68-2096. Contracts between secretary of transportation and authority; payments from state freeway fund or state highway fund on account of highway revenue bonds; reimbursement of state highway fund or
68-2096
68-2096. Contracts between secretary of transportation andauthority; payments from state freeway fund or state highway fund onaccount of highway revenue bonds; reimbursement of state highway fund orstate freeway fund from toll revenues; payment to enjoy first lien onstate freeway fund or state highway fund subject to certain priorpayments.The secretary of transportation and the authority are hereby authorizedand empowered to make and enter into any and all contracts andagreements, including (but without limitation) any contract or agreementfor the removal or construction of any bridge or other highway facilitywhich they may deem necessary, desirable or incidental to the financing,construction, maintenance, repair or operation of any highway projectfinanced under the provisions of this act.
With respect to any highway project financed under the provisions ofthis act, the secretary of transportation is authorized, empowered anddirected to contract or agree with the authority to pay to the authorityfrom the state highway fund, upon order or voucherof the secretary in the manner provided by law to the director ofaccounts and reports, in each year, such amount or amounts as shall berequired in such year to make up any deficiency in the revenues receivedfrom the operation and ownership of any highway project in such year,over and above the cost of maintenance, repair and operation of suchhighway project and the creation of reserves for such purposes in suchyear, (i) for paying the interest on all highway revenue bonds orhighway revenue refunding bonds issued by the authority in connectionwith any such highway project, (ii) for retiring such bonds by theirmaturity or maturities, and (iii) for paying the premium, if any, on aspecified aggregate principal amount of bonds which would be payable insuch year if such principal amount of bonds were to be redeemed prior totheir maturity or maturities. Any contract or agreement entered intopursuant to this section shall provide that all payments to theauthority pursuant to this section shall be made from the state highway fund.The amount which isrequired in each such year to provide for paying the interest on suchbonds and for retiring such bonds on or prior to their maturity ormaturities shall be determined as provided in such contract oragreement. Any such payments required to be made pursuant to suchcontract or agreement may be pledged or assigned by the authority in thesame manner as tolls and other revenues of such highway project. Anysuch contract or agreement shall provide for reimbursement by theauthority, from tolls or other revenues of such highway project to thesecretary of transportation for the credit of the state highway fund, at anytime or times and under such terms andconditions as may be set forth therein, of any amounts previously paidto the authority by the secretary of transportation pursuant to theprovisions of this paragraph,except that if therevenues received from the operation and ownership of such highwayproject in any year, over and above the cost of maintenance, repair andoperation of such highway project incurred in such year, shall exceed150% of clauses (i), (ii) and(iii) abovefor such year, such excess must be reimbursed to the secretary, for thecredit of the state highway fund, until allamounts previously paid to the authority by the secretary have beenreimbursed to the secretary. Any moneys paid by the authority to thesecretary pursuant to this section as reimbursement for moneyspreviously paid from the state highway fund shallbe remitted by the secretary to the state treasurerin accordance with the provisions of K.S.A. 75-4215, and amendments thereto.Upon receipt of each such remittance, the state treasurer shall deposit theentire amount in the state treasury to the credit of the statehighway fund.
Any payments provided to be made in any year pursuant to theprovisions of this section to the authority from the state highway fundshall be a lien and claim on the portion of the highway fundwhich ismade available to the secretary of transportation by the provisions ofK.S.A. 68-416, and amendmentsthereto, but any suchpayments provided to be made shall not be a lien or claim on any of thesums now provided by K.S.A.68-416, and amendments thereto, andsuch payments shall be subject to any prior lienthereon, if any, created by similar contract made and enteredinto by and between the secretary and the Kansas turnpike authority,except that the secretary and theauthority maydetermine any priority as to lien and claim on the fund asbetween anysuch payments to the authority from the fund on account ofany highwayprojects financed under the provisions of this act. The laws of Kansasshall not be repealed or amended so as to cause the moneys available inthe state highway fund for making any payments to the authority providedto be made pursuant to the provisions of this section to be insufficientto make any such payments.
The provisions of any contract or agreement entered into pursuant tothe provisions of this section may be enforced by the authority or bythe trustee under any trust agreement authorized by the provisions ofK.S.A. 68-20,101, and amendments thereto.
History: L. 1973, ch. 269, § 4;L. 1974, ch. 276, § 3; L. 1975,ch. 427, § 203;L. 1999, ch. 137, § 13;L. 2001, ch. 5, § 281; July 1.