Sec. 53. (a) An authority may enter into a lease of any infrastructure that could be financed with the proceeds of bonds issued under this chapter with a lessor for a term not to exceed fifty (50) years, and the lease may provide for payments to be made by the authority from any revenues of the authority.
(b) A lease may provide that payments by the authority to the lessor are required only to the extent and only for the period that the lessor is able to provide the leased infrastructure in accordance with the lease. The terms of each lease must be based upon the value of the infrastructure leased and may not create a debt of the authority or a member for purposes of the Constitution of the State of Indiana.
(c) A lease may be entered into by the authority only after a public hearing by the board at which all interested parties are provided the opportunity to be heard. After the public hearing, the board may adopt a resolution authorizing the execution of the lease on behalf of the authority if the board finds that the service to be provided throughout the term of the lease will serve the public purpose of the authority and is in the best interests of its residents.
(d) The authority may:
(1) pledge revenues to make payments under the lease; and
(2) establish a special fund to make the payments.
(e) Lease rentals may be limited to money in the special fund so that the obligations of the authority to make the lease rental payments are not considered debt of the authority or a member for purposes of the Constitution of the State of Indiana.
(f) Except as provided in this section, no approvals of any governmental body or agency are required before the authority enters into a lease under this section.
As added by P.L.346-1989(ss), SEC.7. Amended by P.L.86-1999, SEC.19.
Structure Indiana Code
Article 7. Planning and Development
Chapter 23. Multiple County Infrastructure Authority
36-7-23-1. "Authority" Defined
36-7-23-3.7. Applicability of Chapter
36-7-23-5. Purpose; Activities
36-7-23-8. Contracts With Political Subdivisions
36-7-23-10. Appointed Members of Board of Directors
36-7-23-12. Vacancy on Board of Directors
36-7-23-13. Compensation and Expenses of Board Members
36-7-23-15. Officers of Board of Directors
36-7-23-16. Vacancies in Offices of Board of Directors
36-7-23-20. Bylaws, Rules, and Regulations
36-7-23-21. Broad Construction of Board's Powers
36-7-23-22. Revenue Bond Resolutions
36-7-23-23. Amount of Bonds Sold
36-7-23-24. Disclosures on Face of Bond
36-7-23-25. Execution, Attestation, and Authentication of Bonds
36-7-23-26. Negotiability of Bonds
36-7-23-29. Bonds Payable From and Secured by Authority Revenues Only
36-7-23-30. Covenant Not to Impair Taxes Pledged to Bonds
36-7-23-31. Long Term Management Plan
36-7-23-32. Executive Director
36-7-23-33. Powers and Duties of Executive Director
36-7-23-34. Salaries; Expenses of Board, Authority, Employees, and Consultants
36-7-23-35. Minutes of Board; Records and Documents of Authority
36-7-23-36. Officers, Agents, and Employees; Legal Counsel; Technical Experts
36-7-23-37. Delegation of Administrative Duties
36-7-23-38. Personnel Policies
36-7-23-39. Authority Employees Not Employees of State
36-7-23-40. Conflict of Interest Disclosure
36-7-23-41. Nonparticipation of Director or Employer With Conflicting Interest
36-7-23-42. Officers and Employees of State or Political Subdivisions
36-7-23-43. Personal Liability of Directors, Officers, Employees, and Agents
36-7-23-44. Funds and Accounts
36-7-23-46. Authority Funds as Trust Funds
36-7-23-47. Audit of Funds and Accounts
36-7-23-48. Authority Property as Public Property; Tax Exemption
36-7-23-49. Payment of Expenses; Indebtedness or Liability of State or Political Subdivision
36-7-23-51. Operating and Financial Statement
36-7-23-52. Fees, Rates, and Charges for Use of Infrastructures
36-7-23-53. Lease of Infrastructures
36-7-23-54. Corporations Permitted to Lease Infrastructures to Authorities
36-7-23-55. Securities Exempt From Registration Laws
36-7-23-56. Bonds Exempt From Taxation