HB 1078

Bill Subjects

Bonds, Financial County Government Local Government And Finance, Department Of (Dlgf) State Government

Abstract

Requires a governmental body to entertain more than one bidder before entering into a public-private agreement for a qualifying project. Provides that for both performance and payment bonds, the amount must be an amount not less than 100% of the cost to design and construct the qualifying project. Requires the operator to perform at least 30% of the work on the qualifying project. Requires the governmental body and the operator to provide full disclosure in the public-private agreement and to the public of any imputed interest rate regarding the qualifying project. Requires the governmental body to report to the department of local government finance the amount and duration of any availability payment related to the qualifying project. Requires the governmental body to hold a public comment hearing regarding the necessity of the qualifying project.