State Codes and Statutes

Statutes > Indiana > Title21 > Ar31 > Ch4

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 the following 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 may lease 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 educational institution.
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 the following 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 may enter into a lease if the board of trustees determines that the lease is in the best interest of the state educational institution. A lease may not 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 the following 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 lessee would have under other laws if the lessee were the owner in fee simple of the real estate.     (c) A state educational institution is exempt from all property taxes on any real estate leased under this chapter. The lessee of real estate leased under this chapter is liable for property taxes on the leased real estate as if the real estate were owned by the lessee in fee simple, unless the lessee is a student living in facilities owned by the state educational institution.
As added by P.L.2-2007, SEC.272.