2014 Kentucky Revised Statutes CHAPTER 177 - STATE AND FEDERAL HIGHWAYS -- LIMITED ACCESS FACILITIES -- TURNPIKES -- ROAD BONDS -- BILLBOARDS -- RECYCLERS 177.480 Tolls for use of turnpike -- Contracts for utility and service facilities -- Disposition of toll revenues -- Maintenance of turnpike by Department of Highways.
Download as PDF
177.480 Tolls for use of turnpike -- Contracts for utility and service facilities -Disposition of toll revenues -- Maintenance of turnpike by Department of
Highways.
(1)
(2)
The department is hereby authorized to fix, revise, charge, and collect tolls for
the use of each turnpike project and the different parts or sections thereof, and
to contract with any person, partnership, association, or corporation desiring
the use of any part thereof, including the right-of-way adjoining the paved
portion, for placing thereon telephone, telegraph, electric light or power lines,
service stations, garages, stores, hotels, and restaurants, or for any other
purpose except for tracks for railroad or railway use, and to fix the terms,
conditions, rents, and rates of charges for such use. A sufficient number of
service stations shall be authorized to be established in each service area
along any such turnpike to permit reasonable competition by private business
in the public interest.
Tolls shall be so fixed and adjusted in respect of the aggregate of tolls from the
turnpike project or projects in connection with which the bonds of any issue
shall have been issued under the provisions of KRS 177.390 to 177.570 as to
provide funds sufficient, with any other available funds, to pay (a) the cost of
maintaining, repairing, operating, regulating, and policing such turnpike project
or projects, unless such cost or any part thereof has been assumed by the
department as provided in this section, and (b) the principal of and the interest
on such bonds as the same shall become due and payable, and to create
reserves for such purposes. Such tolls shall not be subject to supervision or
regulation by any other department, commission, board, bureau, or agency of
the Commonwealth. The tolls and all other revenues derived from the turnpike
project or projects in connection with which the bonds of any issue shall have
been issued, except such part thereof as may be necessary to pay such cost of
maintenance, repair, operation, regulation, and policing, and to provide such
reserves therefor as may be provided for in the proceedings authorizing the
issuance of such bonds or in the trust agreement securing the same, shall be
set aside in a sinking fund or funds which are hereby pledged to, and charged
with, the payment of the principal of and the interest on such bonds as the
same shall become due and the redemption price or the purchase price of
bonds retired by call or purchase as therein provided. Such pledge shall be
valid and binding from the time when the pledge is made; the tolls or other
revenues or other moneys so pledged and thereafter received by the
department shall immediately be subject to the lien of such pledge without any
physical delivery thereof or further act; and the lien of any such pledge shall be
valid and binding as against all parties having claims of any kind in tort,
contract or otherwise against the department, irrespective of whether such
parties have notice thereof. Neither the proceedings nor any trust agreement
by which a pledge is created need be filed or recorded except in the records of
the department. The use and disposition of moneys to the credit of any such
sinking fund shall be subject to the provisions of the proceedings authorizing
the issuance of such bonds or of such trust agreement. Except as may
otherwise be provided in such proceedings or in such trust agreement, any
such sinking fund shall be a fund for all bonds provided to be payable
therefrom without distinction or priority of one over another.
(3)
(4)
Notwithstanding any of the foregoing provisions of this section, the department
may, in the proceedings authorizing the issuance of revenue bonds or revenue
refunding bonds under the provisions of KRS 177.390 to 177.570 or in the trust
agreement securing such bonds, covenant to pay all or any part of the cost of
maintaining, repairing, operating, regulating, and policing any project
constructed under the provisions of KRS 177.390 to 177.570, and the
department may, in such proceedings or trust agreement, covenant to make up
all or any part of any deficiency in the fund or funds pledged to and charged
with the payment of the principal of and the interest on such bonds from any
funds or tax revenues available for general purposes of the department and not
required by law to be devoted to some other purpose, and, inasmuch as such
project will at all times belong to the Commonwealth, any such covenant will
have the force of contract between the Commonwealth and the holders of such
revenue bonds or revenue refunding bonds.
Notwithstanding any of the foregoing provisions of this section, the department
may, in the proceedings authorizing the issuance of revenue bonds or revenue
refunding bonds under the provisions of KRS 177.390 to 177.570 or in the trust
agreement securing such bonds, pledge to the payment of such bonds all
motor fuel taxes and surtaxes collected by the Commonwealth on gasoline and
other motor fuels consumed on any project financed under the provisions of
KRS 177.390 to 177.570, except the two-sevenths (2/7) of said motor fuel
taxes provided by KRS 138.220 to be set aside for the construction,
reconstruction, and maintenance of rural and secondary roads, and covenant
to deposit such motor fuel taxes and surtaxes from time to time in the sinking
fund or funds pledged to the payment of such bonds. In determining the
amount of motor fuel consumed on any turnpike project the department shall
divide the total miles traveled on such project by passenger automobiles, single
unit trucks, and semitrailer trucks and buses as determined by the department
by the average number of miles per gallon of motor fuel consumed by each of
those classes of motor vehicles on the following basis:
Passenger automobiles
15 miles per
gallon
Single unit trucks
10 miles per
gallon
Semitrailer trucks and buses
5 miles per
gallon
Effective:March 25, 1960
History: Amended 1960 Ky. Acts ch. 174, sec. 7, effective March 25, 1960. -Created 1950 Ky. Acts ch. 157, sec. 10.
Disclaimer: These codes may not be the most recent version. Kentucky may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.