IC 36-1-10-5 : Leases without option to purchase; procedure

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.

[Local Government Recodification Citation: New.]

As added by Acts 1981, P.L.57, SEC.36. Amended by P.L.131-1984, SEC.4; P.L.330-1985, SEC.1; P.L.90-2002, SEC.462; P.L.174-2022, SEC.68.