Definitions As used in this subchapter:(1) 'Facility' means transportation infrastructure that is, or if developed, would be, within the jurisdiction of the Agency or eligible for federal-aid funding managed through the Agency. (2) 'Project' means the capital development of a facility.(3) 'Proposal' means a conditional offer of a private entity that, after review, negotiation, and documentation, and after legislative approval if required under this subchapter, may lead to a P3 agreement as provided in this subchapter. (4) 'Public-private partnership' or 'P3' means an alternative project delivery mechanism that may be used by the Agency to permit private sector participation in a project, including in its financing, development, operation, management, ownership, leasing, or maintenance. As used in this subchapter, 'partnership' shall refer solely to a 'public-private partnership' and 'partner' shall refer to the State or to the private entity participant or participants in a public-private partnership. (5) 'P3 agreement' means a contract or other agreement between the Agency and a private entity to undertake a project as a public-private partnership and that sets forth a public-private partnership. (5) 'P3 agreement' means a contract or other agreement between the Agency and a private entity to undertake a project as a public-private partnership and that sets forth rights and obligations of the Agency and the private entity in that partnership. (Added 2017, No. 158 (Adj. Sess.), § 20, eff. May 21, 2018; amended 2019, No. 59, § 24; repealed on July 1, 2026 by 2017, No. 158 (Adj. Sess.), § 21, as amended by 2023, No. 62, § 41.)
Vermont Legal Code