Loading chat...
IN SB0482
Bill
Status
1/14/2015
Primary Sponsor
Doug Eckerty
Click for details
AI Summary
-
Amends Indiana Code sections governing build-operate-transfer (BOT) agreements and public-private agreements to require performance bonds equal to the cost to design and construct public facilities or projects.
-
Requires payment bonds conditioned on payment for labor and material furnished in construction for public-private agreements entered into after June 30, 2015.
-
Applies bond requirements to BOT agreements under IC 5-23-3-2, public-private agreements for toll roads under IC 8-15.5-5-2, and public-private agreements for transportation projects under IC 8-15.7-5-1.5.
-
Clarifies that money paid to persons for managing or operating public facilities under authorized operating agreements is not considered "public funds" subject to governmental budgeting restrictions.
-
Effective July 1, 2015.
Legislative Description
Performance and payment bonds. Requires that public-private agreements must contain performance bond and payment bond requirements.
Last Action
First Reading: referred to Committee on Tax & Fiscal Policy
1/14/2015