Nebraska § 14-1226 Bridges; tolls; determination and use; rights of bondholders

Nebraska Statutes

§ 14-1226 — Bridges; tolls; determination and use; rights of bondholders

Nebraska·Ch. 14 Cities of the Metropolitan Class

(1)The rates of tolls to be charged for the use of any bridge acquired or constructed under the provisions of sections 14-1201 to 14-1252 shall be fixed and adjusted as may be required by any law of the United States, and shall be so fixed and adjusted as to provide a fund sufficient to pay the interest and principal of any bonds issued under sections 14-1215 to 14-1217 and 14-1223 and to provide an additional fund to pay the cost of maintaining, repairing, and operating such bridge. Such rates may also be so fixed and adjusted as to provide a reserve fund reasonably sufficient to provide for the cost of the continued operation, supervision, maintenance, and repair of such bridge or bridges for a period not to exceed twenty-five years after the removal of toll charges.

(2)After

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(1) The rates of tolls to be charged for the use of any bridge acquired or constructed under the provisions of sections 14-1201 to 14-1252 shall be fixed and adjusted as may be required by any law of the United States, and shall be so fixed and adjusted as to provide a fund sufficient to pay the interest and principal of any bonds issued under sections 14-1215 to 14-1217 and 14-1223 and to provide an additional fund to pay the cost of maintaining, repairing, and operating such bridge. Such rates may also be so fixed and adjusted as to provide a reserve fund reasonably sufficient to provide for the cost of the continued operation, supervision, maintenance, and repair of such bridge or bridges for a period not to exceed twenty-five years after the removal of toll charges.
(2) After the provision of such funds has been completed, such bridge or bridges shall be maintained and operated free of toll unless or until the charging of reasonable tolls is continued or resumed by the city council or bridge commission in order to finance reconstruction, extension, enlargement, replacement, or renewal of that particular bridge or in aid of the acquisition, construction, reconstruction, extension, enlargement, replacement, or renewal of any other bridge owned in whole or in part by such city.
(3) The owners of outstanding bonds issued to finance the bridge, or the authorized trustee for such owners, shall have the right to compel the fixing of adequate tolls by application to any court of competent jurisdiction.
(4) In case the city is at the same time providing for the payment of more than one bridge through the collection of tolls, the tolls upon such bridges may be maintained and adjusted so that each bridge shall assist the financing of the other.

Nebraska § 14-1226 (Bridges; tolls; determination and use; rights of bondholders) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.