Sec. 7. (a) As used in this section, "threshold amount" means two hundred fifty thousand dollars ($250,000).
(b) This section does not apply if the total annual cost of the lease is less than the threshold amount.
(c) A leasing agent for a political subdivision, other than a school corporation, may not lease a structure, transportation project, or system unless:
(1) the leasing agent receives a petition signed by fifty (50) or more taxpayers of the political subdivision or agency; and
(2) the fiscal body of the political subdivision determines, after investigation, that the structure, transportation project, or system is needed.