SECTIONS 30450-30453 - California Statutes

STREETS AND HIGHWAYS CODE

SECTION 30450-30453

30450. When any toll bridge or other highway crossing,
transportation facilities, or additional transportation facilities
authorized pursuant to this chapter is being built by the department,
the department and the commission, or either of them, may carry, or
cause to be carried, such an amount of insurance or indemnity bond as
protection against loss or damage as the commission deems proper.

30451. The commission may carry insurance in such amount as it
deems proper to cover any accident or destruction, in part or in
whole, to any toll bridge or other highway crossing, transportation
facilities, or additional transportation facilities until all bonds
sold for the acquisition or construction of the toll bridge or other
highway crossing, transportation facilities, or additional
transportation facilities and interest accrued thereon have been
fully redeemed and paid.

30452. All money collected on any indemnity bond or insurance
policy as the result of any damage or injury to any such toll bridge
or other highway crossing, transportation facilities, or additional
transportation facilities shall be used for the purpose of repairing
or rebuilding the toll bridge or other highway crossing,
transportation facilities, or additional transportation facilities,
as long as there are revenue bonds against any such structure
outstanding and unredeemed.

30453. The commission may also carry insurance or indemnity bonds
insuring against the loss of tolls or other revenues to be derived
from any toll bridge or other highway crossing, transportation
facilities, or additional transportation facilities by reason of any
interruption in the use of the toll bridge or other highway crossing,
transportation facilities, or additional transportation facilities
from any cause whatever.
The proceeds of the insurance or indemnity bonds shall be paid
into the fund into which the tolls and other revenues of the bridge
or other highway crossing, transportation facilities, or additional
transportation facilities so insured are required to be paid and
shall be applied to the same purposes and in the same manner as other
money in the fund.
The insurance or indemnity bonds may be in an amount equal to the
probable tolls and other revenues to be received from the operation
of the toll bridge or other highway crossing, transportation
facilities, or additional transportation facilities during any period
of time determined upon by the commission and fixed in its
discretion, and may be paid for out of the toll revenue fund as
specified in the proceedings.