CHAPTER 6. CONTRACT TERMS AND CONDITIONS

IC 5-23-6
    Chapter 6. Contract Terms and Conditions

IC 5-23-6-1
Original term in excess of five years
    Sec. 1. (a) Under the provisions of this article, the governmentalbody may enter into a public-private agreement for an original termnot to exceed five (5) years with board approval.
    (b) Any public-private agreement with an original term in excessof five (5) years must be approved by the following:
        (1) The board.
        (2) If the state is a party to the agreement, the governor.
        (3) If a political subdivision is a party to the agreement, by thefiscal body of the political subdivision.
As added by P.L.49-1997, SEC.34.

IC 5-23-6-2
Termination by board
    Sec. 2. A public-private agreement may be terminated by theboard in conformity with the terms of the public-private agreement.
As added by P.L.49-1997, SEC.34.

IC 5-23-6-3
Payments to parties upon termination
    Sec. 3. The public-private agreement may provide for the paymentof money to either party if the public-private agreement isterminated. The payments may be used in the form of liquidateddamages to compensate the operator for demonstrated unamortizedcosts, to retire or refinance indebtedness created to improve orconstruct assets owned by the governmental body, or for any otherpurpose mutually agreeable to the operator and the governmentalbody.
As added by P.L.49-1997, SEC.34.