(a) The secretary is empowered to enter into contracts and agreements with any person, firm or corporation upon a self-liquidating basis for the acquisition, purchase or lease of equipment, tools, supplies, materials and buildings for manufacturing or for providing services, to the end that the same may be paid for over a period of not exceeding 20 years, and the aggregate amount of such purchases or acquisitions shall not exceed $500,000 unless specifically approved by the governor. All such amounts shall be payable solely from the correctional industries fund.
(b) Nothing in this section shall be so construed or interpreted as to authorize or permit the incurring of a state debt of any kind or nature as contemplated by the constitution of this state in relation to such debt.