68-20,100.Use and disposition of tolls and other revenues derivedfrom projects; sinking fund.The authority is hereby authorized to fix, revise, charge and collecttolls for the use of the highway project or projects financed under theprovisions of this act and all parts or sections thereof, and to contractwith any person, partnership, association or corporation desiring the useof any part thereof, including the right-of-way adjoining the pavedportion, for placing thereon telephone, telegraph, electric light or powerlines, motor fuel filling stations, garages, and restaurants, or for anyother purpose except for tracks for railroad or railways use, and to fixthe terms, conditions, rents and rates of charges for such use. Allcontracts made by the authority for retail establishments or locations forretail establishments shall be made separately for each retailestablishment or location for a retail establishment, and sealed bids shallbe asked separately on each retail establishment or each location for aretail establishment by public offering, duly advertised as provided by lawfor the advertising for bids on state highway construction projects, andeach such contract shall be let by the authority in like manner as providedby law for the letting of highway construction contracts by the secretaryof transportation. Such tolls shall be so fixed and adjusted as to providea fund sufficient with other revenues, and any payments to the authority,to pay (a) the cost of maintaining, repairing and operating such highwayproject or projects; (b) the principal of and the interest on such bonds asthe same shall become due and payable, and to create reserves for the abovepurposes; and (c) the costs of reimbursing the secretary of transportationfor the credit of the state highway fund or state freeway fund any amountspreviously paid to the authority by the secretary pursuant to theprovisions of this act and the act of which this section is amendatory.Such tolls shall not be subject to supervision or regulation by any othercommission, board, bureau or agency of the state. The tolls and all otherrevenues derived from highway projects, except such part thereof as may benecessary to pay such cost of maintenance, repair and operation, to providereserves therefor, to pay the costs of any additions, improvements andenlargements to any highway project, and to reimburse the secretary oftransportation for the credit of the state highway fund or state freewayfund any amounts previously paid to the authority by the secretary, as maybe provided for in the resolution authorizing the issuance of such bonds orin the trust agreement securing the same, shall be set aside at suchregular intervals as may be provided in such resolution or such trustagreement in a sinking fund which is hereby pledged to, and charged with,the payment of the principal of and the interest on such bonds as the sameshall become due, and the redemption price or the purchase price of bondsretired by call or purchase as therein provided. Such pledge shall be validand binding from the time when the pledge is made; the tolls or otherrevenues or other moneys so pledged and thereafter received by theauthority shall immediately be subject to the lien of such pledge withoutany physical delivery thereof or further act, and the lien of any suchpledge shall be valid and binding as against all parties having claims ofany kind in tort, contract or otherwise against the authority, irrespectiveof whether such parties have notice thereof. Neither the resolution nor anytrust agreement of other instrument by which a pledge is created need befiled or recorded except in the records of the authority and it is herebyexpressly provided that none of the filing or recording requirementscontained in chapter 84 of the Kansas Statutes Annotated, being the uniformcommercial code, shall be applicable to any bonds issued hereunder or anypledge of revenues or other funds made pursuant thereto or any resolutionauthorizing such bonds or any trust agreement securing the same. The useand disposition of moneys to the credit of such sinking fund shall besubject to the provisions of the resolution authorizing the issuance ofsuch bonds or of such trust agreement. Except as may otherwise be providedin such resolution or such trust agreement, such sinking fund shall be afund for all such bonds without distinction or priority of one overanother.
History: L. 1973, ch. 269, § 8; L. 1974, ch. 275, § 7; L. 1974, ch. 276, § 6;L. 1975, ch. 427, § 205; Aug. 15.
68-20,100.Use and disposition of tolls and other revenues derivedfrom projects; sinking fund.The authority is hereby authorized to fix, revise, charge and collecttolls for the use of the highway project or projects financed under theprovisions of this act and all parts or sections thereof, and to contractwith any person, partnership, association or corporation desiring the useof any part thereof, including the right-of-way adjoining the pavedportion, for placing thereon telephone, telegraph, electric light or powerlines, motor fuel filling stations, garages, and restaurants, or for anyother purpose except for tracks for railroad or railways use, and to fixthe terms, conditions, rents and rates of charges for such use. Allcontracts made by the authority for retail establishments or locations forretail establishments shall be made separately for each retailestablishment or location for a retail establishment, and sealed bids shallbe asked separately on each retail establishment or each location for aretail establishment by public offering, duly advertised as provided by lawfor the advertising for bids on state highway construction projects, andeach such contract shall be let by the authority in like manner as providedby law for the letting of highway construction contracts by the secretaryof transportation. Such tolls shall be so fixed and adjusted as to providea fund sufficient with other revenues, and any payments to the authority,to pay (a) the cost of maintaining, repairing and operating such highwayproject or projects; (b) the principal of and the interest on such bonds asthe same shall become due and payable, and to create reserves for the abovepurposes; and (c) the costs of reimbursing the secretary of transportationfor the credit of the state highway fund or state freeway fund any amountspreviously paid to the authority by the secretary pursuant to theprovisions of this act and the act of which this section is amendatory.Such tolls shall not be subject to supervision or regulation by any othercommission, board, bureau or agency of the state. The tolls and all otherrevenues derived from highway projects, except such part thereof as may benecessary to pay such cost of maintenance, repair and operation, to providereserves therefor, to pay the costs of any additions, improvements andenlargements to any highway project, and to reimburse the secretary oftransportation for the credit of the state highway fund or state freewayfund any amounts previously paid to the authority by the secretary, as maybe provided for in the resolution authorizing the issuance of such bonds orin the trust agreement securing the same, shall be set aside at suchregular intervals as may be provided in such resolution or such trustagreement in a sinking fund which is hereby pledged to, and charged with,the payment of the principal of and the interest on such bonds as the sameshall become due, and the redemption price or the purchase price of bondsretired by call or purchase as therein provided. Such pledge shall be validand binding from the time when the pledge is made; the tolls or otherrevenues or other moneys so pledged and thereafter received by theauthority shall immediately be subject to the lien of such pledge withoutany physical delivery thereof or further act, and the lien of any suchpledge shall be valid and binding as against all parties having claims ofany kind in tort, contract or otherwise against the authority, irrespectiveof whether such parties have notice thereof. Neither the resolution nor anytrust agreement of other instrument by which a pledge is created need befiled or recorded except in the records of the authority and it is herebyexpressly provided that none of the filing or recording requirementscontained in chapter 84 of the Kansas Statutes Annotated, being the uniformcommercial code, shall be applicable to any bonds issued hereunder or anypledge of revenues or other funds made pursuant thereto or any resolutionauthorizing such bonds or any trust agreement securing the same. The useand disposition of moneys to the credit of such sinking fund shall besubject to the provisions of the resolution authorizing the issuance ofsuch bonds or of such trust agreement. Except as may otherwise be providedin such resolution or such trust agreement, such sinking fund shall be afund for all such bonds without distinction or priority of one overanother.
