Sec. 15. (a) Any lease executed under section 13 or 14 of this chapter may provide for the payment of the lease rental in any one (1) of the following ways as established in the lease:
(1) Entirely from the levy of taxes.
(2) Entirely from the net revenues of the hospital of which the leased building is a part.
(3) In part from the levy of taxes and in part from the net revenues described in subdivision (2).
(b) If any lease provides for the payment of lease rental in whole or in part from net revenues of the hospital, the lease may also provide that the county and the board of trustees or board of managers of the hospital set aside and hold as a reserve for this purpose excess net revenues over and above the amount required to pay lease rental payable from net revenues. The reserve fund may not exceed an amount equal to the amount of lease rental payable from net revenues for two (2) years. The reserve fund shall be held and used only for the purpose of paying lease rental payable from net revenues, if the net revenues at any time are insufficient to pay lease rentals. The amount in the reserve fund may be invested in the manner and to the extent provided in the lease. All interest or other income from the investment shall become part of the reserve fund unless the reserve fund contains the maximum amount required to be in the reserve fund. The following apply if the reserve fund contains the maximum amount required to be in the reserve fund:
(1) If any of the lease rental is payable from taxes, the interest or other income shall be transferred to the fund to be used for the payment of the lease rental provided to be paid from taxes.
(2) If none of the lease rental is payable from taxes, the interest or other income shall become a part of the reserve fund.
As added by P.L.189-2018, SEC.25.
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