Ind. Code § 5-1.2-7-16

Current through P.L. 171-2024

Section 5-1.2-7-16 - Payment of lease rental from cumulative building fund

In addition to the ways specified in section 15 of this chapter for the payment of lease rental, any lease executed under this chapter may provide for the payment of lease rental from a cumulative building fund established by the lessee under IC 16-22-5-3 (or IC 16-12.1-4-4 before its repeal). Part or all of a cumulative building fund and the tax levied for that cumulative building fund may be committed and pledged to the payment of the lease rental. To the extent that the amount committed and pledged is insufficient to pay the lease rental, the lease shall provide that any remaining lease rental shall be paid entirely from the net revenues of the hospital of which the leased building is a part. So long as the lease remains in effect:

(1) any amount of cumulative building fund so committed and pledged may not be expended by the lessee for any other purpose; and

(2) the tax levy committed and pledged for the cumulative building fund may not be reduced or rescinded by the county council.

Notwithstanding any other provision of this chapter, if a lease provides for payment of lease rental under this section, no approval of the county council is required for the lease, the terms and conditions of the lease, or the sale of the land by the county to the authority under this chapter.

IC 5-1.2-7-16

Added by P.L. 189-2018,SEC. 25, eff. 7/1/2018.