(70 ILCS 508/10.40)
Sec. 10.40.
Lease agreement.
"Lease agreement" means an agreement under
which a project acquired
by the Authority by purchase, gift, or lease is leased to any person or
governmental agency that will use or cause the project to be used as a project
upon terms providing for lease rental payments at least
sufficient to pay when due the lessee's pro rata share of all principal of
and interest and premium, if any,
on any revenue bonds, notes, or other evidences of indebtedness of the
Authority
issued with respect to the project, providing for the maintenance,
insurance, and operation of the project on terms satisfactory to the
Authority, and providing for disposition of the project upon termination of
the lease term, including purchase options or abandonment of the premises,
with such other terms as may be deemed desirable by the Authority.
(Source: P.A. 89-333, eff. 8-17-95; 90-83, eff. 7-10-97.)
|