Section 65IAC2-2-1. Authority to lease real property

   (a) The director shall have the authority to lease real property that is necessary for the efficient operation of the lottery and for the conducting of the business of the commission and the director, including, but not limited to, office space, warehouse facilities, parking facilities, and fixtures and improvements related thereto and services related to the use and occupancy of the property.

  (b) The term of the lease may not exceed four (4) years without the prior approval of the commission.

  (c) The lease may contain option periods or extensions of the lease term if:

(1) no individual option period or extension period is more than two (2) years in duration; and

(2) the option period or extension period becomes effective only upon the specific, affirmative exercise of the option period, or the specific, affirmative agreement to the extension, by the director.

(State Lottery Commission; 65 IAC 2-2-1; emergency rule filed Jul 20, 1989, 4:10 p.m.: 12 IR 2297; emergency rule filed Sep 5, 1989, 3:20 p.m.: 13 IR 92; errata, 13 IR 402; readopted filed Nov 30, 2001, 11:02 a.m.: 25 IR 1268; readopted filed Nov 14, 2007, 3:02 p.m.: 20071212-IR-065070656RFA; emergency rule filed Jun 28, 2013, 1:13 p.m.: 20130710-IR-065130297ERA)