Sec. 5. (a) A lease under this chapter must provide that the municipality has an option to purchase the property covered by the lease, under the terms and conditions specified in the lease. (b) If the municipality exercises the option to purchase, it may obtain money to pay the purchase price by issuing and selling revenue bonds under the statutes governing the issuance and sale of sewage works revenue bonds for additions and extensions to the municipally owned sewage works. (c) If the municipality does not exercise the option to purchase, the property covered by the lease becomes the absolute property of the municipality when: (1) the lease has expired; and (2) the municipality has discharged and performed all its obligations under the lease. The lessor shall then execute proper instruments conveying good and merchantable title to the property to the municipality. [Pre-Local Government Recodification Citation: 19-2-5.5-3 part.]
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