Sec. 2. A public-private agreement entered into under this article must provide for the following:
(1) The original term of the public-private agreement, which may not exceed seventy-five (75) years.
(2) Provisions for a:
(A) lease, franchise, or license of the project and the real property owned by the authority upon which the project is located or is to be located; or
(B) management agreement or other contract to operate the project and the real property owned by the authority upon which the project is located or is to be located;
for a predetermined period. The public-private agreement must provide for ownership of all improvements and real property by the authority in the name of the state or by a governmental entity, or both.
(3) Monitoring of the operator's maintenance practices by the authority and the taking of actions by the authority that it considers appropriate to ensure that the project is properly maintained.
(4) The basis upon which user fees that may be collected by the operator, as determined under this article, are established.
(5) Compliance with applicable state and federal laws and local ordinances.
(6) Filing by the operator, on a periodic basis, of appropriate financial statements in a form acceptable to the authority.
(7) Grounds for termination of the public-private agreement by the authority or the operator.
(8) The date of termination of the operator's authority and duties under this article.
(9) Procedures for amendment of the agreement.
(10) Provisions requiring the completion of all environmental analyses of the project required by state and federal law in the manner and at the times required by the appropriate state and federal agencies.
(11) An expedited method for resolving disputes between or among the authority, the parties to the public-private agreement, and units of local government that contain any part of the project, as required by IC 8-15.5-10-8.
(12) This subdivision applies only to a public-private agreement entered into after June 30, 2019. The agreement must provide for payment and performance bonds as follows:
(A) For a payment bond, an amount not less than one hundred percent (100%) of the cost to design and construct the project.
(B) For a performance bond, an amount not less than fifty percent (50%) of the cost to design and construct the project.
As added by P.L.47-2006, SEC.39. Amended by P.L.85-2010, SEC.9; P.L.205-2013, SEC.150; P.L.91-2014, SEC.26; P.L.189-2018, SEC.90; P.L.208-2019, SEC.2.