(b) An eligible political subdivision may:(1) lease all or a portion of land or a project or projects to the development authority, which may be at a nominal lease rental with a lease back to the eligible political subdivision, conditioned upon the development authority assuming bonds issued under IC 8-5-15, IC 8-22-3, or IC 36-9-3 or prior law and issuing its bonds to refund those bonds; and(2) sell all or a portion of land or a project or projects to the development authority for a price sufficient to provide for the refunding of those bonds and lease back the land or project or projects from the development authority.As added by P.L.214-2005, SEC.73. Amended by P.L.114-2022, SEC.39.
Indiana Legal Code