Indiana § 36-9-13-25 - Leases; options to purchase; authorization of bond issue to pay purchase price
Full text of Indiana Indiana Code § 36-9-13-25 — Leases; options to purchase; authorization of bond issue to pay purchase price, with citation guidance and answers to common questions.
§ 36-9-13-25. Leases; options to purchase; authorization of bond issue to pay purchase price
Sec. 25. (a) A lease under section 23 of this chapter may give one (1) or more of the lessees acting jointly or severally an option to purchase before the expiration of the term of the lease:
(1) on the date or dates in each year that are fixed by the lease; and
(2) at a price to be computed by a method set forth in the lease.
However, such a lease may not provide, or be construed to provide, that an eligible entity is under an obligation to purchase the leased government building or system or is under an obligation respecting any creditors or bondholders of the authority.
(b) An eligible entity that exercises an option to purchase may issue general obligation bonds for the purpose of obtaining enough money to pay the purchase price or its proportionate share of the purchase price. The bonds shall be authorized, issued, and sold in the manner prescribed by law for the authorization, issuance, and sale of bonds of the eligible entity for other purposes.
[Pre-Local Government Recodification Citation: 19-8-4-13 part.]
As added by Acts 1981, P.L.309, SEC.86. Amended by P.L.37-1988, SEC.34.
Source: official Indiana text · Last verified 2026-08-27
Frequently Asked Questions About Indiana § 36-9-13-25
What does Indiana Code § 36-9-13-25 cover?
Section 36-9-13-25 ("Leases; options to purchase; authorization of bond issue to pay purchase price") 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 § 36-9-13-25?
A common citation format is "Indiana Code § 36-9-13-25" (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 § 36-9-13-25 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.