A. When all principal of, interest on and any prior redemption premium due in connection with the revenue bonds issued for a project leased to a user have been paid in full and in the event the option to purchase or option to renew the lease, if any, contained in the lease has not been exercised as to all of the property contained in the project, the lease shall terminate and the local government shall sell the remaining property or devote the property to local government purposes other than manufacturing, commercial or industrial.
B. Any sale that is not made pursuant to the exercise of an option to purchase by the user of a project shall be conducted in the same manner as is then provided by law governing the issuer's sale of surplus property.
History: Laws 1979, ch. 391, § 45; 2018, ch. 60, § 42.
The 2018 amendment, effective May 16, 2018, extended the powers and duties as identified in the Metropolitan Redevelopment Code from only municipalities to now include counties, made technical changes, and replaced "municipal" and "municipality" with "local government" throughout the section.
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