12-5507.   Same; service agreement, terms relating to ownership of property; default.The agreement shall specify the title and ownership of allproperty involved in providing the public service, including any property owned bythe municipality to be used by the private contractor. The serviceagreement may contain provisions under which title to any land, equipmentor facilities in the nameof the private contractor shall vest in or revert to the municipality,including provisions to be implemented if the private contractor defaults under anyspecified provisions in the service agreement. The municipality mayacquire or reacquire any facility and terminate the service agreement inaccordance with its terms, notwithstanding that the service agreement mayconstitute an equitable mortgage.

      History:   L. 1990, ch. 64, § 7; July 1.