68-2017. Project to become part of state highway system after retirement of bonds; operation by secretary of transportation; continuation of tolls for other projects, when.
68-2017
68-2017. Project to become part of state highway system afterretirement of bonds; operation by secretary of transportation;continuation of tolls for other projects, when.Except as hereinafter provided in this section, when all bonds issuedunder the provisions of K.S.A. 68-2001 to 68-2020, inclusive, and actsamendatory thereof or supplemental thereto, in connection with anyturnpike project and the interest thereon shall have been paid or asufficient amount for the payment of all such bonds and the interestthereon to the maturity thereof shall have been set aside in trust forthe benefit of the bondholders, such project, if then in good conditionand repair, shall become a part of the state highway system and shallthereafter be maintained by the department of transportation.
The secretary of transportation, when such project becomes a part ofthe state highway system, shall have the same power as vested in theauthority by K.S.A. 68-2009, to fix, revise, charge andcollect tolls for the use of such turnpike project and to contract forthe use of any part thereof and to fix the terms, conditions, rents andrates of charges for such use; and such tolls, rents and rates ofcharges shall be sufficient to provide enough revenue to maintain,repair, operate, regulate and police such turnpike.
The authority may, however, at any time prior thereto covenant tocontinue tolls for the use of such project and pledge such tolls to thepayment of bonds issued under the provisions of K.S.A. 68-2001 to68-2020, inclusive, and acts amendatory thereof or supplemental thereto,or K.S.A. 68-2030 to 68-2049, inclusive, and acts amendatory thereof orsupplemental thereto, or K.S.A. 68-2044 and amendments thereto and statutessupplemental thereto, in connection with another turnpike project orprojects, but any such pledge of tolls of a turnpike project to thepayment of bonds issued in connection with another project or projectsshall not be effectual until the principal of and the interest on thebonds issued in connection with the first and second mentioned project shall havebeen paid or provision made for their payment.
History: L. 1953, ch. 308, § 17; L. 1975, ch. 427,§ 174; L. 1978, ch. 275, § 1; L. 1982, ch. 280, § 1; July 1.