Section 36-10-9.1-13 - Lease of capital improvements to capital improvement board; terms(a) Before a lease may be entered into, both the capital improvement board and the executive of the county must find that the lease rental provided for is fair and reasonable.(b) A lease of capital improvements from the authority to the capital improvement board: (1) may not have a term exceeding forty (40) years;(2) may not require payment of lease rental for a newly constructed capital improvement or for improvements to an existing capital improvement until the capital improvement or improvements thereto have been completed and are ready for occupancy;(3) may contain provisions: (A) allowing the capital improvement board to continue to operate an existing capital improvement until completion of the improvements, reconstruction, or renovation; and(B) requiring payment of lease rentals for an existing capital improvement being used, reconstructed, or renovated;(4) may contain an option to renew the lease for the same or shorter term on the conditions provided in the lease;(5) must contain an option for the capital improvement board to purchase the capital improvement upon the terms stated in the lease during the term of the lease for a price equal to the amount required to pay all indebtedness incurred on account of the capital improvement, including indebtedness incurred for the refunding of that indebtedness;(6) may be entered into before acquisition or construction of a capital improvement;(7) must be approved by the executive of the county;(8) may provide that the capital improvement board shall agree to:(A) pay all taxes and assessments thereon;(B) maintain insurance thereon for the benefit of the authority; and(C) assume responsibility for utilities, repairs, alterations, and any costs of operation; and(9) subject to IC 36-10-9-11, may provide that the lease rental payments by the capital improvement board shall be made from any one (1) or more of the following sources:(A) Proceeds of one (1) or more of the excise taxes as defined in IC 36-10-9.(B) Net revenues of the capital improvement.(C) Any other funds available to the capital improvement board.As added by P.L. 82-1985, SEC.12.