§ 10k — Statement of policy; asset management; sale of State property

(a) The Agency shall develop an asset management plan that is a systematic goal- and performance-driven management and decision-making process of operating, maintaining, and upgrading transportation assets cost-effectively. At a minimum, the asset management system shall:
(1) identify transportation system indicators by which the different components of the transportation system may be evaluated;
(2) list all of the infrastructure assets and their condition, including pavements, structures, and facilities;
(3) include deterioration rates for infrastructure assets; and
(4) determine, long-term, the annual funds necessary to fund infrastructure maintenance at the recommended performance level.
(b) The Agency shall not negotiate nor offer for sale any State property for less than fair market value without the prior approval of the General Assembly, if in session, and, if not in session, the Joint Fiscal Committee. The Agency may sell or lease land to municipalities for less than fair market value when and for so long as the land is to be used by the municipality for transportation purposes. (Added 2001, No. 64, § 24, eff. June 16, 2001; amended 2003, No. 56, § 66, eff. June 4, 2003; 2003, No. 160 (Adj. Sess.), § 32, eff. June 9, 2004; 2021, No. 20, § 80.)