(a) The public-private agreement shall include all of the following: (1) the term of the public-private agreement that is consistent with Section 2-20 of this Act; (2) the powers, duties, responsibilities, obligations, and functions of the Department and the contractor; (3) compensation or payments to the Department; (4) compensation or payments to the contractor; (5) a provision specifying that the Department has: (A) ready access to information regarding the contractor's powers, duties, responsibilities, obligations, and functions under the public-private agreement; (B) the right to demand and receive information from the contractor concerning any aspect of the contractor's powers, duties, responsibilities, obligations, and functions under the public-private agreement; and (C) the authority to direct or countermand decisions by the contractor at any time; (6) a provision imposing an affirmative duty on the contractor to provide the Department with any information the Department reasonably would want to know or would need to know to enable the Department to exercise its powers, carry out its duties, responsibilities, and obligations, and perform its functions under this Act or the public-private agreement or as otherwise required by law; (7) a provision requiring the contractor to provide the Department with advance written notice of any decision that bears significantly on the public interest so the Department has a reasonable opportunity to evaluate and countermand that decision under this Section; (8) a requirement that the Department monitor and oversee the contractor's practices and take action that the Department considers appropriate to ensure that the contractor is in compliance with the terms of the public-private agreement; (9) the authority of the Department to enter into contracts with third parties pursuant to Section 2-65 of this Act; (10) a provision governing the contractor's authority to negotiate and execute subcontracts with third parties; (11) the authority of the contractor to impose user fees and the amounts of those fees; (12) a provision governing the deposit and allocation of revenues including user fees; (13) a provision governing rights to real and personal property of the State, the Department, the contractor, and other third parties; (14) a provision stating that the contractor shall, pursuant to Section 2-85 of this Act, pay the costs of an independent audit if the construction costs under the contract exceed $50,000,000; (15) a provision regarding the implementation and delivery of a comprehensive system of internal audits; (16) a provision regarding the implementation and delivery of reports, which shall include a requirement that the contractor file with the Department, at least on an annual basis, financial statements containing information required by generally accepted accounting principles (GAAP); (17) procedural requirements for obtaining the prior approval of the Department when rights that are the subject of the agreement, including, but not limited to development rights, construction rights, property rights, and rights to certain revenues, are sold, assigned, transferred, or pledged as collateral to secure financing or for any other reason; (18) grounds for termination of the agreement by the Department or the contractor and a restatement of the Department's rights under Section 2-45 of this Act; (19) a requirement that the contractor enter into a project labor agreement under Section 2-120 of this Act; (20) a provision stating that construction contractors shall comply with Section 2-120 of this Act; (21) timelines, deadlines, and scheduling; (22) review of plans, including development, financing, construction, management, operations, or maintenance plans, by the Department; (23) a provision regarding inspections by the Department, including inspections of construction work and improvements; (24) rights and remedies of the Department in the event that the contractor defaults or otherwise fails to comply with the terms of the public-private agreement; (25) a code of ethics for the contractor's officers and employees; and (26) procedures for amendment to the agreement. (b) The public-private agreement may include any or all of the following: (1) a provision regarding the extension of the agreement that is consistent with Section 2-20 of this Act; (2) provisions leasing to the contractor all or any portion of the South Suburban Airport, provided that the lease may not extend beyond the term of the public-private agreement; (3) cash reserves requirements; (4) delivery of performance and payment bonds or other performance security in a form and amount that is satisfactory to the Department; (5) maintenance of public liability insurance; (6) maintenance of self-insurance; (7) provisions governing grants and loans, pursuant to which the Department may agree to make grants or loans for the development, financing, construction, management, or operation of the South Suburban Airport project from time to time from amounts received from the federal government or any agency or instrumentality of the federal government or from any State or local agency; (8) reimbursements to the Department for work performed and goods, services, and equipment provided by the Department; (9) provisions allowing the Department to submit any contractual disputes with the contractor relating to the public-private agreement to non-binding alternative dispute resolution proceedings; and (10) any other terms, conditions, and provisions acceptable to the Department that the Department deems necessary and proper and in the public interest. consistent with Section 2-20 of this Act; obligations, and functions of the Department and the contractor; contractor's powers, duties, responsibilities, obligations, and functions under the public-private agreement; from the contractor concerning any aspect of the contractor's powers, duties, responsibilities, obligations, and functions under the public-private agreement; and decisions by the contractor at any time; contractor to provide the Department with any information the Department reasonably would want to know or would need to know to enable the Department to exercise its powers, carry out its duties, responsibilities, and obligations, and perform its functions under this Act or the public-private agreement or as otherwise required by law; the Department with advance written notice of any decision that bears significantly on the public interest so the Department has a reasonable opportunity to evaluate and countermand that decision under this Section; oversee the contractor's practices and take action that the Department considers appropriate to ensure that the contractor is in compliance with the terms of the public-private agreement; contracts with third parties pursuant to Section 2-65 of this Act; to negotiate and execute subcontracts with third parties; fees and the amounts of those fees; of revenues including user fees; personal property of the State, the Department, the contractor, and other third parties; pursuant to Section 2-85 of this Act, pay the costs of an independent audit if the construction costs under the contract exceed $50,000,000; delivery of a comprehensive system of internal audits; delivery of reports, which shall include a requirement that the contractor file with the Department, at least on an annual basis, financial statements containing information required by generally accepted accounting principles (GAAP); approval of the Department when rights that are the subject of the agreement, including, but not limited to development rights, construction rights, property rights, and rights to certain revenues, are sold, assigned, transferred, or pledged as collateral to secure financing or for any other reason; Department or the contractor and a restatement of the Department's rights under Section 2-45 of this Act; project labor agreement under Section 2-120 of this Act; contractors shall comply with Section 2-120 of this Act; financing, construction, management, operations, or maintenance plans, by the Department; Department, including inspections of construction work and improvements; event that the contractor defaults or otherwise fails to comply with the terms of the public-private agreement; and employees; and agreement that is consistent with Section 2-20 of this Act; portion of the South Suburban Airport, provided that the lease may not extend beyond the term of the public-private agreement; other performance security in a form and amount that is satisfactory to the Department; to which the Department may agree to make grants or loans for the development, financing, construction, management, or operation of the South Suburban Airport project from time to time from amounts received from the federal government or any agency or instrumentality of the federal government or from any State or local agency; performed and goods, services, and equipment provided by the Department; contractual disputes with the contractor relating to the public-private agreement to non-binding alternative dispute resolution proceedings; and acceptable to the Department that the Department deems necessary and proper and in the public interest.
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