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.]
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