(b) An eligible entity may, in anticipation of:

1. (1) the construction or purchase of government buildings, including the necessary equipment and appurtenances; or

2. (2) the purchase of land;

   enter into a lease with a building authority before the construction or purchase. Such a lease must require the payment of lease rental by the lessee or lessees to begin when the building or land has been acquired or completed and is ready for occupancy, but not before that time.

(c) Whenever property is to be acquired and reconstructed or renovated under this chapter, an eligible entity may, in anticipation of the acquisition, enter into a lease with a building authority, upon such terms and conditions as may be agreed upon, including:

1. (1) provisions for the lessee to continue to operate the property until completion of the reconstruction or renovation; and
2. (2) provisions for the payment of a lease rental by the lessee for the use of the property while it is being reconstructed or renovated.

(d) An eligible entity may, in anticipation of the acquisition of a system, enter into a lease with the building authority before the completion of the acquisition. Such a lease must require the payment of lease rental by the lessee or lessees to begin when acquisition of the system, or a discrete, functional part of the system, has been completed and is ready for use, but not before that time. An opinion or report of an independent expert that the system, or a discrete, functional part of the system, is complete and ready for use is conclusive and binding on all parties and on all taxpayers of an eligible entity.

[Pre-Local Government Recodification Citations: 19-8-4-10; 19-8-4-11.]

As added by Acts 1981, P.L.309, SEC.86. Amended by Acts 1981, P.L.188, SEC.7; P.L.37-1988, SEC.33.