2013 Indiana Code
TITLE 21. HIGHER EDUCATION
ARTICLE 31. STATE EDUCATIONAL INSTITUTIONS: ACQUISITION AND USE OF PROPERTY; LEASES
CHAPTER 4. LEASES
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IC 21-31-4
Chapter 4. Leases
IC 21-31-4-1
Application of section; leases
Sec. 1. (a) This section applies to the board of trustees of the
following state educational institutions:
(1) Ball State University.
(2) Indiana University.
(3) Indiana State University.
(4) Purdue University.
(5) University of Southern Indiana.
(b) The board of trustees of a state educational institution may
lease to any corporation, limited liability company, partnership,
association, or individual real estate, title to which is in the name of:
(1) the state educational institution; or
(2) the state for the use and benefit of the state educational
institution.
As added by P.L.2-2007, SEC.272.
IC 21-31-4-2
Application of section; term of leases
Sec. 2. (a) This section applies to the board of trustees of the
following state educational institutions:
(1) Ball State University.
(2) Indiana University.
(3) Indiana State University.
(4) Purdue University.
(5) University of Southern Indiana.
(b) The board of trustees of a state educational institution may
enter into a lease if the board of trustees determines that the lease is
in the best interest of the state educational institution. A lease may
not be executed under this chapter for a term exceeding four (4)
years unless the execution is approved by the:
(1) governor; and
(2) budget agency.
As added by P.L.2-2007, SEC.272.
IC 21-31-4-3
Application of section; tax exemption
Sec. 3. (a) This section applies to the board of trustees of the
following state educational institutions:
(1) Ball State University.
(2) Indiana University.
(3) Indiana State University.
(4) Purdue University.
(5) University of Southern Indiana.
(b) This chapter does not deny any tax exemption that a lessee
would have under other laws if the lessee were the owner in fee
simple of the real estate.
(c) A state educational institution is exempt from all property
taxes on any real estate leased under this chapter. The lessee of real
estate leased under this chapter is liable for property taxes on the
leased real estate as if the real estate were owned by the lessee in fee
simple, unless the lessee is a student living in facilities owned by the
state educational institution.
As added by P.L.2-2007, SEC.272.
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