68-2077. Imposition of tolls and other charges in connection with projects; use and disposition of revenues; sinking fund.
68-2077
68-2077. Imposition of tolls and other charges in connection withprojects; use and disposition of revenues; sinking fund.The authority is hereby authorized to fix, revise, charge and collecttolls for the use of any highway project financed under the provisions ofthis act and the different parts of sections thereof, and to contract withany person, partnership, association or corporation desiring the use of anypart thereof, including the right-of-way adjoining the paved portion, forplacing thereon telephone, telegraph, electric light or power lines, motorfuel filling stations, garages, and restaurants, or for any other purposeexcept for tracks for railroad or railways use, and to fix the terms,conditions, rents and rates of charges for such use. All contracts made bythe 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 provided bylaw for the letting of highway construction contracts by the secretary oftransportation. Such tolls shall be so fixed and adjusted as to provide afund sufficient with other revenues, and any payments to the authority topay (a) the cost of maintaining, repairing and operating such highwayproject or projects; (b) the principal of and the interest on such bonds asthe same shall become due and payable, and to create reserves for the abovepurposes; and (c) the costs of reimbursing the secretary of transportationfor the credit of the state highway fund any amounts previously paid to theauthority by the secretary pursuant to the provisions of this act. Suchtolls shall not be subject to supervision or regulation by any othercommission, board, bureau or agency of the state. The tolls and all otherrevenues derived from highway projects, except such part thereof as may benecessary to pay such cost of maintenance, repair and operation, to providereserves therefor, to pay the costs of any additions, improvements andenlargements to any highway project, and to reimburse the secretary oftransportation for the credit of the state highway fund any amountspreviously paid to the authority by the secretary, as may be provided forin the resolution authorizing the issuance of such bonds or in the trustagreement securing the same, shall be set aside at such regular intervalsas may be provided in such resolution or such trust agreement in a sinkingfund which is hereby pledged to, and charged with, the payment of theprincipal 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 orpurchase as therein provided. Such pledge shall be valid and binding fromthe time when the pledge is made; the tolls or other revenues or othermoneys so pledged and thereafter received by the authority shallimmediately be subject to the lien of such pledge without any physicaldelivery thereof or further act, and the lien of any such pledge shall bevalid and binding as against all parties having claims of any kind in tort,contracts or otherwise against the authority, irrespective of whether suchparties have notice thereof. Neither the resolution nor any trust agreementor other instrument by which a pledge is created need be filed or recordedexcept in the records of the authority and it is hereby expressly providedthat none of the filing or recording requirements contained in chapter 84of the Kansas Statutes Annotated, being the uniform commercial code, shallbe applicable to any bonds issued hereunder or any pledge of revenues orother funds made pursuant thereto or any resolution authorizing such bondsor any trust agreement securing the same. The use and disposition of moneysto the credit of such sinking fund shall be subject to the provisions ofthe resolution authorizing the issuance of such bonds or of such trustagreement. Except as may otherwise be provided in such resolution or suchtrust agreement, such sinking fund shall be a fund for all such bondswithout distinction or priority of one over another.
History: L. 1972, ch. 249, § 8; L. 1975, ch. 427, §196; Aug. 15.