(1) A lease agreement entered into pursuant to the provisions of this part 12 may contain such terms, provisions, and conditions as the executive director of the leasing state department or the governing board of the leasing institution may deem appropriate. Any lease agreement entered into pursuant to this part 12 shall comply with the requirements of section 24-82-801.
(2) As used in this section, "lease agreement" means a capital lease as defined in the generally accepted accounting principles issued by the governmental accounting standards board that the controller prescribes for the state as specified in section 24-30-202 (12).
Source: L. 2005: Entire part added, p. 1335, § 1, effective June 3. L. 2009: Entire section amended, (HB 09-1218), ch. 132, p. 573, § 7, effective July 1.