12-5507. Same; service agreement, terms relating to ownership of property; default.
12-5507
12-5507. Same; service agreement, terms relating to ownership of property; default.
The agreement shall specify the title and ownership of all
property involved in providing the public service, including any property owned by
the municipality to be used by the private contractor. The service
agreement may contain provisions under which title to any land, equipment
or facilities in the name
of the private contractor shall vest in or revert to the municipality,
including provisions to be implemented if the private contractor defaults under any
specified provisions in the service agreement. The municipality may
acquire or reacquire any facility and terminate the service agreement in
accordance with its terms, notwithstanding that the service agreement may
constitute an equitable mortgage.
History: L. 1990, ch. 64, § 7; July 1.