(a)    (1)    A reporting agency may establish a public–private partnership and execute an agreement in connection with any public infrastructure asset for which the reporting agency is responsible in accordance with the provisions of the Annotated Code.

(2)    A public–private partnership agreement executed under paragraph (1) of this subsection may include provisions that are necessary to develop and strengthen a public infrastructure asset in conjunction with a public–private partnership.

(b)    (1)    A reporting agency shall adopt regulations and establish processes for the development, solicitation, evaluation, award, and delivery of public–private partnerships.

(2)    A reporting agency may not adopt regulations under paragraph (1) of this subsection until:

(i)    the Joint Committee on Administrative, Executive, and Legislative Review reviews the regulations in accordance with § 10–110 of the State Government Article;

(ii)    the budget committees review and comment on the regulations; and

(iii)    at least 45 days after the first publication of the regulations in the Maryland Register.

(c)    A reporting agency may create a specific function dedicated to public–private partnership processes within the existing reporting agency.

(d)    Any combination of federal, State, or local funds, grants, loans, debt, or other public sources of funding or financing may be used and combined with any private sources of funding or financing for a public–private partnership project.

(e)    Any proceeds or revenues received by a reporting agency from a public–private partnership that are not otherwise paid or allocated to the private sector shall accrue to the fund that would have normally received those funds.