Sec. 1. (a) Under the provisions of this article, the governmental body may enter into a public-private agreement for an original term not to exceed five (5) years with board approval. (b) Any public-private agreement with an original term in excess of five (5) years must be approved by the following: (1) The board. (2) If the state is a party to the agreement, the governor. (3) If a political subdivision is a party to the agreement, by the fiscal body of the political subdivision.
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