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177.550 Transfer of turnpike to highway system after retirement of bonds.

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177.550 Transfer of turnpike to highway system after retirement of bonds. Except as hereinafter provided in this section, when all bonds issued under KRS 177.390 <br>to 177.570 in connection with any turnpike project or projects and the interest thereon <br>shall have been paid or a sufficient amount for the payment of all such bonds and the <br>interest thereon to the maturity thereof shall have been set aside in trust for the benefit of <br>the bondholders, such project or projects, if then in good condition and repair, shall <br>become part of the state highway system and shall thereafter be maintained by the <br>department free of tolls; provided, however, the department may, in any proceedings or <br>trust agreement authorizing or securing bonds under the provisions of KRS 177.390 to <br>177.570, provide for combining for financing purposes any two (2) or more turnpike <br>projects theretofore constructed or thereafter to be constructed, and for the reimposition <br>or continuance of tolls on each such turnpike project until all such bonds and the interest <br>thereon shall have been paid or a sufficient amount for such purposes shall have been set <br>aside in trust for the benefit of the bondholders. Effective: March 25, 1960 <br>History: Amended 1960 Ky. Acts ch. 174, sec. 10, effective March 25, 1960. -- Created 1950 Ky. Acts ch. 157, sec. 17.