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Ind. Code § 36-1-10-5

Leases without option to purchase; procedure

Redline — January 1, 2018 → current.View current text →
Current — January 1, 2023
As of January 1, 2018
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:
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 term of the lease may not be longer than ten (10) years; however, a lease may be for a longer term if the lease is approved by the department of local government finance.
(2) The lease must provide that the lease is subject to annual appropriation by the appropriate fiscal body.
(1) The lease must provide that the lease is subject to annual appropriation by the appropriate fiscal body.
(3) The leasing agent must have a copy of the lease filed and kept in a place available for public inspection.
(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.
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.