Sec. 9. (a) The lease may provide that the leasing agent has an option to renew the lease for a further term or to purchase the property. The terms and conditions of the purchase must be specified in the lease.
(b) Whenever the leasing agent exercises an option to purchase the property, then the political subdivision or agency may issue and sell bonds for the purpose of procuring money to pay the purchase price. If the leasing agent does not exercise an option to purchase the property, then upon the expiration of the lease and upon full performance by the leasing agent, the property becomes the absolute property of the political subdivision or agency. The lessor shall convey title to the political subdivision or agency.
[Pre-Local Government Recodification Citation: 18-5-3.3-3.]
As added by Acts 1981, P.L.57, SEC.36. Amended by P.L.74-1987, SEC.18.
Structure Indiana Code
Chapter 10. Leasing and Lease-Purchasing Structures
36-1-10-1. Application of Chapter
36-1-10-3. Persons Entitled to Lease Property to Political Subdivision or Agency
36-1-10-4.1. Leasing Agents; Compliance With Chapter; Procedure in Lease Without Option to Purchase
36-1-10-5. Leases Without Option to Purchase; Procedure
36-1-10-6. Limitation on Term of Lease
36-1-10-7.5. Lease of a Structure, Transportation System, or System by a School Corporation
36-1-10-11. Property Held in Fee Simple; Sale Procedure
36-1-10-13. Hearing; Procedure; Execution of Lease
36-1-10-14. Disagreement With Execution of Lease; Petition; Hearing; Decision
36-1-10-15. Actions to Contest Validity of Lease or to Enjoin Performance Under Lease
36-1-10-16. Conveyance of Structure to Lessor and Lease Back; Purchase Price; Option to Purchase
36-1-10-17. Annual Appropriation and Tax Levy
36-1-10-21. Not-for-Profit Corporations; Issuance and Sale of Bonds and Other Securities