§ 8-15-2-19 — Removal of tolls

Indiana § 8-15-2-19

• Jurisdiction: Indiana
• Art. 15: TOLL ROADS
• Ch. 2: Operation and Financing of Toll Roads

Text

(a) The authority may, after adopting a
resolution and after receiving the governor's approval, at any time
determine under IC 8-23-7 that a toll road project constructed or
operated by the authority, other than a toll road project that is subject
to a public-private agreement under IC 8-15.5, should become a part of
the system of state highways free of tolls or become a tollway under IC 8-15-3.
(b) Any resolution as to any project described in subsection (a) shall
not become effective until all bonds to which the revenues of any
project were pledged for payment, together with all interest thereon, is
paid, or a sufficient amount for the payment of all bonds and the
interest thereon to maturity is set aside in trust for the benefit of
bondholders.
(c) Until any resolution is adopted by the authority under subsection
(a) and becomes effective as provided in subsection (b), and subject to
the terms of any public-private agreement under IC 8-15.5, any project
constructed by the authority or its predecessors remains under the
jurisdiction of the authority and the authority shall continue to maintain
and operate the project and levy and collect tolls as provided in this
chapter. Tolls on any project may be continued after the date of the
payment of the principal of and interest on bonds issued for the
construction of that project.
Formerly: Acts 1951, c.281, s.19; Acts 1971, P.L.99, SEC.6. As
amended by Acts 1980, P.L.74, SEC.252; P.L.109-1983, SEC.25;
P.L.386-1987(ss), SEC.12; P.L.18-1990, SEC.132; P.L.47-2006,
SEC.16.