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(a)
(1) After selecting a solicited or unsolicited proposal for a public-private initiative, the Department shall enter into a public-private agreement for a transportation facility with the selected private entity or any configuration of private entities.
(2) An affected jurisdiction may be a party to a public-private agreement entered into by the Department and a selected private entity or combination of private entities.
(b) The public-private agreement shall provide for the planning, acquisition, financing, development, design, construction, reconstruction, replacement, improvement, maintenance, management, repair, leasing, or operation of a transportation facility.
(c) The financing mechanism included in a public-private agreement may include the imposition and collection of user fees and the development or use of other revenue sources.
(d) A public-private agreement between the Department and a private entity shall specify at least the following:
(1) which party will assume responsibility for which specific project elements and the timing of the assumption of responsibility;
(2) the type of property interest, if any, the private entity will have in the transportation facility;
(3) if and how the parties will share costs of development of the project;
(4) if and how the parties will allocate financial responsibility for cost overruns;
(5) liability for nonperformance;
(6) any incentives for performance;
(7) any accounting and auditing standards to be used to evaluate progress on the project; and
(8) other terms and conditions.