180.276 Acquisition of ferries near interstate bridges -- Valuation. - Kentucky Statutes

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180.276 Acquisition of ferries near interstate bridges -- Valuation. Prior to the opening for public use of any interstate bridge, the construction of which is
authorized by any law of the Commonwealth of Kentucky, regardless of the state agency,
commission or administrative body so authorized to make such construction, the state
agency, commission or administrative body so authorized to construct, operate and
maintain any such interstate bridge shall purchase the ferry, equipment, franchises, rights
and privileges used in connection with the operation of any ferry which has been in
continuous operation for at least fifteen (15) years prior thereto and which is located
within five (5) miles of the site of said bridge, and pay the owner therefor a fair cash
value; provided, that in the event such agency, commission or administrative body and
the owner of such ferry shall be unable to agree upon a fair cash value, the valuation of
such property shall be determined by three (3) persons; one (1) to be selected by the
agency authorized to make such construction, one (1) to be selected by the owners of the
ferry and the third to be selected by these two (2). The ferry shall be valued as a going
concern, but no allowance shall be made for future growth. In the event the owner of such
ferry shall not agree to the establishment of such valuation according to the foregoing
method, then in such event, the agency, commission or administrative body shall not be
required to purchase such assets from the owner of the ferry. History: Created 1962 Ky. Acts ch. 305, sec. 3.