CHAPTER 4. LEASES

IC 21-31-4
    Chapter 4. Leases

IC 21-31-4-1
Application of section; leases
    Sec. 1. (a) This section applies to the board of trustees of thefollowing state educational institutions:
        (1) Ball State University.
        (2) Indiana University.
        (3) Indiana State University.
        (4) Purdue University.
        (5) University of Southern Indiana.
    (b) The board of trustees of a state educational institution maylease to any corporation, limited liability company, partnership,association, or individual real estate, title to which is in the name of:
        (1) the state educational institution; or
        (2) the state for the use and benefit of the state educationalinstitution.
As added by P.L.2-2007, SEC.272.

IC 21-31-4-2
Application of section; term of leases
    Sec. 2. (a) This section applies to the board of trustees of thefollowing state educational institutions:
        (1) Ball State University.
        (2) Indiana University.
        (3) Indiana State University.
        (4) Purdue University.
        (5) University of Southern Indiana.
    (b) The board of trustees of a state educational institution mayenter into a lease if the board of trustees determines that the lease isin the best interest of the state educational institution. A lease maynot be executed under this chapter for a term exceeding four (4)years unless the execution is approved by the:
        (1) governor; and
        (2) budget agency.
As added by P.L.2-2007, SEC.272.

IC 21-31-4-3
Application of section; tax exemption
    Sec. 3. (a) This section applies to the board of trustees of thefollowing state educational institutions:
        (1) Ball State University.
        (2) Indiana University.
        (3) Indiana State University.
        (4) Purdue University.
        (5) University of Southern Indiana.
    (b) This chapter does not deny any tax exemption that a lesseewould have under other laws if the lessee were the owner in feesimple of the real estate.    (c) A state educational institution is exempt from all propertytaxes on any real estate leased under this chapter. The lessee of realestate leased under this chapter is liable for property taxes on theleased real estate as if the real estate were owned by the lessee in feesimple, unless the lessee is a student living in facilities owned by thestate educational institution.
As added by P.L.2-2007, SEC.272.