(a) Enter into any written agreement or any configuration of written agreements relating to any duty, function or service of the commission or the Department of Transportation, relating to transportation projects or transportation research with any private entity or unit of government or any configuration of private entities and units of government, as those terms are defined in ORS 367.802. The subject of agreements entered into under this section may include, but need not be limited to, planning, acquisition, financing, development, design, construction, reconstruction, replacement, improvement, maintenance, management, repair, leasing and operation of transportation projects or transportation research.
(b) Include in any agreement entered into under this section any financing mechanisms, including but not limited to the imposition and collection of user fees and the development or use of other revenue sources.
(2) The agreements among the public and private sector partners entered into under this section must specify at least the following:
(a) At what point in the transportation project or transportation research the public and private sector partners will enter the project or research and which partners will assume responsibility for specific project or research elements;
(b) How the partners will share management of the risks of the project or research;
(c) How the partners will share the costs of development of the project or research;
(d) How the partners will allocate financial responsibility for cost overruns;
(e) The penalties for nonperformance;
(f) The incentives for performance; and
(g) The accounting and auditing standards to be used to evaluate work on the project or research. [2017 c.750 §8]