Sec. 29. (a) Upon acquisition of the necessary property by a public transportation corporation, the board of directors of the corporation may:
(1) operate and maintain the system;
(2) lease the system to any operator; or
(3) contract for the use of the system by any operator.
(b) The board may also contract with any organization that has executive personnel with experience and skill applicable to the superintendence of the operation and maintenance of an urban mass transportation system. The contract must require the organization to furnish its services and the services of its personnel for the superintendence of the system.
(c) The maximum term of a contract or lease executed under this section is twenty-five (25) years.
(d) A contract or lease executed under this section must be confirmed by ordinance of the board.
[Pre-Local Government Recodification Citation: 19-5-2-21.]
As added by Acts 1981, P.L.309, SEC.77. Amended by Acts 1981, P.L.317, SEC.5.