§ 36-10-9-1-13

(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

ust 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.