Lease of waterworks facilities; notice and hearing

Sec. 29. (a) When the municipality and the lessor have agreed upon the terms and conditions of any waterworks lease proposed to be entered into under this chapter and before the final execution of the lease, a notice shall be given by publication in accordance with IC 5-3-1 to all persons interested, of a hearing to be held before the municipal legislative body, which hearing must be on a day not earlier than twenty (20) days after publication of the notice. (b) The notice must: (1) name the day, place, and hour of the hearing; and (2) set forth a brief summary of the principal terms agreed upon, including: (A) the name of the lessor; (B) the character of the property to be leased; (C) the lease rental to be paid; and (D) the number of years the lease is to be in effect. (c) The proposed lease must be available for inspection by the public during the twenty (20) day period and at the hearing. (d) All persons interested are entitled to be heard, at the time fixed, upon the necessity for the execution of the lease and whether the rental to be paid to the proposed lessor is a fair and reasonable rental for the waterworks facilities. The hearing may be adjourned to a later date or dates.