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180.190 Department may contract to keep bridges insured.

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180.190 Department may contract to keep bridges insured. The department may contract in advance of the issuance of the bonds that while bonds of <br>the project are outstanding, it will keep the bridges in the project adequately insured for <br>the protection of the state and the bondholders, in companies satisfactory to the <br>bondholders, under an &quot;all-risk coverage&quot; policy either for the full insurable value or for <br>the face value of the bonds outstanding for such project, whichever is the lesser amount. <br>The department may also contract to carry, during the same period, insurance policies in <br>companies satisfactory to the bondholders, covering the use and occupancy of the bridges <br>in such project, in an amount sufficient to provide an income for one (1) year equal to at <br>least one (1) year's interest upon the bonds then outstanding. The premium upon the <br>policies shall be paid from appropriations out of the state road fund unless other provision <br>for payment, but not out of bridge tolls and revenues, is made by law. The department <br>may carry insurance of a lesser extent or amount if adequate in the judgment of the <br>department and the original purchasers of the bonds. Effective: October 1, 1942 <br>History: Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. sec. 4356s-27.