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

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177.550 Transfer of turnpike to highway system after retirement of bonds. Except as hereinafter provided in this section, when all bonds issued under KRS 177.390
to 177.570 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
become part of the state highway system and shall thereafter be maintained by the
department free of tolls; provided, however, the department may, in any proceedings or
trust agreement authorizing or securing bonds under the provisions of KRS 177.390 to
177.570, 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: Amended 1960 Ky. Acts ch. 174, sec. 10, effective March 25, 1960. -- Created 1950 Ky. Acts ch. 157, sec. 17.