28-7752. Default

A. If there is a material and continuing default in the performance of the operator's construction or operation duties or if the operator fails to comply with the terms of its agreement with the department, the board, after a cure period and a hearing in which the operator and any representative or representatives of the creditors of the operator have notice and an opportunity to participate, may take or direct any of the following actions that the department may participate in or initiate:

1. Revoke the operator's authority for the roadway.

2. Declare a default in the construction or operation of the roadway.

3. Make or cause to be made the appropriate claims under any completion or performance bond.

4. Take other action determined appropriate by the board under the circumstances.

B. If an operator's authority is revoked pursuant to subsection A:

1. The operator does not have authority to construct or operate the roadway.

2. The department may do any one or a combination of the following:

(a) Construct the roadway.

(b) Improve the roadway.

(c) Operate the roadway.

3. The department may take steps that are in the public interest, including completion of the construction of or additions to the roadway, closing the roadway or an intermediate step.

4. The operator shall grant to the department all of its rights, title and interest in the assets of the corporation.

5. Neither the board nor the department is liable to pay any compensation to the operator as a result of the revocation of the operator's authority for the roadway or the termination of its agreement pursuant to subsection A.