2014 Indiana Code TITLE 4. STATE OFFICES AND ADMINISTRATION ARTICLE 12. APPROPRIATIONS MANAGEMENT CHAPTER 14. COLUMBUS LEARNING CENTER LEASE
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IC 4-12-14
Chapter 14. Columbus Learning Center Lease
IC 4-12-14-1
"Columbus Learning Center"
Sec. 1. As used in this chapter, "Columbus Learning Center"
refers to a multipurpose educational facility to be located in
Columbus, Indiana, and leased by the board of aviation
commissioners of the city of Columbus, Indiana, to Columbus
Learning Center Management Corporation.
As added by P.L.220-2011, SEC.27.
IC 4-12-14-2
"Lease rental revenue bonds"
Sec. 2. As used in this chapter, "lease rental revenue bonds" refers
to any lease rental revenue bonds issued by the city of Columbus,
Indiana, under IC 8-22-2 or another law for acquisition, construction,
initial installation, and initial equipping of the Columbus Learning
Center.
As added by P.L.220-2011, SEC.27.
IC 4-12-14-3
"Participating entities"
Sec. 3. As used in this chapter, "participating entities" means the
following:
(1) Indiana University.
(2) Purdue University.
(3) Ivy Tech Community College.
The term does not include a school corporation.
As added by P.L.220-2011, SEC.27.
IC 4-12-14-4
"Sublease"
Sec. 4. As used in this chapter, "sublease" refers to an agreement
between the budget agency and Columbus Learning Center
Management Corporation to lease space in the Columbus Learning
Center for use by the participating entities.
As added by P.L.220-2011, SEC.27.
IC 4-12-14-5
Sublease authorized; review by budget committee; approval by
commissioner of the Indiana department of administration
Sec. 5. Subject to section 6 of this chapter, the budget agency may
enter into a sublease with the Columbus Learning Center
Management Corporation, its authorized successor, or its authorized
assigns for the use and occupancy of part or all of the Columbus
Learning Center. The budget agency may enter into the sublease after
review by the budget committee and approval by the commissioner
of the Indiana department of administration.
As added by P.L.220-2011, SEC.27.
IC 4-12-14-6
Conditions for entering into sublease
Sec. 6. The budget agency may not enter into a sublease under
section 5 of this chapter unless the following conditions are met:
(1) The total:
(A) acquisition;
(B) construction;
(C) initial installation; and
(D) initial equipping;
costs for the Columbus Learning Center that are to be financed
through lease rental revenue bonds is twenty-five million
dollars ($25,000,000) or less, excluding amounts necessary to
provide money for debt service reserves, credit enhancement, or
other costs incidental to the issuance of bonds.
(2) The director of the budget agency has certified in writing to
the legislative council that there is an unmet higher education
need that the Columbus Learning Center will correct.
As added by P.L.220-2011, SEC.27.
IC 4-12-14-7
General assembly determination that sublease in best interest of
state; terms of sublease
Sec. 7. The general assembly determines that a long term sublease
is in the best interests of the state. Subject to section 6 of this
chapter, the budget agency may enter into a sublease for one (1) or
more terms that, in total, do not exceed the initial term provided for
the repayment of the lease rental revenue bonds.
As added by P.L.220-2011, SEC.27.
IC 4-12-14-8
Components of sublease payments
Sec. 8. The sublease rental payments under a sublease entered into
under this chapter may include amounts payable for:
(1) the operation and management of the Columbus Learning
Center;
(2) maintenance, repair, or replacement reserves necessary or
appropriate to keep the Columbus Learning Center in good
operating order; and
(3) repayment of the principal of and interest on the lease rental
revenue bonds, subject to the limitations set forth in section 6
of this chapter.
As added by P.L.220-2011, SEC.27.
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