234.220. 1. In order to secure funds for the purpose ofacquiring, constructing, owning and operating, improving orextending, and maintaining toll bridges, and approaches thereto,all public agencies named in section 234.210 may issue negotiabletoll bridge revenue bonds and sell such bonds to the UnitedStates government, or any authorized agency thereof, or otherinvestor or investors.
2. In the event of the issuance and sale of bonds authorizedby sections 234.210 to 234.300 by a public agency, such agencyshall charge a reasonable toll for the use of any such tollbridge, the amount of which toll shall be sufficient to pay thereasonable cost of maintaining, repairing and operating suchbridge and to provide a sinking fund sufficient to amortize andrepay any such loan, including interest and financing cost, onsuch dates and within such period of time as may be agreed uponbetween the borrower and the original purchaser of such revenuebonds, and said tolls shall be used for no other purpose; and anypublic body which shall issue bonds under the provisions ofsections 234.210 to 234.300 is hereby authorized and required tomake all necessary provisions for the payment of principal andinterest on any such bonds by the fixing, collecting,segregating, and allocating of the tolls and other revenuesreceived from the operation of said bridge or bridges.
3. Such public agencies enumerated in section 234.210 mayexecute liens in proper form, pledging the revenue derived fromthe toll from such toll bridges or parts thereof which areconstructed or acquired with funds borrowed as aforesaid, to theretirement of such bonds; provided, however, that no revenuebonds or any liens securing such bonds shall be repaid in wholeor in part from any funds arising from taxation, nor shall anysuch bonds or liens, given under authority of sections 234.210 to234.300 constitute a lien on any other property of any suchpublic agency or a pledge of the credit of such agency; andprovided further, that at such time when all moneys borrowed asaforesaid shall have been repaid, together with interest andcharges thereon, no further toll shall be charged for the use ofsuch bridges by the traveling public.
4. Such bonds may be made negotiable, may bear interest notto exceed six percent per annum, and may mature annually orsemiannually, and may be sold at such time and in such manner asthe issuing authority may determine upon.
234.220. 1. In order to secure funds for the purpose ofacquiring, constructing, owning and operating, improving orextending, and maintaining toll bridges, and approaches thereto,all public agencies named in section 234.210 may issue negotiabletoll bridge revenue bonds and sell such bonds to the UnitedStates government, or any authorized agency thereof, or otherinvestor or investors.
2. In the event of the issuance and sale of bonds authorizedby sections 234.210 to 234.300 by a public agency, such agencyshall charge a reasonable toll for the use of any such tollbridge, the amount of which toll shall be sufficient to pay thereasonable cost of maintaining, repairing and operating suchbridge and to provide a sinking fund sufficient to amortize andrepay any such loan, including interest and financing cost, onsuch dates and within such period of time as may be agreed uponbetween the borrower and the original purchaser of such revenuebonds, and said tolls shall be used for no other purpose; and anypublic body which shall issue bonds under the provisions ofsections 234.210 to 234.300 is hereby authorized and required tomake all necessary provisions for the payment of principal andinterest on any such bonds by the fixing, collecting,segregating, and allocating of the tolls and other revenuesreceived from the operation of said bridge or bridges.
3. Such public agencies enumerated in section 234.210 mayexecute liens in proper form, pledging the revenue derived fromthe toll from such toll bridges or parts thereof which areconstructed or acquired with funds borrowed as aforesaid, to theretirement of such bonds; provided, however, that no revenuebonds or any liens securing such bonds shall be repaid in wholeor in part from any funds arising from taxation, nor shall anysuch bonds or liens, given under authority of sections 234.210 to234.300 constitute a lien on any other property of any suchpublic agency or a pledge of the credit of such agency; andprovided further, that at such time when all moneys borrowed asaforesaid shall have been repaid, together with interest andcharges thereon, no further toll shall be charged for the use ofsuch bridges by the traveling public.
4. Such bonds may be made negotiable, may bear interest notto exceed six percent per annum, and may mature annually orsemiannually, and may be sold at such time and in such manner asthe issuing authority may determine upon.
234.220. 1. In order to secure funds for the purpose ofacquiring, constructing, owning and operating, improving orextending, and maintaining toll bridges, and approaches thereto,all public agencies named in section 234.210 may issue negotiabletoll bridge revenue bonds and sell such bonds to the UnitedStates government, or any authorized agency thereof, or otherinvestor or investors.
2. In the event of the issuance and sale of bonds authorizedby sections 234.210 to 234.300 by a public agency, such agencyshall charge a reasonable toll for the use of any such tollbridge, the amount of which toll shall be sufficient to pay thereasonable cost of maintaining, repairing and operating suchbridge and to provide a sinking fund sufficient to amortize andrepay any such loan, including interest and financing cost, onsuch dates and within such period of time as may be agreed uponbetween the borrower and the original purchaser of such revenuebonds, and said tolls shall be used for no other purpose; and anypublic body which shall issue bonds under the provisions ofsections 234.210 to 234.300 is hereby authorized and required tomake all necessary provisions for the payment of principal andinterest on any such bonds by the fixing, collecting,segregating, and allocating of the tolls and other revenuesreceived from the operation of said bridge or bridges.
3. Such public agencies enumerated in section 234.210 mayexecute liens in proper form, pledging the revenue derived fromthe toll from such toll bridges or parts thereof which areconstructed or acquired with funds borrowed as aforesaid, to theretirement of such bonds; provided, however, that no revenuebonds or any liens securing such bonds shall be repaid in wholeor in part from any funds arising from taxation, nor shall anysuch bonds or liens, given under authority of sections 234.210 to234.300 constitute a lien on any other property of any suchpublic agency or a pledge of the credit of such agency; andprovided further, that at such time when all moneys borrowed asaforesaid shall have been repaid, together with interest andcharges thereon, no further toll shall be charged for the use ofsuch bridges by the traveling public.
4. Such bonds may be made negotiable, may bear interest notto exceed six percent per annum, and may mature annually orsemiannually, and may be sold at such time and in such manner asthe issuing authority may determine upon.
