Section 24-82-1005 - Liability not created by leveraged leasing agreement - indemnification agreements

(1) The lease of a qualified state capital asset by the state to a private person and the sublease of the asset back to the state by the private person pursuant to a leveraged leasing agreement shall not cause the private person to whom the qualified state capital asset is being leased to incur any liability in any type of action by virtue of the private person's status as a lessor under the leveraged leasing agreement.(2) As part of a leveraged leasing agreement, the executive director of the department of personnel, with the approval of the director of the office of state planning and budgeting, may enter into an indemnity agreement with the private person to whom the qualified state capital asset is being leased.L. 2003: Entire part added, p. 1719, § 1, effective May 14. L. 2004: Entire section amended, p. 1057, § 5, effective May 21.