Sec. 4. All contracts of lease may provide that a county has the option to purchase the bridge before the expiration of the lease contract, the terms and conditions of the purchase to be specified in the lease, subject to the approval of the department of local government finance. If the county has not exercised an option to purchase the property covered by the lease contract at the expiration of the lease contract, and upon the full discharge and performance by the county of its obligations under the lease contract, the bridge covered by the lease contract shall become the absolute property of the county and the lessor corporation shall execute proper instruments conveying to the county title to the property.
Formerly: Acts 1975, P.L.92, SEC.2. As amended by P.L.86-1988, SEC.26; P.L.90-2002, SEC.323.
Structure Indiana Code
Title 8. Utilities and Transportation
Article 16. Bridges and Tunnels
Chapter 3.5. Leasing of Bridges by Counties
8-16-3.5-1. Contracts of Lease; Taxpayers' Petitions
8-16-3.5-4. Option to Purchase Bridge
8-16-3.5-5. Not-for-Profit Corporations Proposing to Build Bridges; Plans and Specifications
8-16-3.5-5.5. Contracts With Profit Corporations; Competitive Bidding Procedure
8-16-3.5-7. Contracts of Lease Before Completion of Bridge; Bond