indiana Code
Article 47. Related Entities; Holding Companies; Lease Agreements
Chapter 3. Private Holding Companies
20-47-3-4. Qualifications of Lessor Corporation
20-47-3-5. Required Terms of Lease Agreement; Option to Purchase
20-47-3-6. Lessor Corporation; Submission of Preliminary Plans
20-47-3-7. Permissible Provisions of Lease; Payment of Taxes; Insurance
20-47-3-8. Lease Preceding Acquisition of Land
20-47-3-9. Required Public Hearing; Notice of Lease Terms
20-47-3-10. Conduct of Public Hearing; Lease Authorization Procedures
20-47-3-11. Notice of Signing of Lease; Appeal
20-47-3-12. Limitation on Time to File Appeal
20-47-3-13. Acquisition of Land for Building Site; Sale to Lessor Corporation
20-47-3-14. Required Levy; Payment of Obligations
20-47-3-15. Exemption of Lessor Corporation Property From Taxes
20-47-3-17. Lessor Corporation; Sale of Bonds and Securities; Mortgage Bonds
20-47-3-18. Termination of Lease; Disposition of Surplus Revenues