(1) The objective of chapter 309, Laws of 2023 is to promote private-public partnerships to reduce the amount of deferred maintenance required by the clean building performance standard and decarbonize buildings and central energy systems in public facilities in a cost-effective manner.

(2) By June 30, 2031, the department must submit a report to the governor and the appropriate committees of the legislature on the adoption rate and cost-effectiveness of the performance-based contract authorized under chapter 309, Laws of 2023. The report must include:

(a) The number of performance-based contracts issued;

(b) The cost-effectiveness of performance-based contracts issued, compared to alternative available financing mechanisms, including certificates of participation;

(c) Recommendations to improve the use of performance-based contracts; and

(d) Any other significant information associated with the implementation of chapter 309, Laws of 2023.

(3) It is the intent of the legislature to consider the findings of the report and extend the expiration date of chapter 309, Laws of 2023 if performance-based contracts are achieving the legislative objective.

(4) This section expires June 30, 2033.