A lease must:(1) be in writing;(2) be for definite periods; and(3) require payment of lease rentals at least monthly.(b) If the board enters into a lease or sublease contract with the state authority, the board may pledge as security for payment under the contract the funds that the governing board receives from a tax levy under section 27 of this chapter.[Pre-1993 Recodification Citation: 16-12.1-3-18.]As added by P.L.2-1993, SEC.5. Amended by P.L.43-1993, SEC.14.
Indiana Legal Code