§ 30453. — 30453. (Amended by Stats. 1980, Ch. 777, Sec. 199.)

California § 30453.

• Jurisdiction: California
• Code SHC: Streets and Highways Code - SHC
• Div. 17.: DIVISION 17. TOLL FACILITIES AND RELATED MATTERS
• Ch. 1.: CHAPTER 1. The California Toll Bridge Authority Act
• Art. 9.: ARTICLE 9. Insurance of Property

Text

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.

Legislative History

Amended by Stats. 1980, Ch. 777, Sec. 199.