68-2009. Use and disposition of tolls and other revenues derived from projects; sinking fund.
68-2009
68-2009. Use and disposition of tolls and other revenues derived fromprojects; sinking fund.The authority is hereby authorized to fix, revise, charge and collecttolls for the use of each turnpike project and the different parts orsections 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 placingthereon telephone, telegraph, electric light or power lines, motor fuelfilling stations, garages, and restaurants, or for any other purposeexcept for tracks for railroad or railway use, and to fix the terms,conditions, rents and rates of charges for such use. All contractsmade by the authority for retail establishments or locations for retailestablishments shall be made separately for each retail establishment orlocation for a retail establishment and sealed bids shall be askedseparately on each retail establishment or each location for a retailestablishment by public offering duly advertised as provided by law forthe advertising for bids on state highway construction projects and eachsuch contract shall be let by the authority in like manner as providedby law for the letting of highway construction contracts by thesecretary of transportation. Such tolls shall be so fixed and adjustedin respect of the aggregate of tolls from the turnpike project orprojects in connection with which the bonds of any issue shall have beenissued as to provide a fund sufficient with other revenues, if any, topay (a) the cost of maintaining, repairing and operating such turnpikeproject or projects and (b) the principal of and the interest on suchbonds as the same shall become due and payable, and to create reservesfor such purposes.
Such tolls shall not be subject to supervision or regulation by anyother commission, board, bureau or agency of the state. The tolls andall other revenues derived from the turnpike project or projects inconnection with which the bonds of any issue shall have been issued,except such part thereof as may be necessary to pay such cost ofmaintenance, repair and operation and to provide such reserves thereforas may be provided for in the resolution authorizing the issuance ofsuch bonds or in the trust agreement securing the same, shall be setaside at such regular intervals as may be provided in such resolution orsuch trust agreement in a sinking fund which is hereby pledged to, andcharged with, the payment of the principal of and the interest on suchbonds as the same shall become due, and the redemption price or thepurchase price of bonds retired by call or purchase as therein provided.Such pledge shall be valid and binding from the time when the pledge ismade; the tolls or other revenues or other moneys so pledged andthereafter received by the authority shall immediately be subject to thelien of such pledge without any physical delivery thereof or furtheract, and the lien of any such pledge shall be valid and binding asagainst all parties having claims of any kind in tort, contract orotherwise against the authority, irrespective of whether such partieshave notice thereof. Neither the resolution nor any trust agreement bywhich a pledge is created need be filed or recorded except in therecords of the authority. The use and disposition of moneys to thecredit of such sinking fund shall be subject to the provisions of theresolution authorizing the issuance of such bonds or of such trustagreement. Except as may otherwise be provided in such resolution orsuch trust agreement, such sinking fund shall be a fund for all suchbonds without distinction or priority of one over another.
History: L. 1953, ch. 308, § 9; L. 1975, ch. 427, § 173; L.1981, ch. 265, § 1; July 1.