63A-5b-801. Definitions.
As used in this part:
(1) "Agency optional term" means an option that is exclusively exercisable by a leasing agency to extend the lease term.
(2) "High-cost lease" means a real property lease that: has an initial term including any agency optional term of 10 years or more; or will require lease payments of more than $5,000,000 over the term of the lease, including any agency optional term.
(3) "Leasing agency" means a department, commission, board, council, agency, institution, officer, corporation, fund, division, office, committee, authority, laboratory, library, unit, bureau, panel, or other administrative unit of the state. "Leasing agency" does not include: the legislative branch; the judicial branch; and an institution of higher education.
(4) "Significant lease terms" includes the duration of the lease, the frequency of the periodic payments, a renewal clause, a purchase option, a cancellation clause, a repair and maintenance clause, and a restriction on use of the property.