Sec. 4. (a) All contracts of lease must provide that:
(1) the municipal corporation or corporations have an option to renew the lease for a further term, with like conditions; or
(2) the property covered by the lease may be purchased after six (6) years from the execution of the lease and before the expiration of the term of the lease, on the date or dates in each year that are fixed, at a price equal to the amount required to enable the lessor corporation owning the site to:
(A) liquidate by paying all indebtedness, with accrued and unpaid interest; and
(B) recover the expenses and charges of liquidation.
(b) However, the purchase price prescribed by subsection (a)(2) may not exceed the capital actually invested in the property by the lessor corporation represented by outstanding securities or indebtedness plus the cost of transferring the property and liquidating the lessor corporation.
(c) A lease may not provide that any municipal corporation is under an obligation to purchase the leased library facilities or under an obligation in respect to the creditors, members, or other security holders of the lessor corporation.
[Pre-2005 Elementary and Secondary Education Recodification Citation: 20-14-10-4.]
As added by P.L.1-2005, SEC.49. Amended by P.L.42-2018, SEC.51.