§ 14-320-118 - Tolls -- Transfer of bridge to state.
14-320-118. Tolls -- Transfer of bridge to state.
(a) The board of commissioners is granted the right and power to construct, operate, and maintain the bridge as a toll bridge. It shall have the power to fix and determine, subject to the terms and provisions of the General Bridge Act, the tolls to be charged for transit over the bridge for motor-propelled vehicles, animals, foot passengers, pipelines, or other persons, firms, or corporations using the bridge, and the rates so prescribed shall be the legal rate or rates demanded and received for the transit.
(b) The rates for tolls may be increased or decreased by the board of commissioners, subject however, to the terms and provisions of the General Bridge Act of Congress.
(c) The board of commissioners shall make an annual report of all tolls collected to the trustees representing the bond-holders and to the State Highway Commission. One (1) copy of the report shall be filed with the clerk of the circuit court of the county in which the bridge is located.
(d) When the bonded indebtedness and all claims and liabilities have been fully paid and discharged, the bridge shall become a free bridge, and the board of commissioners shall thereupon convey all of its right, title, and interest in the bridge to the State of Arkansas. Thereafter, the State Highway Commission shall maintain and operate the bridge as a part of its highway system.
(e) The tolls so charged and collected for the use of the bridge shall be used as follows:
(1) To the payment of reasonable cost of maintaining, repairing, and operating the bridge and approaches thereto under economical management;
(2) To the payment of the principal and interest on the bonded indebtedness; and
(3) The balance, if any, to be placed in a sinking fund to be used for future maintenance and operation and the retirement of bond indebtedness.