CHAPTER 6. CONTRACT TERMS AND CONDITIONS
IC 5-23-6
Chapter 6. Contract Terms and Conditions
IC 5-23-6-1
Original term in excess of five years
Sec. 1. (a) Under the provisions of this article, the governmental
body may enter into a public-private agreement for an original term
not to exceed five (5) years with board approval.
(b) Any public-private agreement with an original term in excess
of five (5) years must be approved by the following:
(1) The board.
(2) If the state is a party to the agreement, the governor.
(3) If a political subdivision is a party to the agreement, by the
fiscal body of the political subdivision.
As added by P.L.49-1997, SEC.34.
IC 5-23-6-2
Termination by board
Sec. 2. A public-private agreement may be terminated by the
board in conformity with the terms of the public-private agreement.
As added by P.L.49-1997, SEC.34.
IC 5-23-6-3
Payments to parties upon termination
Sec. 3. The public-private agreement may provide for the payment
of money to either party if the public-private agreement is
terminated. The payments may be used in the form of liquidated
damages to compensate the operator for demonstrated unamortized
costs, to retire or refinance indebtedness created to improve or
construct assets owned by the governmental body, or for any other
purpose mutually agreeable to the operator and the governmental
body.
As added by P.L.49-1997, SEC.34.