13-16-304 - Contracts Bidding Approval by state building commission.
13-16-304. Contracts Bidding Approval by state building commission.
(a) The authority may proceed with a project authorized herein and for that purpose may hire an architect or architects, advertise for low bids and award contracts to low bidders, all within the provisions of the general law, expressly including the provisions of title 4, chapter 15, and in agreement with the terms of this part. No contract, including a contract for architectural services, involving a project authorized by this part, shall be entered into unless and until that contract has been approved by the state building commission.
(b) The authority, in consultation with the state building commission, shall solicit proposals from parties interested in construction or operation of any project authorized by this part and chapter 2, part 3 of this title. Such proposals shall include sufficient information to allow the authority to assess the feasibility of such project or projects. The authority, in consultation with the state building commission, shall review the proposals to determine whether it is reasonable to expect the project under consideration to generate revenues sufficient to cover the costs of operation and maintenance, including anticipated debt service on bonds authorized herein.
(c) Before approval for full planning, the state building commission shall find that it is reasonable to expect the project under consideration will generate revenues over the useful life of the project sufficient to cover the costs of operation and maintenance, including anticipated debt service on the debt authorized hereby. Such finding shall not constitute a guaranty or warranty of such future revenues. It is the legislative intent that any project authorized herein be constructed only after a determination of feasibility by the building commission.
[Acts 1996, ch. 1056, § 7.]