KRS 175.005 Repealed, 1966
175.005. Repealed, 1966
Catchline at repeal: Declaration of legislative policy.
History: Repealed 1966 Ky. Acts ch. 255, sec. 283. -- Created 1954 Ky. Acts ch. 39, sec. 1, effective March 22, 1954.
TURNPIKE AUTHORITY
KRS tit. XV, ch. 175
in effectKRS 175.010 Repealed, 1966
175.010. Repealed, 1966
Catchline at repeal: Definitions.
History: Repealed 1966 Ky. Acts ch. 255, sec. 283. -- Created 1954 Ky. Acts ch. 39, sec. 2, effective March 22, 1954.
KRS 175.020 Repealed, 1966
175.020. Repealed, 1966
Catchline at repeal: Creation of Highway Authority, etc.
History: Repealed 1966 Ky. Acts ch. 255, sec. 283. -- Created 1954 Ky. Acts ch. 39, sec. 3, effective March 22, 1954.
KRS 175.030 Repealed, 1966
175.030. Repealed, 1966
Catchline at repeal: Initial appointments; chairman; meetings, etc.
History: Repealed 1966 Ky. Acts ch. 255, sec. 283. -- Created 1954 Ky. Acts ch. 39, sec. 4, effective March 22, 1954.
KRS 175.040 Repealed, 1966
175.040. Repealed, 1966
Catchline at repeal: Executive secretary.
History: Repealed 1966 Ky. Acts ch. 255, sec. 283. -- Created 1954 Ky. Acts ch. 39, sec. 5, effective March 22, 1954.
KRS 175.050 Repealed, 1966
175.050. Repealed, 1966
Catchline at repeal: Treasurer.
History: Repealed 1966 Ky. Acts ch. 255, sec. 283. -- Created 1954 Ky. Acts ch. 39, sec. 6, effective March 22, 1954.
KRS 175.060 Repealed, 1966
175.060. Repealed, 1966
Catchline at repeal: Officers, agents and employes; transfer from other state agencies.
History: Repealed 1966 Ky. Acts ch. 255, sec. 283. -- Created 1954 Ky. Acts ch. 39, sec. 7, effective March 22, 1954.
KRS 175.070 Repealed, 1966
175.070. Repealed, 1966
Catchline at repeal: Personal interest in contracts or sales prohibited.
History: Repealed 1966 Ky. Acts ch. 255, sec. 283. -- Created 1954 Ky. Acts ch. 39, sec. 8, effective March 22, 1954.
KRS 175.080 Repealed, 1966
175.080. Repealed, 1966
Catchline at repeal: Purposes and power of Authority.
History: Repealed 1966 Ky. Acts ch. 255, sec. 283. -- Created 1954 Ky. Acts ch. 39, sec. 9, effective March 22, 1954.
KRS 175.090 Repealed, 1966
175.090. Repealed, 1966
Catchline at repeal: Authority may exercise powers of Department of Highways; limitations.
History: Repealed 1966 Ky. Acts ch. 255, sec. 283. -- Created 1954 Ky. Acts ch. 39, sec. 10, effective March 22, 1954.
KRS 175.100 Repealed, 1966
175.100. Repealed, 1966
Catchline at repeal: Acquisition of property, etc.
History: Repealed 1966 Ky. Acts ch. 255, sec. 283. -- Created 1954 Ky. Acts ch. 39, sec. 11, effective March 22, 1954.
KRS 175.110 Repealed, 1966
175.110. Repealed, 1966
Catchline at repeal: Grade separations, construction, etc.
History: Repealed 1966 Ky. Acts ch. 255, sec. 283. -- Created 1954 Ky. Acts ch. 39, sec. 12, effective March 22, 1954.
KRS 175.120 Repealed, 1966
175.120. Repealed, 1966
Catchline at repeal: Leases and sales with Department of Highways, etc.
History: Repealed 1966 Ky. Acts ch. 255, sec. 283. -- Created 1954 Ky. Acts ch. 39, sec. 13, effective March 22, 1954.
KRS 175.130 Repealed, 1966
175.130. Repealed, 1966
Catchline at repeal: Payment of rentals by department.
History: Repealed 1966 Ky. Acts ch. 255, sec. 283. -- Created 1954 Ky. Acts ch. 39, sec. 14, effective March 22, 1954.
KRS 175.140 Repealed, 1966
175.140. Repealed, 1966
Catchline at repeal: Right to regulate installations owned by public or private utilities, etc.
History: Repealed 1966 Ky. Acts ch. 255, sec. 283. -- Created 1954 Ky. Acts ch. 39, sec. 15, effective March 22, 1954.
KRS 175.150 Repealed, 1966
175.150. Repealed, 1966
Catchline at repeal: Rates, rentals and charges for use of facilities, etc.
History: Repealed 1966 Ky. Acts ch. 255, sec. 283. -- Created 1954 Ky. Acts ch. 39, sec. 16, effective March 22, 1954.
KRS 175.160 Repealed, 1966
175.160. Repealed, 1966
Catchline at repeal: Authority's power to deal with Federal agencies.
History: Repealed 1966 Ky. Acts ch. 255, sec. 283. -- Created 1954 Ky. Acts ch. 39, sec. 17, effective March 22, 1954.
KRS 175.170 Repealed, 1966
175.170. Repealed, 1966
Catchline at repeal: Power to incur debt and provide for payment thereof.
History: Repealed 1966 Ky. Acts ch. 255, sec. 283. -- Created 1954 Ky. Acts ch. 39, sec. 18, effective March 22, 1954.
