Notwithstanding section 4(a)(1)(B) of this chapter, the board of trustees of a state educational institution may acquire and improve, under this article or any other applicable law, real property (improved or unimproved) by lease or sublease for a period exceeding forty (40) years but not exceeding one hundred fifty (150) years under the following conditions:

1. (1) The board of trustees determines the real property to be necessary for the purposes set forth in section 4(b) of this chapter.
2. (2) The parties to the lease or sublease are both state educational institutions.
3. (3) The board of trustees of each such state educational institution approves the terms, conditions, liens, and encumbrances to which the lease or sublease is subject.

As added by P.L.201-2023, SEC.232.