Kentucky Statutes 175B.095 – Evaluation of project condition prior to bond retirement — Evaluation of tolls upon transfer of ownership — Transfer of funds — Actions required prior to and upon bond retirement or termination of partnership
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(1) Not more than one (1) year prior to the scheduled retirement of all bonds issued to finance a project, the department shall undertake an evaluation of the condition of the project to determine if the project has significant maintenance, reconstruction, or rebuilding needs. The evaluation shall be completed no less than one hundred eighty (180) days prior to the scheduled retirement of the bonds.
(2) If significant maintenance, reconstruction, or rebuilding is needed, the department shall determine if funds and reserves held by the developing authority for the project are adequate to accomplish the maintenance, reconstruction, or rebuilding. If additional funds are needed, additional bonds shall be authorized and issued by the same entity that issued the original bonds for the project, pursuant to this chapter.
(3) Tolls for the project shall continue until all bonds are retired.
(4) Notwithstanding any other provisions of this chapter, any portion of a project located within the Commonwealth and financed by an authority shall become the property of the Commonwealth upon the retirement of all bonds issued to finance the project or, if the project utilizes a public-private partnership, upon termination of that partnership.
(5) Upon the transfer of any project to the Commonwealth pursuant to this section, the department shall evaluate the need for the continuance of any tolls. Tolls may be continued if significant rebuilding, expansion, or maintenance is needed. Tolls collected after ownership of a project has transferred to the Commonwealth shall be deposited into the road fund and used for current and future costs of the project, including maintenance, expansion, rebuilding, reconstruction, or other similar purposes.
(6) When an authority has transferred a project to the Commonwealth pursuant to this section, remaining fund reserves relating to that project shall be transferred to the road fund.
Effective:April 8, 2016
History: Amended 2016 Ky. Acts ch. 67, sec. 13, effective April 8, 2016. — Created
2009 (1st Extra. Sess.) Ky. Acts ch. 1, sec. 93, effective June 26, 2009.
(2) If significant maintenance, reconstruction, or rebuilding is needed, the department shall determine if funds and reserves held by the developing authority for the project are adequate to accomplish the maintenance, reconstruction, or rebuilding. If additional funds are needed, additional bonds shall be authorized and issued by the same entity that issued the original bonds for the project, pursuant to this chapter.
Terms Used In Kentucky Statutes 175B.095
- Authority: means the state authority, or a bi-state authority, or a project authority, unless the specific use requires that it apply only to the state authority, or a bi-state authority, or a project authority. See Kentucky Statutes 175B.010
- Commonwealth: means the Commonwealth of Kentucky. See Kentucky Statutes 175B.010
- Continuance: Putting off of a hearing ot trial until a later time.
- Department: means the Department of Highways. See Kentucky Statutes 175B.010
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Partnership: includes both general and limited partnerships. See Kentucky Statutes 446.010
- Project: includes all bridges, tollhouses, garages, and other buildings and facilities which the authority deems necessary for the operation of the project, together with all property, rights, easements, and interests which may be acquired by the authority or by the Commonwealth for the construction and operation of a project. See Kentucky Statutes 175B.010
- Year: means calendar year. See Kentucky Statutes 446.010
(3) Tolls for the project shall continue until all bonds are retired.
(4) Notwithstanding any other provisions of this chapter, any portion of a project located within the Commonwealth and financed by an authority shall become the property of the Commonwealth upon the retirement of all bonds issued to finance the project or, if the project utilizes a public-private partnership, upon termination of that partnership.
(5) Upon the transfer of any project to the Commonwealth pursuant to this section, the department shall evaluate the need for the continuance of any tolls. Tolls may be continued if significant rebuilding, expansion, or maintenance is needed. Tolls collected after ownership of a project has transferred to the Commonwealth shall be deposited into the road fund and used for current and future costs of the project, including maintenance, expansion, rebuilding, reconstruction, or other similar purposes.
(6) When an authority has transferred a project to the Commonwealth pursuant to this section, remaining fund reserves relating to that project shall be transferred to the road fund.
Effective:April 8, 2016
History: Amended 2016 Ky. Acts ch. 67, sec. 13, effective April 8, 2016. — Created
2009 (1st Extra. Sess.) Ky. Acts ch. 1, sec. 93, effective June 26, 2009.