HB1128: Governance of public-private agreements.

Legislative Summary

Governance of public-private agreements. Requires a governmental body to hold a public comment hearing regarding the necessity of a qualifying project prior to issuing a request for proposal or a request for quotation for the qualifying project. After the governmental body selects the operator, but before the operator begins developing or operating the qualifying project, requires: (1) the governmental body to consult with an external entity that specializes in public financial planning; (2) the external entity to produce a report that verifies the financial feasability of the qualifying project; and (3) that the report be made available to the public. Provides that for both performance and payment bonds, the amount must be an amount not less than 100% of the cost to design and construct the qualifying project. Requires the governmental body and the operator to provide full disclosure in the public-private agreement and to the public of any imputed interest rate regarding the qualifying project. Requires the governmental body to report to the department of local government finance the amount and duration of any availability payment related to the qualifying project.