Indiana § 8-16-1-16 Duty to fix, maintain, and collect tolls for use of bridges

Indiana Statutes

§ 8-16-1-16 — Duty to fix, maintain, and collect tolls for use of bridges

Indiana·Art. 16 BRIDGES AND TUNNELS·Ch. 1 Operation and Financing of State Bridges to Adjoining

(a)The authority shall fix, maintain, and collect tolls for the use of any bridge constructed or acquired by purchase pursuant to this chapter (except in the case of a bridge constructed or acquired under authority of section 21 of this chapter) until all bonds payable from the revenues of such bridge have been retired and the interest paid thereon and the Indiana interstate bridge fund or any other fund or funds of the state have been fully reimbursed for amounts expended from such funds for the construction, acquisition, enlargement, extension, or improvement of such bridge. However, after bonds are retired, interest is paid, and all funds are fully reimbursed as required by this subsection, the authority may continue to fix, maintain, and collect tolls for the use of the bridge.

(b)Th

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(a) The authority shall fix, maintain, and
collect tolls for the use of any bridge constructed or acquired by
purchase pursuant to this chapter (except in the case of a bridge
constructed or acquired under authority of section 21 of this chapter)
until all bonds payable from the revenues of such bridge have been
retired and the interest paid thereon and the Indiana interstate bridge
fund or any other fund or funds of the state have been fully reimbursed
for amounts expended from such funds for the construction,
acquisition, enlargement, extension, or improvement of such bridge.
However, after bonds are retired, interest is paid, and all funds are fully
reimbursed as required by this subsection, the authority may continue
to fix, maintain, and collect tolls for the use of the bridge.
(b) The rate of such tolls shall at all times be fixed and maintained
by the authority so as to provide funds sufficient to:
(1) pay the cost of maintaining, repairing, and operating such
bridge, including a prorated share of the expenses of the authority
based upon the gross receipts from all bridges constructed or
acquired by purchase by the authority under the provisions of this
chapter;
(2) pay the principal of and the interest on all bonds in accordance
with the terms thereof payable from the revenues of such bridge;
(3) reimburse each year the Indiana interstate bridge fund or any
other funds of the state for expenditures made for the
construction, acquisition, enlargement, extension, or improvement
of such bridge in an amount equal to four percent (4%) of:
(A) the original amount of such expenditures; less
(B) any part of such amount reimbursed to such fund or funds
by the issuance of bonds pursuant to section 20 of this chapter;
and
(4) pay interest on amounts so expended from any such funds at
such rate as may be deemed proper by the authority.
Formerly: Acts 1939, c.79, s.11; Acts 1955, c.323, s.2. As
amended by Acts 1980, P.L.74, SEC.272; P.L.109-1983, SEC.43;
P.L.386-1987(ss), SEC.14.

Indiana § 8-16-1-16 (Duty to fix, maintain, and collect tolls for use of bridges) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.