IC 8-24-15
    Chapter 15. Leases and Agreements With Public TransportationAgencies

IC 8-24-15-1
Service board finding that leases are fair and reasonable; terms
    Sec. 1. (a) Before a lease may be entered into by a servicedivision, the service board for the service division must find that thelease rental provided for is fair and reasonable.
    (b) A lease of land or a project by a service division:
        (1) may not have a term exceeding twenty-five (25) years;
        (2) may not require payment of lease rentals for a newlyconstructed project or for improvements to an existing projectuntil the project or improvements to the project have beencompleted and are ready for occupancy or use;
        (3) may contain provisions:
            (A) allowing the service division to continue to operate anexisting project until completion of the acquisition,improvements, reconstruction, or renovation of that projector any other project; and
            (B) requiring payment of lease rentals for land, for anexisting project being used, reconstructed, or renovated, orfor any other existing project;
        (4) may contain an option to renew the lease for the same or ashorter term on the conditions provided in the lease;
        (5) must contain an option for the service division to purchasethe project upon the terms stated in the lease during the term ofthe lease for a price equal to the amount required to pay allindebtedness incurred on account of the project, includingindebtedness incurred for the refunding of that indebtedness;
        (6) may be entered into before acquisition or construction of aproject;
        (7) may provide that the service division shall agree to:
            (A) pay any taxes and assessments on the project;
            (B) maintain insurance on the project for the benefit of thedistrict;
            (C) assume responsibility for utilities, repairs, alterations,and any costs of operation; and
            (D) pay a deposit or series of deposits to the lessor from anyfunds available to the service division before thecommencement of the lease to secure the performance of theservice division's obligations under the lease; and
        (8) must provide that the lease rental payments by the servicedivision shall be made from:
            (A) net revenues of the project;
            (B) any other funds available to the service division; or
            (C) both sources described in clauses (A) and (B).
As added by P.L.182-2009(ss), SEC.282.

IC 8-24-15-2 Applicable authority to enter leases
    Sec. 2. This article contains full and complete authority for leasesby a service division. No law, procedure, proceedings, publications,notices, consents, approvals, orders, or acts by the service divisionor any other officer, department, agency, or instrumentality of thestate or any political subdivision is required to enter into any lease,except as prescribed in this article.
As added by P.L.182-2009(ss), SEC.282.

IC 8-24-15-3
Approval of plans and specifications
    Sec. 3. If a lease provides for a project or improvements to aproject to be constructed by a service division, the plans andspecifications shall be submitted to and approved by all stateagencies designated by law to pass on plans and specifications forpublic buildings.
As added by P.L.182-2009(ss), SEC.282.

IC 8-24-15-4
Common wall agreements; other agreements
    Sec. 4. The service divisions may enter into common wall (partywall) agreements or other agreements concerning easements orlicenses. These agreements shall be recorded with the recorder of thecounty in which the project is located.
As added by P.L.182-2009(ss), SEC.282.

IC 8-24-15-5
Transactions between service divisions
    Sec. 5. A service division may lease for a nominal lease rental, orsell to the other service division, one (1) or more projects or parts ofa project or land on which a project is located or is to be constructed.
As added by P.L.182-2009(ss), SEC.282.