Sec. 10. A school corporation or corporations may, in anticipation of the acquisition of a site and the construction and erection of a school building or buildings, enter into a lease with a lessor corporation before the actual acquisition of the site and the construction and erection of the building or buildings. However, a lease entered into under this section may not provide for the payment of any lease rental by the lessee or lessees until the building or buildings are ready for occupancy, at which time the stipulated lease rental may begin. The contractor must furnish to the lessor corporation a bond satisfactory to the lessor corporation conditioned upon the final completion of the building or buildings within the period specified in the contract.
Ind. Code § 20-47-2-10
Lease preceding acquisition of land
Applied in 1 court decision — leading case Alva Electric, Inc. v. Evansville Vanderburgh School Corp. (2013)
Most recently applied in Alva Electric, Inc. v. Evansville Vanderburgh School Corp. (March 2013)
As added by P.L.2-2006, SEC.170.
Official source: Indiana General Assembly. Reproduced from public-domain Indiana statutes; confirm against the official source for the current text. Not legal advice.