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Ind. Code § 36-1-10-5

Leases without option to purchase; procedure

As added by Acts 1981, P.L.57, SEC.36

Sec. 5. Notwithstanding sections 6, 12, 16, and 17 of this chapter, the following procedure shall be followed whenever a lease does not contain an option to purchase:

(1) The lease must provide that the lease is subject to annual appropriation by the appropriate fiscal body.

(2) The leasing agent must have a copy of the lease filed and kept in a place available for public inspection.

A leasing agent may lease part of a structure.

Official source: Indiana General Assembly. Reproduced from public-domain Indiana statutes; confirm against the official source for the current text. Not legal advice.