Sec. 24. (a) This section applies as follows:

(1) Whenever the county executive of a county secures a site for a county tuberculosis hospital.

(2) When a citizen offers to donate United States bonds or other marketable bonds or securities readily convertible into money to the county for the purpose of erection of proper buildings, or providing equipment for the hospital upon the condition that the county pay an annuity to the donor or a designated member of the donor's family, annually, during the life of the donor or the designated member in an amount:

(A) equal to the annual interest on bonds or securities donated; or

(B) not to exceed five percent (5%) interest, annually, money donated.

(b) The county executive, with the consent of the county fiscal body, may contract with the donor, binding upon the county, for the annuity described in subsection (a) upon the delivery of the bonds, securities, or money to the county, if:

(1) the donor or designated family member is at least sixty (60) years of age at the time of the contract; and

(2) the county executive and county fiscal body finds that it is in the interest of the county to accept the donation and enter into the contract.

(c) If the donation is made by husband and wife jointly, the annuity may be paid to the husband and wife jointly so long as they both live, and to continue to the survivor if either dies, and if both the husband and wife were at least sixty (60) years of age at the time of entering into the contract.

[Pre-1993 Recodification Citation: 16-11-4-1.]

As added by P.L.2-1993, SEC.7.