Sec. 2. (a) Before developing or operating the qualifying project, the operator must enter into a public-private agreement with the governmental body. The public-private agreement must provide for the following:
(1) Delivery of performance and payment bonds, letters of credit, or other security acceptable to the governmental body in connection with the development or operation of the qualifying project in the form and amount required by IC 5-23-3-2(a)(8).
(2) Review of the design for the qualifying project by the governmental body and, if the design conforms to standards acceptable to the governmental body, the approval of the governmental body. This subdivision does not require the operator to complete the design of the qualifying project before the execution of the public-private agreement.
(3) Inspection of the qualifying project by the governmental body to ensure that the operator's activities are acceptable to the governmental body as outlined in the public-private agreement.
(4) Maintenance of a policy of public liability insurance, a copy of which must be filed with the governmental body and accompanied by proofs of coverage, or self-insurance, each in the form and amount satisfactory to the governmental body and reasonably sufficient to ensure coverage of tort liability to the public and employees and to enable the continued operation of the qualifying project.
(5) Monitoring by the governmental body of the maintenance practices to be performed by the operator to ensure that the qualifying project is properly maintained.
(6) Periodic filing by the operator of the appropriate financial statements that pertain to the qualifying project.
(7) Procedures that govern the rights and responsibilities of the governmental body and the operator in the course of the construction and operation of the qualifying project and in the event of the termination of the public-private agreement or a material default by the operator. The procedures must include conditions that govern the assumption of the duties and responsibilities of the operator by an entity that funded, in whole or part, the qualifying project or by the governmental body, and must provide for the transfer or purchase of property or other interests of the operator by the governmental body.
(8) Have safeguards in place to ensure that additional costs or service disruptions are not imposed on the public in the event of material default or cancellation of the public-private agreement by the governmental body.
(9) Have safeguards in place to ensure that the governmental body or operator has the opportunity to add capacity to the proposed qualifying project or other facilities serving similar predominantly public purposes.
(10) Duties of the operator, including the terms and conditions that the governmental body determines serve the public purpose of this section.
(b) The public-private agreement under this chapter may include the following:
(1) An agreement by the governmental body to make grants or loans to the operator from amounts received from the federal, state, or local government or an agency or instrumentality thereof.
(2) A provision under which each entity agrees to provide notice of default and cure rights for the benefit of the other entity, including, but not limited to, a provision regarding unavoidable delays.
(3) A provision that terminates the authority and duties of the operator under this section and dedicates the qualifying project to the governmental body.
As added by P.L.57-2022, SEC.9.