68-2031. Modern express highways in congested areas; studies and findings; specific authority for revenue bond issuance.
68-2031
68-2031. Modern express highways in congested areas; studies andfindings; specific authority for revenue bond issuance.In order to provide for the construction of modern express highways orsuperhighways in congested areas in or near cities served by anyturnpike theretofore constructed by the authority where such turnpikehas contributed to such congestion, embodying, where feasible andnecessary, safety devices, including center division, ample shoulderwidths, long sight distances, multiple lanes in each direction and gradeseparations at intersections with other highways and railroads, andthereby facilitate vehicular traffic, in such areas, remove many of thepresent handicaps and hazards on the congested highways in the state,and promote the agricultural and industrial development of the state,the authority is hereby authorized and empowered to construct, maintain,repair and operate turnpike projects (as hereinbefore defined), and toissue revenue bonds of the authority, payable solely from revenues. Notoll road project shall be undertaken unless and until such project andthe proposed location therefor have been thoroughly studied with respectto traffic, engineering, cost and financing nor unless such study shows:
That adequate public funds for construction of a free expressway arenot available; and that the construction of a toll road project can befinanced wholly through the investment of private funds in toll roadrevenue bonds issued under the provisions of this act; and that theproject and indebtedness incurred therefor will be entirelyself-liquidating through tolls and other income from operation of theproject and any payments to the authority from the state highway fundprovided to be made pursuant to the provisions of said K.S.A.68-2033; and that the average amount of the annual revenues to bereceived from the operation and ownership of such project from theestimated opening of such project for traffic until the final maturityof the bonds to finance such project, over and above the cost ofmaintenance, repair and operation of such project, will be greater thanthe maximum amount established for any year for interest, principal andpremium by the provisions of clauses (i), (ii) and (iii) of K.S.A. 68-2033.
Notwithstanding the foregoing provisions of this section, and the actof which this section is amendatory, from and after the effective dateof this act, no turnpike revenue bonds of the authority shall be issuedunder the act of which this section is amendatory for any project notspecifically authorized by an act of the legislature, but nothing in theforegoing provision shall be deemed to prohibit the refunding ofturnpike revenue bonds pursuant to K.S.A. 68-2044.
History: L. 1957, ch. 368, § 2; L. 1965, ch. 397, § 1; L. 1974,ch. 274, § 2; L. 1975, ch. 427, § 180; L. 1978, ch. 275, § 2; April 8.