Commission approval and legislative review of tollway development agreement provisions.
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(1) Prior to the department entering into a tollway development agreement under Section 72-6-203, the department shall submit to the commission for approval the tollway development agreement, including:
(a) a description of the tollway facility, including the conceptual design of the facility and all proposed interconnections with other transportation facilities;
(b) the proposed date for development, operation, or both of the tollway facility;
(c) the proposed term of the tollway development agreement;
(d) the proposed method to determine toll rates or user fees, including:
(i) identification of vehicle or user classifications, or both, for toll rates;
(ii) the original proposed toll rate or user fee for the tollway facility;
(iii) proposed toll rate or user fee increases; and
(iv) a maximum toll rate or user fee for the tollway facility; and
(e) any proposed revenue, public or private, or proposed debt or equity investment that will be used for the design, construction, financing, acquisition, maintenance, or operation of the tollway facility.
(2) Prior to amending or modifying a tollway development agreement, the department shall submit the proposed amendment or modification to the commission for approval.
(3) The department shall report to the Transportation Interim Committee or another committee designated by the Legislative Management Committee on the status and progress of a tollway subject to a tollway development agreement under Section 72-6-203.