§ 313A.22 — Toll charges fixed by department

Iowa § 313A.22

• Jurisdiction: Iowa
• Title VIII: TRANSPORTATION
• Ch. 313A: INTERSTATE BRIDGES

Text

The department is hereby empowered to fix the rates of toll and other charges for all
interstate bridges acquired, purchased, or constructed under the terms of this chapter.
Toll charges so fixed may be changed from time to time as conditions may warrant. The
department in establishing toll charges shall give due consideration to the amount required
annually to pay the principal of and interest on bonds payable from the revenues thereof.
The tolls and charges shall be at all times fixed at rates sufficient to pay the bonds and
interest as they mature, together with the creation and maintenance of bond reserve funds
and other funds as established in the proceedings authorizing the issuance of the bonds,
for any particular toll bridge. The amounts required to pay the principal of and interest on
bonds shall constitute a charge and lien on all such tolls and other revenues and interest
thereon and sinking funds created therefrom received from the use and operation of said
toll bridge, and the department is hereby authorized to pledge a sufficient amount of said
tolls and revenues for the payment of bonds issued under the provisions of this chapter and
interest thereon and to create and maintain a reserve therefor. Such tolls and revenues,
together with the interest earned thereon, shall constitute a trust fund for the security and
payment of such bonds and shall not be used or pledged for any other purpose as long as
such bonds or any of them are outstanding and unpaid.

Legislative History

[C71, 73, 75, 77, 79, 81, §313A.22]