(a) A unit may enter into a lease with option to purchase of solid waste disposal facilities inside or outside the corporate boundaries of the unit. However, a lease with an option to purchase may not be entered into for a term of more than thirty (30) years unless:

1. (1) the lessor is a corporation organized under Indiana law or admitted to do business in Indiana;
2. (2) a petition for the lease, signed by fifty (50) or more resident taxpayers of the unit, has been filed with the board; and

3. (3) the board has, after investigation, determined that there is a need for the facilities.

   The terms and conditions of the option to purchase must be specified in the lease.

(b) A lease under this section may provide that as a part of the lease rental for the solid waste disposal facilities, the unit agrees to:

1. (1) pay all taxes and assessments levied against or on account of the leased property;
2. (2) maintain insurance on the leased property for the benefit of the lessor corporation; and

3. (3) assume all responsibilities for repair and alterations of the leased property during the term of the lease.

   [Pre-Local Government Recodification Citations: 19-2-1-20; 19-2-1-23.]

   As added by Acts 1981, P.L.309, SEC.106.