(1) A lease agreement, financed purchase of an asset agreement, or certificate of participation agreement entered into pursuant to 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: (a) "Certificate of participation" means any certificate evidencing a participation right of a proportionate interest in any financing agreement or the right to receive proportionate payments from the state or an agency due under any financing agreement. (b) "Financed purchase of an asset" means a financing agreement that includes the purchase of an asset.
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