1. (a) This section applies to the board of trustees of the following state educational institutions:

   1. (1) Ball State University.
   2. (2) Indiana University.
   3. (3) Indiana State University.
   4. (4) Purdue University.
   5. (5) University of Southern Indiana.

2. (b) The board of trustees of a state educational institution may enter into a lease if the board of trustees determines that the lease is in the best interest of the state educational institution. A lease may not be executed under this chapter for a term exceeding four (4) years unless the execution is approved by the:

   1. (1) governor; and

   2. (2) budget agency.

      [Pre-2007 Higher Education Recodification Citation: 20-12-1-2(b) part.]

As added by P.L.2-2007, SEC.272.