Section 227.666

Title XIV ROADS AND WATERWAYS

Chapter 227

Effective - 28 Aug 2006   

  227.666.  Notice of material default and opportunity to cure — remedies. — 1.  Prior to exercising any of the remedies under this section, the commission shall provide notice of a material default and the opportunity to cure the default for the benefit of the private partner and any persons specified under the comprehensive agreement as providing financing for the project.

  2.  Upon the occurrence of and during the continuation of any material default, the commission may exercise any or all of the following remedies:

  (1)  Make or cause to be made any appropriate claims under the bonds required in section 227.633;

  (2)  By notice to the private partner by certified mail, terminate the comprehensive agreement and exercise any other rights and remedies which may be available to the commission at law or in equity;

  (3)  Condemn under chapter 523 any real property interest of the private partner in the project.  Any person who provides financing for the project, to the extent of such person's capital investment, may participate in the condemnation proceedings with standing of a property owner;

  (4)  Collect and enforce user fees for the use of the project under section 227.660.

­­--------

(L. 2006 H.B. 1380)