This chapter applies only if all of the following occurs:
(a) The authority has executed a formal, written utility relocation agreement with the utility, cable television corporation, or cable operator.
(b) The utility, cable television corporation, or cable operator abandons the relocation work because of financial hardship or other reasons.
(c) The utility relocation agreement executed by the authority and the utility, cable television corporation, or cable operator allows for the authority to assume the utility relocation work as recourse for the work being abandoned by the utility, cable television corporation, or cable operator.