As used in this part:

1. (1) "Agency optional term" means an option that is exclusively exercisable by a leasing agency to extend the lease term.

2. (2) "High-cost lease" means a real property lease that:

   1. (a) has an initial term including any agency optional term of 10 years or more; or
   2. (b) will require lease payments of more than $5,000,000 over the term of the lease, including any agency optional term.

3. (3)

   1. (a) "Leasing agency" means a department, commission, board, council, agency, institution, officer, corporation, fund, division, office, committee, authority, laboratory, library, unit, bureau, panel, or other administrative unit of the state.

   2. (b) "Leasing agency" does not include:

      1. (i) the legislative branch;
      2. (ii) the judicial branch; and
      3. (iii) an institution of higher education.
4. (4) "Significant lease terms" includes the duration of the lease, the frequency of the periodic payments, a renewal clause, a purchase option, a cancellation clause, a repair and maintenance clause, and a restriction on use of the property.

Enacted by Chapter 152, 2020 General Session