Sec. 11. (a) An eligible political subdivision may lease for a nominal lease rental, or sell to a development authority, one (1) or more projects or parts of a project or land on which a project is located or is to be constructed.
(b) Any lease of all or a part of a project by an eligible political subdivision to a 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 a 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.232-2007, SEC.7.
Structure Indiana Code
Article 7.6. Regional Development Authorities
Chapter 4. Financing; Issuance of Bonds; Leases
36-7.6-4-1. Development Authority Fund; Accounts; Debt Service
36-7.6-4-2. Revenue Transfers to Fund
36-7.6-4-4. Bonding; Complete Authority
36-7.6-4-5. Bonding; Security; Trust Indenture
36-7.6-4-6. Bond Refunding; Leases
36-7.6-4-8. Leases; Complete Authority
36-7.6-4-10. Agreements; Common Wall; Easements; Licenses
36-7.6-4-11. Leases or Sale of Projects or Land to Development Authorities
36-7.6-4-12. Option to Purchase Property
36-7.6-4-14. Bonds; Legal Investments
36-7.6-4-15. Bonds; Contesting Validity
36-7.6-4-16. Transfers; Failure to Make Transfer; Duty of State Treasurer