§ 24-12-40 - Dissolution of Jamestown Bridge commission – Bridge to become toll free portion of state highway system – Covenants with bondholders.
SECTION 24-12-40
§ 24-12-40 Dissolution of Jamestown Bridgecommission – Bridge to become toll free portion of state highway system– Covenants with bondholders. – (a) In case provision shall be made for the redemption of the outstandingbridge revenue refunding bonds of the Jamestown Bridge commission through theoperation of the sinking fund for the bonds before the issuance of revenuebonds under the provisions of § 24-12-21, or in case the outstandingbridge revenue refunding bonds are retired from the proceeds of revenue bondsissued under the provisions of § 24-12-21, and in either event, theJamestown Bridge commission shall thereupon be dissolved and all powers,control, and jurisdiction over and title to the Jamestown Bridge shall vestimmediately in the state, which shall thereafter maintain, repair, and operatethe bridge and the bridge shall thereafter constitute a toll free portion ofthe state highway system.
(b) In recognition of engineering studies which show that thecharging and collecting of tolls for the use of the Jamestown Bridge or afailure of the state to maintain, repair, and operate the bridge would decreasetraffic over the Newport Bridge and diminish the toll revenues to be receivedon account of the operation of the Newport Bridge, the state covenants andagrees with the holders of any bonds or obligations of the authority issued topay the cost of the Newport Bridge, that during any period when the bonds orobligations shall be outstanding and unpaid, the laws of Rhode Island shall notbe amended to authorize or permit the charging and collecting of tolls on theJamestown Bridge and the state shall maintain, repair, and operate theJamestown Bridge as a portion of the state highway system.