2014 Kentucky Revised Statutes CHAPTER 175 - TURNPIKE AUTHORITY 175.520 Tolls for use of turnpikes -- Contracts for utility and service facilities -- Disposition of toll revenues.
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175.520 Tolls for use of turnpikes -- Contracts for utility and service facilities
-- Disposition of toll revenues.
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The authority, while having the right to control tolls under this chapter or any
lease, and the department, while having such right under this chapter or any
such lease, are hereby authorized to fix, revise, charge, and collect tolls for the
use of each turnpike project and the different parts or sections thereof.
The authority, with the approval of the department, is hereby authorized to
contract with any person, partnership, association, or corporation desiring the
use of any part of a project, including the right-of-way adjoining the paved
portion, for placing thereon telephone, telegraph, electric light, or power lines;
service stations, garages, stores, hotels, motels, 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.
During any period when tolls are under the control of the authority, such 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 this chapter as to provide funds
sufficient, with any other available funds, to pay:
(a) The cost of maintaining, repairing and operating such turnpike project or
projects, unless such cost or any part thereof is being paid by the
department as authorized in this chapter; 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, and operation and to provide such reserves therefor as may be provided
for in the proceedings authorizing the issuance of such bonds or the trust
indenture 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 authority 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 authority,
irrespective of whether such parties have notice thereof. Neither the
proceedings nor any trust indenture by which a pledge is created need be filed
or recorded except in the records of the authority and the department. The use
and disposition of moneys to the credit of any such sinking fund shall be
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subject to the provisions of the proceedings authorizing the issuance of such
bonds or of such trust indenture. Except as may otherwise be provided in such
proceedings or in such trust indenture, any such sinking fund shall be a fund
for all bonds provided to be payable therefrom without distinction or priority of
one (1) over another.
Notwithstanding any of the foregoing provisions of this section, the department
may, by separate proceedings ancillary to the proceedings of the authority
authorizing the issuance of revenue bonds or revenue refunding bonds under
the provisions of this chapter, covenant to pay all or any part of the cost of
maintaining, repairing, and operating any project constructed under the
provisions of this chapter, and the department may, in such proceedings,
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 have been constructed by agreement with
the department for the use and benefit of the Commonwealth and will
eventually become the property of the Commonwealth, any such covenant
shall 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 authority
may, in the proceedings authorizing the issuance of revenue bonds or revenue
refunding bonds for any turnpike project or projects under the provisions of this
chapter 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 such project
or projects (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 paid over to the authority by
the department as revenues of such project or projects, and covenant to
deposit such motor fuel taxes 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 vehicle 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:July 15, 1996
History: Amended 1996 Ky. Acts ch. 249, sec. 2, effective July 15, 1996. -Amended 1988 Ky. Acts ch. 270, sec. 1, effective July 15, 1988. -- Created 1960
Ky. Acts ch. 173, sec. 12, effective March 25, 1960.
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