175.610 Transfer of turnpike to highway system after retirement of bonds. - Kentucky Statutes

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175.610 Transfer of turnpike to highway system after retirement of bonds. Except as hereinafter provided in this section, when all bonds issued under the provisions
of this chapter in connection with any turnpike 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, such project or projects, if then in good condition and repair, shall be
conveyed by the authority to the Commonwealth and shall become part of the state
highway system and shall thereafter be maintained by the department free of tolls;
provided, however, that the department may, in any proceedings or trust indenture
authorizing or securing bonds under the provisions of this chapter, provide for combining
for financing purposes any two (2) or more turnpike projects theretofore constructed or
thereafter to be constructed, and for the reimposition or continuance of tolls on each such
turnpike project until all such bonds and the interest thereon shall have been paid or a
sufficient amount for such purposes shall have been set aside in trust for the benefit of the
bondholders. Effective: March 25, 1960
History: Created 1960 Ky. Acts ch. 173, sec. 21, effective March 25, 1960.