Sec. 7. (a) As used in this section, "threshold amount" means two hundred fifty thousand dollars ($250,000).
(b) This section does not apply if the total annual cost of the lease is less than the threshold amount.
(c) A leasing agent for a political subdivision, other than a school corporation, may not lease a structure, transportation project, or system unless:
(1) the leasing agent receives a petition signed by fifty (50) or more taxpayers of the political subdivision or agency; and
(2) the fiscal body of the political subdivision determines, after investigation, that the structure, transportation project, or system is needed.
[Pre-Local Government Recodification Citation: 18-5-3.3-1 part.]
As added by Acts 1981, P.L.57, SEC.36. Amended by P.L.330-1985, SEC.2; P.L.37-1988, SEC.12; P.L.343-1989(ss), SEC.15; P.L.233-2015, SEC.329; P.L.257-2019, SEC.95.
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