[§200-19]  Private financing of small boat
harbor improvements.  (a)  Notwithstanding any law to the contrary, the
board may enter into a capital advancement contract with a private party for
any public improvement to or construction of a state small boat harbor, if the
chairperson determines that a capital advancement contract promotes the best
interest of the State by finding that:



(1)  Private development is likely to be less costly
than any other type of contract;



(2)  Private development provides needed public
improvements on a significantly more timely basis; or



(3)  Public financing for the public improvements is
not available on a timely basis.



(b)  A capital advancement contract under
subsection (a) may be financed by legislative appropriation to reimburse the
private party or by credit against the private party's future rental or tariff
payments to the State; provided that the terms of the contract shall ensure
that the State benefits financially from the arrangement and that public use of
the facility is maintained; provided further that capital advancement contracts
under this section shall not be general obligations of the State for which the
full faith and credit of the department is pledged and the legislature shall
have no obligation to appropriate funds to reimburse a private party to a
capital advancement contract.



(c)  A capital advancement contract under
subsection (a) shall be subject to the requirements of chapters 103 and 103D
and be subject to the approval of the board; provided that all related
transactions shall be subject to state audit.



(d)  The board
may execute capital advancement contracts pursuant to subsection (a) with a
total contract value of $2,000,000 or less without legislative approval.  If
the total value of a capital advancement contract pursuant to subsection (a) is
greater than $2,000,000 then the board shall obtain legislative approval in the
form of the adoption of a concurrent resolution affirming the purpose, project,
and contract issuance prior to executing the capital advancement contract.  The
total aggregate value of all capital advancement contracts entered into by the
board pursuant to this section shall not exceed $5,000,000 in any calendar
year.



(e)  For the purposes of this section:



"Capital advancement contract" means
an agreement between the board and a private party whereby the private party
agrees to furnish capital, labor, or materials for a public improvement to or
construction of a state small boat harbor and in return for which the private
party may be reimbursed in a manner to be determined by the board.



"Total value" includes any contract
extension, project redesign, add-ons, or any other occurrence, act, or material
cost that may increase the cost of the contracted project. [L 2001, c 285, §2]