History: L. 1973, ch. 269, § 8; L. 1974, ch. 275, § 7; L. 1974, ch. 276, § 6;L. 1975, ch. 427, § 205; Aug. 15.
68-20,100.Use and disposition of tolls and other revenues derivedfrom projects; sinking fund.The authority is hereby authorized to fix, revise, charge and collecttolls for the use of the highway project or projects financed under theprovisions of this act and all parts or sections thereof, and to contractwith any person, partnership, association or corporation desiring the useof any part thereof, including the right-of-way adjoining the pavedportion, for placing thereon telephone, telegraph, electric light or powerlines, motor fuel filling stations, garages, and restaurants, or for anyother purpose except for tracks for railroad or railways use, and to fixthe terms, conditions, rents and rates of charges for such use. Allcontracts made by the authority for retail establishments or locations forretail establishments shall be made separately for each retailestablishment or location for a retail establishment, and sealed bids shallbe asked separately on each retail establishment or each location for aretail establishment by public offering, duly advertised as provided by lawfor the advertising for bids on state highway construction projects, andeach such contract shall be let by the authority in like manner as providedby law for the letting of highway construction contracts by the secretaryof transportation. Such tolls shall be so fixed and adjusted as to providea fund sufficient with other revenues, and any payments to the authority,to pay (a) the cost of maintaining, repairing and operating such highwayproject or projects; (b) the principal of and the interest on such bonds asthe same shall become due and payable, and to create reserves for the abovepurposes; and (c) the costs of reimbursing the secretary of transportationfor the credit of the state highway fund or state freeway fund any amountspreviously paid to the authority by the secretary pursuant to theprovisions of this act and the act of which this section is amendatory.Such tolls shall not be subject to supervision or regulation by any othercommission, board, bureau or agency of the state. The tolls and all otherrevenues derived from highway projects, except such part thereof as may benecessary to pay such cost of maintenance, repair and operation, to providereserves therefor, to pay the costs of any additions, improvements andenlargements to any highway project, and to reimburse the secretary oftransportation for the credit of the state highway fund or state freewayfund any amounts previously paid to the authority by the secretary, as maybe provided for in the resolution authorizing the issuance of such bonds orin the trust agreement securing the same, shall be set aside at suchregular intervals as may be provided in such resolution or such trustagreement in a sinking fund which is hereby pledged to, and charged with,the payment of the principal of and the interest on such bonds as the sameshall become due, and the redemption price or the purchase price of bondsretired by call or purchase as therein provided. Such pledge shall be validand binding from the time when the pledge is made; the tolls or otherrevenues or other moneys so pledged and thereafter received by theauthority shall immediately be subject to the lien of such pledge withoutany physical delivery thereof or further act, and the lien of any suchpledge shall be valid and binding as against all parties having claims ofany kind in tort, contract or otherwise against the authority, irrespectiveof whether such parties have notice thereof. Neither the resolution nor anytrust agreement of other instrument by which a pledge is created need befiled or recorded except in the records of the authority and it is herebyexpressly provided that none of the filing or recording requirementscontained in chapter 84 of the Kansas Statutes Annotated, being the uniformcommercial code, shall be applicable to any bonds issued hereunder or anypledge of revenues or other funds made pursuant thereto or any resolutionauthorizing such bonds or any trust agreement securing the same. The useand disposition of moneys to the credit of such sinking fund shall besubject to the provisions of the resolution authorizing the issuance ofsuch bonds or of such trust agreement. Except as may otherwise be providedin such resolution or such trust agreement, such sinking fund shall be afund for all such bonds without distinction or priority of one overanother.
History: L. 1973, ch. 269, § 8; L. 1974, ch. 275, § 7; L. 1974, ch. 276, § 6;L. 1975, ch. 427, § 205; Aug. 15.
