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Current as of January 02, 2024 | Updated by Findlaw Staff
Sec. 26. (a) A lease may provide the lessee with an option to renew the lease, with approval of the board of directors of the city hospital, for a like or lesser term. The lease must contain an option for the city hospital to purchase at any time after ten (10) years from the execution of the lease and before the expiration of the lease on dates in each year fixed in the lease, at a price equal to the amount required to enable the authority to do the following:
(1) Redeem all outstanding securities payable out of the rentals provided in the lease and all premiums payable on the redemption and accrued and unpaid interest.
(2) Pay all other indebtedness and obligations of the authority attributable to the construction and leasing of the buildings, including the cost of liquidation of the authority.
(b) A lease may not create an obligation for the lessee or city hospital to purchase the leased buildings or create any obligation to creditors or bondholders of the authority.
Cite this article: FindLaw.com - Indiana Code Title 16. Health § 16-22-7-26 - last updated January 02, 2024 | https://codes.findlaw.com/in/title-16-health/in-code-sect-16-22-7-26/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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