(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.
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