Ind. Code § 8-16-3.5-4
Option to purchase bridge
Indiana · Indiana Code Title 8 — Utilities and Transportation · Status: effective
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- Citation
- Ind. Code § 8-16-3.5-4, Option to purchase bridge, Indiana, version 1 as recorded 2026-09-28, yourstate.us, https://yourstate.us/provision/1620331
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Full text
Sec. 4. All contracts of lease may provide that a county has the option to purchase the bridge before the expiration of the lease contract, the terms and conditions of the purchase to be specified in the lease, subject to the approval of the department of local government finance. If the county has not exercised an option to purchase the property covered by the lease contract at the expiration of the lease contract, and upon the full discharge and performance by the county of its obligations under the lease contract, the bridge covered by the lease contract shall become the absolute property of the county and the lessor corporation shall execute proper instruments conveying to the county title to the property.