Louisiana Revised Statutes 48:1273 – Cessation of tolls
Terms Used In Louisiana Revised Statutes 48:1273
- Authority: shall mean the Department of Transportation and Development. See Louisiana Revised Statutes 48:1253
- expressway project: shall mean any limited access express highway, bridge, tunnel, approach or facility thereto constructed or to be constructed under the provisions of this Chapter, including but not limited to bridges, tunnels, overpasses, underpasses, traffic circles, interchanges, feeder roads, landscaping, entrance plazas, approaches, toll houses, service areas, communication facilities, such facilities for motor fuel and food as the authority may deem necessary or desirable, and administration, storage and other buildings which the authority may deem necessary for the operation of such project, together with all property, rights, easements and interests which may be acquired by the authority for the construction or the operation of such project. See Louisiana Revised Statutes 48:1253
- revenue bonds: shall mean bonds of the authority authorized under the provisions of this Chapter. See Louisiana Revised Statutes 48:1253
A. When all revenue bonds issued under the provisions of this Chapter in connection with any expressway project or projects and the interest thereon shall have been paid or a sufficient amount for the payment of all such bonds and the interest thereon to the maturity thereof shall have been set aside in trust for the benefit of the bondholders, the authority shall, if such project or projects are then in good condition and repair to the satisfaction of the department, transfer such project or projects to the department to become part of the state road system to be maintained thereafter by the Department of Transportation and Development; provided, that in any event any such project or projects shall remain subject to sufficient tolls to pay the cost of the maintenance, repair, and operation thereof.
B. Provided, however, that the authority may, after said bonds shall have been paid or a sufficient amount for payment set aside as aforesaid, charge tolls for the use of any such project and pledge such tolls to the payment of bonds issued under the provisions of this Chapter in connection with another contiguous expressway project or projects which may hereafter be constructed.
Acts 1954, No. 232, §23. Amended by Acts 1977, No. 220, §1, eff. July 7, 1977; Acts 2006, No. 11, §5.