§ 27-88-116 - Tolls, rates, and fees. - Arkansas Statutes

27-88-116. Tolls, rates, and fees.

(a) The commission is authorized, and it shall be its duty, by resolution to establish, maintain, and collect just and equitable tolls, rates, fees, and other charges for the use of and the services rendered by the bridge or ferry.

(b) The commission may change and readjust the tolls, rates, fees, and other charges from time to time to such extent as will not render insecure the rights of the holders of revenue bonds or violate any sinking fund agreement, or other lawful agreements, with bondholders.

(c) Tolls, rates, fees, and other charges shall be sufficient in each year for the payment of the sums herein required to be paid into the sinking fund and for the payment of the proper and reasonable expenses of operation and maintenance of the bridge or ferry and of the approaches thereto.

(d) Revenues collected pursuant to this section shall be deemed the revenues of the bridge or ferry.

(e) The aggregate of tolls, rents, fees, and other charges shall always be sufficient for sinking fund payments, and for expenses of operation and maintenance.

(f) If there is default in the payment of the principal of or interest upon any of the bonds issued under the provisions of this chapter, any court having jurisdiction in any proper action may appoint a receiver to operate and manage the bridge or ferry on behalf of the commission, with power to charge and collect tolls, rents, fees, and other charges sufficient to provide for the payment of the bonds and interest thereon, and for the payment of the operating expenses and to apply the income and the revenues in conformity with this chapter and the resolution providing for the issuance of the bonds.