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

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

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

(3)  Public financing for the public improvements isnot available on a timely basis.

(b)  A capital advancement contract undersubsection (a) may be financed by legislative appropriation to reimburse theprivate party or by credit against the private party's future rental or tariffpayments to the State; provided that the terms of the contract shall ensurethat the State benefits financially from the arrangement and that public use ofthe facility is maintained; provided further that capital advancement contractsunder this section shall not be general obligations of the State for which thefull faith and credit of the department is pledged and the legislature shallhave no obligation to appropriate funds to reimburse a private party to acapital advancement contract.

(c)  A capital advancement contract undersubsection (a) shall be subject to the requirements of chapters 103 and 103Dand be subject to the approval of the board; provided that all relatedtransactions shall be subject to state audit.

(d)  The boardmay execute capital advancement contracts pursuant to subsection (a) with atotal contract value of $2,000,000 or less without legislative approval.  Ifthe total value of a capital advancement contract pursuant to subsection (a) isgreater than $2,000,000 then the board shall obtain legislative approval in theform of the adoption of a concurrent resolution affirming the purpose, project,and contract issuance prior to executing the capital advancement contract.  Thetotal aggregate value of all capital advancement contracts entered into by theboard pursuant to this section shall not exceed $5,000,000 in any calendaryear.

(e)  For the purposes of this section:

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

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