Sec. 1. (a) Under the provisions of this article, the governmental body may enter into a public-private agreement for an original term not to exceed five (5) years with board approval.
(b) Any public-private agreement with an original term in excess of five (5) years must be approved by the following:
(1) The board.
(2) If the state is a party to the agreement, the governor.
(3) If a political subdivision is a party to the agreement, by the fiscal body of the political subdivision.