1. Cabinet shall approve the award of the updated and finalized Public-Private Partnership agreement if it is satisfied that:
- The updated and finalized public-private partnership agreement is consistent with the feasibility study or any approved revised feasibility study;
- The public-private partnership agreement is in the best interests of the state;
- The entity has updated and finalized the public-private partnership agreement in accordance with the procedure identified in the Request for Proposals; and
- Satisfactory due diligence has been completed of the private party and/or its shareholders and the responsible officer of the entity in relation to matters of legal compliance, competence, and capacity to enter the public-private partnership agreement.
2. When approval is granted by the Cabinet, the Public-Private Partnership agreement may be executed by the entity and the private party.
3. The Entity may not, under any circumstance whatsoever, proceed with execution of a Public-Private Partnership agreement with the preferred bidder, unless approval is granted by the Cabinet.