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Indiana Code Title 8. Utilities and Transportation § 8-15.7-5-1.5

Current as of January 02, 2024 | Updated by Findlaw Staff

Sec. 1.5. In addition to the other requirements of this article, a public-private agreement entered into under this article must include the following:

(1) A requirement for the completion of all environmental analyses of the project required by state and federal law in the manner and at the times required by the appropriate state and federal agencies.

(2) A requirement for ownership by the department in the name of the state of Indiana of:

(A) all the real property on which the project is located;  and

(B) all of the improvements on that real property.

(3) An expedited method for resolving disputes between or among the department, the parties to the public-private agreement, and affected jurisdictions, as required by IC 8-15.7-12-2.

(4) This subdivision applies only to a public-private agreement entered into after June 30, 2019.  The agreement must provide for payment and performance bonds as follows:

(A) For a payment bond, an amount not less than one hundred percent (100%) of the cost to design and construct the project.

(B) For a performance bond, an amount not less than fifty percent (50%) of the cost to design and construct the project.

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Cite this article: FindLaw.com - Indiana Code Title 8. Utilities and Transportation § 8-15.7-5-1.5 - last updated January 02, 2024 | https://codes.findlaw.com/in/title-8-utilities-and-transportation/in-code-sect-8-15-7-5-1-5/

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