§ 48:2036 — Cessation of tolls; conveyance of project

Louisiana § 48:2036

• Jurisdiction: Louisiana
• Title 48: Roads, Bridges and Ferries

Text

A.(1) When the bonds issued for any state-designated project and the interest thereon have been paid in full, or sufficient funds have been deposited in trust for that purpose, and the state-designated project is in a condition which meets department standards for structural condition and geometric design and is in a condition of maintenance satisfactory to the department, said project and any property acquired as part of project costs shall be transferred by the authority and shall thereby be conveyed in full ownership to the state of Louisiana; and the department shall assume jurisdiction and control of the project, which will then become part of the state highway system and be subject to maintenance, control, and operation of the department as an integral part of the state highway system, and the state, in its discretion, may provide that any toll or fee collected may be continued for the purpose of maintenance.
(2) Upon the later of payment in full of all bonds and the interest thereon, the deposit of funds in trust for such purpose, or the final resolution of any disputes or litigation pending against any authority on such transfer and conveyance date, the existence of the authority shall terminate. From the date of such transfer and conveyance of the project the authority shall continue to exist to dispose of any unresolved litigation not related to the day-to-day management of the project. If no such litigation is pending on the date the project transfers and conveys, the authority shall terminate on the transfer and conveyance date.
B.(1) When bonds issued for any parish-related project and the interest thereon have been paid in full, or sufficient funds have been deposited in trust for that purpose, and the parish project is in a condition of maintenance satisfactory to the parish, said project and any property acquired as part of project costs shall be transferred by the authority to and shall thereby be conveyed in full ownership to the respective parish; and the parish shall assume jurisdiction and control of the project, which will then become part of the parish road system and be subject to maintenance, control, and operation of the parish as an integral part of the parish road system, and the parish, in its discretion, may provide that any toll or fee collected may be continued for the purpose of maintenance.
(2) Upon the later of payment in full of all bonds and the interest thereon, the deposit of funds in trust for such purpose, or the final resolution of any disputes or litigation pending against an authority on such transfer and conveyance date, the existence of the authority shall terminate. From the date of such transfer and conveyance of the project the authority shall continue to exist to dispose of any unresolved litigation not related to the day-to-day management of the project. If no such litigation is pending on the date the project transfers and conveys, the authority shall terminate on the transfer and conveyance date.
C.(1) When bonds issued for any municipal-designated project and the interest thereon has been paid in full, or sufficient funds have been deposited in trust for that purpose and the municipal project is in a condition of maintenance satisfactory to the municipality, said project and any property acquired as part of the project costs shall be transferred by the authority to and shall thereby be conveyed in full ownership to the respective municipality; and the municipality shall assume jurisdiction and control of the project, which will then become part of the municipal road system and be subject to maintenance, control, and operation of the municipality as an integral part of the municipal road system, and the municipality, in its discretion, may provide that any toll or fee collected may be continued for the purpose of maintenance.
(2) Upon the later of payment in full of all bonds and the interest thereon, the deposit of funds in trust for such purpose, of the final resolution of any disputes or litigation pending against an authority on such transfer and conveyance date, the existence of the authority shall terminate. From the date of such transfer and conveyance of the project the authority shall continue to exist to dispose of any unresolved litigation not related to the day-to-day management of the project. If no such litigation is pending on the date the project transfers and conveys, the authority shall terminate on the transfer and conveyance date.
D. A notice of transfer and reversion of ownership of any such project shall be published twice in the official journal of the state, parish, or municipality, as the case may be, to receive such ownership conveyance with the first publication to be made not more than one hundred eighty nor less than one hundred fifty days from the full bond principal and interest payment or date of deposit in trust therefor and the second not more than ninety nor less than sixty days therefrom.

Legislative History

Acts 1997, No. 1017, §1, eff. July 11, 1997.