Kentucky Statutes 181.510 – Contracts to do away with tolls
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(1) Any city may enter into contracts for the purpose of doing away with tolls on bridges wholly or partly within the city.
(2) The person contracting with the city shall agree to:
(a) Acquire ownership of the bridge or portion thereof, unless it has already acquired such ownership;
(b) Operate and maintain the bridge;
(c) Collect tolls for traffic over the bridge or portion of bridge;
(d) Subject to the provisions of KRS § 181.520, apply the revenues of the bridge to the amortization of the cost of the bridge or portion of bridge; and
(e) Turn over the bridge or portion of bridge to the city upon completion of the amortization.
Effective: January 1, 2015
History: Amended 2014 Ky. Acts ch. 92, sec. 257, effective January 1, 2015. — Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. secd. 3235g-1, 3235g-2.
(2) The person contracting with the city shall agree to:
Terms Used In Kentucky Statutes 181.510
- Amortization: Paying off a loan by regular installments.
- Bridge: includes the bridge and the approaches thereto. See Kentucky Statutes 181.010
- City: includes town. See Kentucky Statutes 446.010
(a) Acquire ownership of the bridge or portion thereof, unless it has already acquired such ownership;
(b) Operate and maintain the bridge;
(c) Collect tolls for traffic over the bridge or portion of bridge;
(d) Subject to the provisions of KRS § 181.520, apply the revenues of the bridge to the amortization of the cost of the bridge or portion of bridge; and
(e) Turn over the bridge or portion of bridge to the city upon completion of the amortization.
Effective: January 1, 2015
History: Amended 2014 Ky. Acts ch. 92, sec. 257, effective January 1, 2015. — Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. secd. 3235g-1, 3235g-2.