Indiana § 16-22-6-24 - Lease options; renewal or purchase
Full text of Indiana Indiana Code § 16-22-6-24 — Lease options; renewal or purchase, with citation guidance and answers to common questions.
§ 16-22-6-24. Lease options; renewal or purchase
Sec. 24. (a) A lease:
(1) may provide that the lessee has an option to renew the lease for a like or lesser term; and
(2) must contain an option to purchase at any time after ten (10) years from the execution of the lease and before the expiration of the term of the lease on a date fixed in the lease at a price equal to the amount required to enable the authority to do the following:
(A) Redeem all outstanding securities payable out of the rentals provided for in the lease and all premiums and accrued and unpaid interest payable on that redemption.
(B) Pay all other indebtedness and obligations of the authority attributable to the acquisition, construction, renovation, and leasing of the buildings, including any cost of liquidation of the authority.
(b) The lease does not create an obligation for the county to purchase a leased building or an obligation to a creditor or bondholder of the authority.
(c) A county exercising an option to purchase may issue general obligation bonds to procure funds to purchase the building. The bonds shall be authorized, issued, and sold in accordance with the laws authorizing the issuance and sale of bonds for other county purposes.
[Pre-1993 Recodification Citation: 16-12-20-14.]
As added by P.L.2-1993, SEC.5.
Source: official Indiana text · Last verified 2026-08-27
Frequently Asked Questions About Indiana § 16-22-6-24
What does Indiana Code § 16-22-6-24 cover?
Section 16-22-6-24 ("Lease options; renewal or purchase") is part of the Indiana Code, the codified statutory law of Indiana. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Indiana § 16-22-6-24?
A common citation format is "Indiana Code § 16-22-6-24" (Indiana). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Indiana law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Indiana official source linked on this page or consult a licensed Indiana attorney.
How does Indiana § 16-22-6-24 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Indiana can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Indiana.