68-20,109. Authority may provide for future use of revenues to be derived from Kansas turnpike authority projects.
68-20,109
68-20,109. Authority may provide for future use of revenues to bederived from Kansas turnpike authority projects.The authority is hereby authorized and permitted to provide in theresolution authorizing any of its revenue bonds to be issued pursuant tothis act or in the trust agreement securing the same that should any futurelegislature of the state of Kansas enact appropriate enabling legislationproviding that, after the payment in full of the bonds or other obligationsof the Kansas turnpike authority issued to finance any one or more of itsturnpike projects, or adequate provision having been made for such payment,such turnpike project or projects may be continued to be operated as tollturnpike project or projects and that such turnpike project or projects maybe operated by the authority and that the tolls and revenues thereafterderived by the authority from the operation of such turnpike project orprojects may be used and applied in the same manner as the tolls andrevenues derived by the authority from the operation of its projects, itwill use and apply such tolls and revenues derived from the operation ofsuch turnpike project or projects for the payment of the principal of andinterest on its bonds and for the creation of reserves therefor to theextent and in the manner provided in such resolution or trust agreement andthat such tolls and revenues will be so used and applied prior torequisitioning any moneys from the state highway fund as herein authorizedand provided for.
History: L. 1973, ch. 269, § 17; July 1.