2014 Kentucky Revised Statutes CHAPTER 175B - KENTUCKY PUBLIC TRANSPORTATION INFRASTRUCTURE AUTHORITY 175B.095 Evaluation of project condition prior to bond retirement -- Evaluation of tolls upon transfer of ownership -- Transfer of funds -- Actions required prior to and upon bond retirement.
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175B.095 Evaluation of project condition prior to bond retirement -Evaluation of tolls upon transfer of ownership -- Transfer of funds -Actions required prior to and upon bond retirement.
(1) Not more than one (1) year prior to the scheduled retirement of all bonds
issued to finance a project, the department shall undertake an evaluation of the
condition of the project to determine if the project has significant maintenance,
reconstruction, or rebuilding needs. The evaluation shall be completed no less
than one hundred eighty (180) days prior to the scheduled retirement of the
bonds.
(2) If significant maintenance, reconstruction, or rebuilding is needed, the
department shall determine if funds and reserves held by the developing
authority for the project are adequate to accomplish the maintenance,
reconstruction, or rebuilding. If additional funds are needed, additional bonds
shall be authorized and issued by the same entity that issued the original
bonds for the project, pursuant to this chapter.
(3) Tolls for the project shall continue until all bonds are retired.
(4) Notwithstanding any other provisions of this chapter, any portion of a project
located within the Commonwealth and financed by an authority shall become
the property of the Commonwealth upon the retirement of all bonds issued to
finance the project.
(5) Upon the transfer of any project to the Commonwealth pursuant to this section,
the department shall evaluate the need for the continuance of any tolls. Tolls
may be continued if significant rebuilding, expansion, or maintenance is
needed. Tolls collected after ownership of a project has transferred to the
Commonwealth shall be deposited into the road fund and used for current and
future costs of the project, including maintenance, expansion, rebuilding,
reconstruction, or other similar purposes.
(6) When an authority has transferred a project to the Commonwealth pursuant to
this section, remaining fund reserves relating to that project shall be transferred
to the road fund.
Effective:June 26, 2009
History: Created 2009 (1st Extra. Sess.) Ky. Acts ch. 1, sec. 93, effective June 26,
2009.
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