2015 Kentucky Revised Statutes CHAPTER 175B - KENTUCKY PUBLIC TRANSPORTATION INFRASTRUCTURE AUTHORITY 175B.040 Tolls and other revenues to be derived from projects -- Sinking fund -- Pledges of sinking fund -- Use and disposition of moneys -- Project users to pay appropriate toll -- Penalties -- Confidentiality of toll collection customer account information.
Download as PDF
175B.040 Tolls and other revenues to be derived from projects -- Sinking fund -Pledges of sinking fund -- Use and disposition of moneys -- Project users to pay
appropriate toll -- Penalties -- Confidentiality of toll collection customer
account information.
(1)
(2)
(3)
(4)
If imposed as part of the financing plan, tolls shall be fixed and adjusted by the
developing authority to provide a fund sufficient with other revenues, if any, to:
(a) Pay the cost of maintaining, repairing, and operating the project, unless the
cost or any part thereof is being paid by the Commonwealth as authorized by
this chapter;
(b) Pay the principal of and interest on the project revenue bonds; and
(c) Create reserves not to exceed amounts specified in the development
agreement.
Unless a transfer of ownership of a project occurs pursuant to KRS 175B.095, the
developing authority shall at all times maintain ownership and control of all tolls
and other revenues generated by the project. Tolls shall not be subject to
supervision or regulation by any other department, division, authority, board,
bureau, or agency of a local government or the Commonwealth.
(a) The tolls and all other revenues derived from the project, except those
revenues necessary to pay the cost of maintenance, repair, and operation and
to establish and maintain reserves as may be provided for in the authorization
of the issuance of the project revenue bonds or in the trust indenture securing
the project revenue bonds, shall be set aside in a sinking fund which shall be
pledged to, and charged with, the payment of principal and interest on the
project revenue bonds as they become due, and the redemption price or the
purchase price of project revenue bonds retired by call or purchase as provided
in the authorization of issuance.
(b) The pledge of the sinking fund shall be valid and binding from the time when
the pledge is made.
(c) The tolls or other revenues received and pledged by the developing authority
shall immediately be subject to the lien of the pledge without any physical
delivery or further action, and the lien on any pledge shall be valid and
binding against all parties having claims of any kind in tort, contract, or
otherwise against the developing authority, whether the parties have received
notice or not.
(d) Neither the proceedings nor any trust indenture by which a pledge is created
need be filed or recorded, except in the records of the issuing authority.
(e) The use and disposition of moneys to the credit of the sinking fund shall be
subject to the provisions of the proceedings authorizing the issuance of the
project revenue bonds or the trust indenture.
(a) Every person utilizing a project developed and tolled under this chapter shall
pay the appropriate toll.
(b) Any person who violates the provisions of this subsection shall be subject to
the provisions of administrative regulations promulgated pursuant to KRS
(5)
(6)
175B.015(12).
Upon receiving notice, the cabinet shall suspend or withhold the annual registration
of a vehicle used in the commission of a toll violation until:
(a) The fine, charge, or assessment has been paid; or
(b) The violation of subsection (4) of this section has been determined not to have
occurred.
(a) Toll collection customer account information shall be confidential and not
subject to disclosure under KRS 61.870 to 61.884. Contracts relating to toll
collection for a project developed and tolled under this chapter shall ensure
the confidentiality of all toll collection customer account information.
(b) For the purposes of this section, "toll collection customer account
information" means any information collected or received from or about any
person who is assessed a toll, including contact information, payment
information, trip data, and any other relevant data.
Effective: June 25, 2013
History: Amended 2013 Ky. Acts ch. 38, sec. 2, effective June 25, 2013. -- Created
2009 (1st Extra. Sess.) Ky. Acts ch. 1, sec. 82, effective June 26, 2009.
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.