The commission may lease property to the department and others. A lease:

1. (1) may provide for the operation, maintenance, improvement, or renovation of the property;
2. (2) must contain standards for operation, quality of goods and services, and price of goods and services;
3. (3) need not be approved by the attorney general or the governor;

4. (4) may be executed by the:

   1. (A) chairman or vice chairman of the commission; and
   2. (B) public finance director; and

5. (5) is binding on the state after advertisement one (1) time a week for two (2) weeks in two (2) newspapers published in Indianapolis. The first publication must be at least fourteen (14) days before a public hearing by the commission, and the proposed lease must be on file in the department during the period of publication.

   [Pre-1995 Recodification Citation: 14-3-12-4.5(c).]

As added by P.L.1-1995, SEC.7. Amended by P.L.162-2007, SEC.34.