1. The governing body or executive authority of any public body may enter into a contract to lease property which the public body owns or which is assigned to it for administration: (a) At a reduced rate in return for the right to purchase energy at a reduced rate; or (b) Whereby the lessee agrees to construct a facility designed to conserve energy on the property and thereafter lease the property back to the governing body. 2. The governing body or executive authority may enter into a contract pursuant to subsection 1 if it finds that the contract would: (a) Promote the conservation of energy and reduce the use of fossil fuels; (b) Promote the use of types of energy which are alternatives to fossil fuels; and (c) Result in a reduction in the amount of money spent for the energy used by the public body, which reduction is equal to or greater than the amount of money by which the rate of the lease is reduced below market value. 3. A public hearing must be held before a contract is entered into pursuant to subsection 1. A notice which includes at least the time, location and agenda of the hearing must be: (a) Posted at the principal office of the public body or the building in which the hearing is to be held; and (b) Published in a paper of general circulation within the jurisdiction of the public body at least once a week for 2 weeks, not less than 2 weeks before the hearing. 4. For the purposes of this section: (a) Facility designed to conserve energy includes any work or improvement which operates to reduce the use of fossil fuel and use energy more efficiently, including equipment used in the production of alternative sources of energy, for cogeneration and for the maintenance and management of loads. (b) Public body means the State or a county, city, town, school district or any public agency of this state or its political subdivisions.
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