If any one or more local or public agencies shall, prior to the effective date of Section 54241, have taken formal action to implement any one or more projects to be acquired or constructed pursuant to a public leaseback, Section 54241 shall not apply to the subsequent execution by such local or public agency of such public leaseback relating to any such project. Formal action to implement any one or more projects shall include any of the following actions:
(a) The incurring of liability of five thousand dollars ($5,000) or more for a substantial portion of an architectural or engineering contract or other contract relating to a project;
(b) The acquisition of land or improvements for the project;
(c) The making of a contribution totaling five thousand dollars ($5,000) or more toward the leaseback project.
(Added by Stats. 1972, Ch. 304.)