Sec. 11. (a) An eligible political subdivision may lease for a nominal lease rental, or sell to the development authority, one (1) or more projects or portions of a project or land upon which a project is located or is to be constructed.
(b) Any lease of all or a portion of a project by an eligible political subdivision to the development authority must be for a term equal to the term of the lease of that project back to the eligible political subdivision.
(c) An eligible political subdivision may sell property to the development authority for the amount the eligible political subdivision determines to be in the best interest of the eligible political subdivision. The development authority may pay that amount from the proceeds of bonds of the development authority.
As added by P.L.214-2005, SEC.73.
Structure Indiana Code
Article 7.5. Northwest Indiana Regional Development Authority
Chapter 4. Financing; Issuance of Bonds; Leases
36-7.5-4-1. Development Authority Revenue Fund; Accounts; Use of Money in the Fund; Debt Service
36-7.5-4-2. Revenue Transfers to Fund; Rail Projects
36-7.5-4-4. Bonding; Complete Authority
36-7.5-4-5. Bonding; Security; Trust Indenture
36-7.5-4-6. Bond Refunding; Leases
36-7.5-4-8. Leases; Complete Authority
36-7.5-4-10. Agreements; Common Wall; Easements; Licenses
36-7.5-4-11. Leases or Sale of Projects or Land to Authority
36-7.5-4-12. Option to Purchase Property
36-7.5-4-14. Bonds; Legal Investments
36-7.5-4-15. Bonds; Contesting Validity
36-7.5-4-17. Covenant With Holders
36-7.5-4-18. Exclusive Approval; Development Authority; Financing a Rail Project
36-7.5-4-19. Obligations Legalized and Validated
36-7.5-4-20. Transfer of Money
36-7.5-4-21. West Lake Corridor Project; Failure to Enter Into a Full Funding Grant Agreement