West Virginia Code 17-16F-10 – Construction and operation of facilities by private enterprise; leasing of facilities by division
(a) The division shall foster and encourage the participation of private enterprise in the development of railroad, waterway, transit, and airway facilities to the fullest extent it deems practicable in the interest of limiting the necessity of construction and operation of such facilities by the division. In this respect, the division shall advertise and solicit for the construction, operation, maintenance, or a combination thereof for any facility included in the development plan in accordance to plans, specifications, policies, or guidance prepared by the division.
Terms Used In West Virginia Code 17-16F-10
- Contract: A legal written agreement that becomes binding when signed.
- Development plan: means a document which details the overall strategy of the division for the proper planning and sustainable development of an area and consists of a written statement and accompanying maps. See West Virginia Code 17-16F-3
- Division: means the West Virginia Division of Multimodal Transportation Facilities. See West Virginia Code 17-16F-3
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Railroad: means a common carrier by railroad as defined in Section 10102 of the Interstate Transportation Act (49 U. See West Virginia Code 17-16F-3
(b) When the division considers it advisable and practicable, it may include certain facilities in the development plan to be installed by private enterprise and leased back to the division on an installment contract or option to purchase: Provided, That any such lease back arrangement must be financially feasible, and any bonds or loans utilized to enter into such lease back arrangement shall be repayable in full from the expected rentals to be generated by such facility.