§ 43-3-202.5 — Public-private initiatives - legislative declaration

Colorado § 43-3-202.5

• Jurisdiction: Colorado
• Title 43: Transportation
• Art.: Special Highway Construction

Text

(1) The
general assembly hereby finds and declares that:

(a) The department of transportation is in need of funds to invest in new
infrastructure projects, including turnpikes, within the state transportation system,
and public-private partnerships can provide the state with a new source of capital
for such projects;

(b) Privately-developed transportation projects can result in time and cost
savings, risk reduction, and new tax revenues to the state; and

(c) Public-private agreements can be utilized by the state not only for the
development of new turnpikes but also for the modernization and improvement of
existing turnpikes.

(2) The department of transportation may enter into public-private initiatives
pursuant to part 12 of article 1 of this title for the following purposes:

(a) To design, finance, construct, and operate a new turnpike project within
the state; or

(b) To improve an existing turnpike project in the state by modernizing,
upgrading, expanding, or maintaining an existing turnpike facility.

(3) (a) The department of transportation is authorized to solicit and consider
proposals, enter into agreements, grant public benefits, and accept contributions
for public-private initiatives pursuant to part 12 of article 1 of this title concerning
the purposes set forth in subsection (2) of this section.

(b) As used in this subsection (3), public benefit has the same meaning as
set forth in section 43-1-1201 (2).

(4) A public-private initiative under this section shall include a provision that
the public or private entity shall secure and maintain liability insurance coverage
during the construction and improvement of any turnpike project in amounts
appropriate to protect a project's viability.

Legislative History

Source: L. 96: Entire section added, p. 462, � 2, effective April 23. L. 2007: (3)(a) amended, p. 2051, � 105, effective June 1.