2006 Kentucky Revised Statutes - .856   Revenues.

181.856 Revenues. The commission is hereby authorized to fix, revise, charge, collect, and commingle tolls for the use of bridges under its control, including any bridge which shall have reverted to the city under the provisions of KRS 181.868. Such tolls shall be so fixed and adjusted with respect to the aggregate of tolls from such bridge or bridges as to provide a fund sufficient with other revenues, if any, to pay (1) the cost of maintaining, repairing, and operating such bridge or bridges and any other expenses payable from such tolls; and (2) the principal of and the interest on the bonds which are payable from such tolls 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, division, commission, board, bureau, or agency of the city or of the Commonwealth. The tolls and all other revenues derived from such bridge or bridges, except such part thereof as may be necessary to pay such cost of maintenance, repair, and operation and such other expenses and to provide such reserves therefor as may be provided for in the resolution authorizing the issuance of such bonds or in the trust agreement securing the same, shall be set aside at such regular intervals as may be provided in such resolution or such trust agreement in a sinking fund which is 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 commission 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 city or the commission, irrespective of whether such parties have notice thereof. Neither the resolution nor any trust agreement by which a pledge is created need be filed or recorded except in the records of the commission. The use and disposition of moneys to the credit of such sinking fund shall be subject to the provisions of the resolution authorizing the issuance of such bonds or of such trust agreement. Except as may otherwise be provided in such resolution or such trust agreement, such sinking fund shall be a fund for all such bonds without distinction or priority of one (1) over another. After the issuance of any bonds under the provisions of KRS 181.850 to 181.869, and after such time as there shall have been accumulated a sinking fund sufficient for the amortization of all such bonds as may then be outstanding, such bridge or bridges shall be maintained and operated free of tolls. Effective: June 19, 1952 History: Created 1952 Ky. Acts ch. 189, sec. 7, effective June 19, 1952.