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180.276 Acquisition of ferries near interstate bridges -- Valuation.

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180.276 Acquisition of ferries near interstate bridges -- Valuation. Prior to the opening for public use of any interstate bridge, the construction of which is <br>authorized by any law of the Commonwealth of Kentucky, regardless of the state agency, <br>commission or administrative body so authorized to make such construction, the state <br>agency, commission or administrative body so authorized to construct, operate and <br>maintain any such interstate bridge shall purchase the ferry, equipment, franchises, rights <br>and privileges used in connection with the operation of any ferry which has been in <br>continuous operation for at least fifteen (15) years prior thereto and which is located <br>within five (5) miles of the site of said bridge, and pay the owner therefor a fair cash <br>value; provided, that in the event such agency, commission or administrative body and <br>the owner of such ferry shall be unable to agree upon a fair cash value, the valuation of <br>such property shall be determined by three (3) persons; one (1) to be selected by the <br>agency authorized to make such construction, one (1) to be selected by the owners of the <br>ferry and the third to be selected by these two (2). The ferry shall be valued as a going <br>concern, but no allowance shall be made for future growth. In the event the owner of such <br>ferry shall not agree to the establishment of such valuation according to the foregoing <br>method, then in such event, the agency, commission or administrative body shall not be <br>required to purchase such assets from the owner of the ferry. History: Created 1962 Ky. Acts ch. 305, sec. 3.