(a) Interim agreements.

1. (1)

   1. (A) Interim agreements are not required but are encouraged and may be used where additional information is needed to further develop the concept of the qualifying project or to leave open items for further negotiations to be included in the comprehensive agreement.
   2. (B) Additional information may include, but is not limited to, architectural and engineering (A/E) drawings and feasibility studies.

2. (2) An interim agreement may include, without limitation, any of the following:

   1. (A) Project planning and development;
   2. (B) Design and engineering;
   3. (C) Permitting;
   4. (D) Environmental analysis and mitigation;
   5. (E) Surveying;
   6. (F) Land and easement acquisition;
   7. (G) Ascertaining the availability of financing for the proposed facility through financial and revenue analysis;
   8. (H) Establishing a process and timing of the negotiation of the comprehensive agreement; and
   9. (I) Any other provisions related to any aspect of the development or operation of a qualifying project that the parties may deem appropriate prior to the execution of a comprehensive agreement.
3. (3) If municipal financing by an RPE is a component of the interim agreement, the RPE shall obtain a written evaluation of the proposed qualifying project from a municipal advisor registered with the United States Securities and Exchange Commission and the Municipal Securities Rulemaking Board.

(b) Comprehensive agreements.

1. (1) Comprehensive agreements are mandatory and must be approved and executed pursuant to the Partnership for Public Facilities and Infrastructure Act, Arkansas Code § 22-10-101 et seq., and this part before developing or operating the qualifying project.
2. (2) A comprehensive agreement shall fully detail the planning, design, development, ownership, financing, leasing, acquisition, installation, construction, operation, maintenance, expansion, and termination of a qualifying project.

3. (3) The comprehensive agreement shall include, without limitation, the following:

   1. (A) Any item identified in 22 CAR § 101-105(a)(3)(D);
   2. (B) A thorough description of the duties and responsibilities of each party in the completion and operation of the qualifying project;
   3. (C) Dates and schedules for the completion of all phases or segments of the qualifying project;
   4. (D) All financing components including the sources and uses of public and private funding, estimated revenues, user fees, lease payments, service payments, etc., realized from the operation of the project as well as any process for changing fees, payments, or funding terms and conditions throughout the duration of the agreement;
   5. (E) A process for the review and approval of plans and specifications for the qualifying project by the RPE;
   6. (F) Delivery of all required payment, performance, surety, and other bonds in the forms and amounts required by law for the qualifying project;
   7. (G) Proof of all required insurance in the forms and amounts required by law for the qualifying project;
   8. (H) The filing of appropriate financial statements and progress reports to the RPE, Department of Commerce, and Department of Finance and Administration on a periodic basis;
   9. (I) A process for monitoring and inspecting the development of the project by the RPE, Department of Commerce, and Department of Finance and Administration to ensure compliance with terms and conditions of written agreements, the Partnership for Public Facilities and Infrastructure Act, and rules;
   10. (J) Provisions governing the rights and responsibilities of the RPE and private entity in the event that the comprehensive agreement is terminated or if there is a material default by the private entity or RPE;
   11. (K) Terms and conditions related to the procurement of services or materials through additional contracts related to the qualifying project;
   12. (L) Safeguards to ensure that additional costs or service disruptions are not imposed on the public in the event of material default or cancellation of the agreement by the RPE or qualified respondent;
   13. (M) Financing terms, including all sources and amounts of:

(i) Funds;

1. (ii) Anticipated revenues;

   1. (iii) User fees;

      1. (iv) Leases; and
      2. (v) Other fiscal components;
   2. (N) Plans for long-term operation and maintenance agreements, management agreements, or service agreements with private entities;
   3. (O) Any reimbursements to be paid to the RPE for services provided or procured by the RPE;
   4. (P) Processes and procedures regarding any changes to the terms of the comprehensive agreement;

   5. (Q) Terms and conditions governing the transfer of ownership from the qualified respondent to the RPE upon the expiration of the:

      1. (i) Lease;
      2. (ii) Term; or
      3. (iii) Concession period; and
   6. (R) Any other terms and conditions that the RPE determines will serve the public purpose of the Partnership for Public Facilities and Infrastructure Act.