Indiana § 36-9-24-5 - Options to purchase; authorization of bonds to finance purchase; disposition of property when option not exercised
Full text of Indiana Indiana Code § 36-9-24-5 — Options to purchase; authorization of bonds to finance purchase; disposition of property when option not exercised, with citation guidance and answers to common questions.
§ 36-9-24-5. Options to purchase; authorization of bonds to finance purchase; disposition of property when option not exercised
Sec. 5. (a) A lease under this chapter must provide that the municipality has an option to purchase the property covered by the lease, under the terms and conditions specified in the lease.
(b) If the municipality exercises the option to purchase, it may obtain money to pay the purchase price by issuing and selling revenue bonds under the statutes governing the issuance and sale of sewage works revenue bonds for additions and extensions to the municipally owned sewage works.
(c) If the municipality does not exercise the option to purchase, the property covered by the lease becomes the absolute property of the municipality when:
(1) the lease has expired; and
(2) the municipality has discharged and performed all its obligations under the lease.
The lessor shall then execute proper instruments conveying good and merchantable title to the property to the municipality.
[Pre-Local Government Recodification Citation: 19-2-5.5-3 part.]
As added by Acts 1981, P.L.309, SEC.97.
Source: official Indiana text · Last verified 2026-08-27
Frequently Asked Questions About Indiana § 36-9-24-5
What does Indiana Code § 36-9-24-5 cover?
Section 36-9-24-5 ("Options to purchase; authorization of bonds to finance purchase; disposition of property when option not exercised") 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 § 36-9-24-5?
A common citation format is "Indiana Code § 36-9-24-5" (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 § 36-9-24-5 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.