Sec. 1. (a) This section applies to the board of trustees of the following state educational institutions:
(1) Ball State University.
(2) Indiana University.
(3) Indiana State University.
(4) Purdue University.
(5) University of Southern Indiana.
(b) The board of trustees of a state educational institution may lease to any corporation, limited liability company, partnership, association, or individual real estate, title to which is in the name of:
(1) the state educational institution; or
(2) the state for the use and benefit of the state educational institution.