KRS 175.180 Repealed, 1966
175.180. Repealed, 1966
Catchline at repeal: Issuance of bonds.
History: Repealed 1966 Ky. Acts ch. 255, sec. 283. -- Created 1954 Ky. Acts ch. 39, sec. 19, effective March 22, 1954.
KRS 175.190 Repealed, 1966
175.190. Repealed, 1966
Catchline at repeal: Bonds not to be debt of state, etc.
History: Repealed 1966 Ky. Acts ch. 255, sec. 283. -- Created 1954 Ky. Acts ch. 39, sec. 20, effective March 22, 1954.
KRS 175.200 Repealed, 1966
175.200. Repealed, 1966
Catchline at repeal: Remedies of bondholders.
History: Repealed 1966 Ky. Acts ch. 255, sec. 283. -- Created 1954 Ky. Acts ch. 39, sec. 21, effective March 22, 1954.
KRS 175.210 Repealed, 1966
175.210. Repealed, 1966
Catchline at repeal: Exemption from taxation.
History: Repealed 1966 Ky. Acts ch. 255, sec. 283. -- Created 1954 Ky. Acts ch. 39, sec. 22, effective March 22, 1954.
KRS 175.220 Repealed, 1966
175.220. Repealed, 1966
Catchline at repeal: Investment of funds in bonds issued by Authority; deposit of bonds.
History: Repealed 1966 Ky. Acts ch. 255, sec. 283. -- Created 1954 Ky. Acts ch. 39, sec. 23, effective March 22, 1954.
KRS 175.230 Repealed, 1966
175.230. Repealed, 1966
Catchline at repeal: Refunding bonds.
History: Repealed 1966 Ky. Acts ch. 255, sec. 283. -- Created 1954 Ky. Acts ch. 39, sec. 24, effective March 22, 1954.
KRS 175.240 Repealed, 1966
175.240. Repealed, 1966
Catchline at repeal: Procedure for designating receipts as trust funds, etc.
History: Repealed 1966 Ky. Acts ch. 255, sec. 283. -- Created 1954 Ky. Acts ch. 39, sec. 25, effective March 22, 1954.
KRS 175.250 Repealed, 1966
175.250. Repealed, 1966
Catchline at repeal: Fiscal report; annual reports.
History: Repealed 1966 Ky. Acts ch. 255, sec. 283. -- Created 1954 Ky. Acts ch. 39, sec. 26, effective March 22, 1954.
KRS 175.260 Repealed, 1966
175.260. Repealed, 1966
Catchline at repeal: Audits.
History: Repealed 1966 Ky. Acts ch. 255, sec. 283. -- Created 1954 Ky. Acts ch. 39, sec. 27, effective March 22, 1954.
KRS 175.270 Repealed, 1966
175.270. Repealed, 1966
Catchline at repeal: Covenant of Commonwealth for protection of bondholders.
History: Repealed 1966 Ky. Acts ch. 255, sec. 283. -- Created 1954 Ky. Acts ch. 39, sec. 28, effective March 22, 1954.
KRS 175.280 Repealed, 1966
175.280. Repealed, 1966
Catchline at repeal: Application of traffic laws to Authority's projects, etc.
History: Repealed 1966 Ky. Acts ch. 255, sec. 283. -- Created 1954 Ky. Acts ch. 39, sec. 29, effective March 22, 1954.
KRS 175.290 Repealed, 1966
175.290. Repealed, 1966
Catchline at repeal: Exemption of Authority from provisions of KRS Chapters 12, 42, 45, and 56.
History: Repealed 1966 Ky. Acts ch. 255, sec. 283. -- Created 1954 Ky. Acts ch. 39, sec. 30, effective March 22, 1954.
KRS 175.300 Repealed, 1966
175.300. Repealed, 1966
Catchline at repeal: Construction of chapter.
History: Repealed 1966 Ky. Acts ch. 255, sec. 283. -- Created 1954 Ky. Acts ch. 39, sec. 31, effective March 22, 1954.
KRS 175.310 Repealed, 1966
175.310. Repealed, 1966
Catchline at repeal: Advancement of funds to Authority for initial expenses.
History: Repealed 1966 Ky. Acts ch. 255, sec. 283. -- Created 1954 Ky. Acts ch. 39, sec. 32, effective March 22, 1954.
KRS 175.320 Repealed, 1966
175.320. Repealed, 1966
Catchline at repeal: Expenditures for studies and plans.
History: Repealed 1966 Ky. Acts ch. 255, sec. 283. -- Created 1954 Ky. Acts ch. 39, sec. 33, effective March 22, 1954.
KRS 175.410 Definitions
175.410. Definitions
As used in this chapter, the following words shall have the following respective meanings, unless another or different meaning or intent shall be clearly indicated by the context:
(1) The word "authority" shall mean the Turnpike Authority of Kentucky;
(2) The word "department" shall mean the Department of Highways, or, if said department shall be abolished, the bureau, board, body or commission succeeding to the principal functions thereof or to whom the powers given by KRS 177.390 to 177.570 to the department shall be given by law;
(3) The word "project" or the words "turnpike project" shall mean any express highway or superhighway or such part or parts thereof as may be constructed by the authority under the provisions of this chapter, including all bridges, tunnels, overpasses, underpasses, interchanges, entrance plazas, approaches, connecting highways, tollhouses, service stations, garages, restaurants, and administration, storage and other buildings and facilities which the authority may deem necessary for the operation of such project, together with all property, rights, easements and interests which may be acquired by the authority or by the department for the construction or the operation of such project;
(4) The word "cost" as applied to a turnpike project shall embrace the cost of construction, the cost of the acquisition of all land, rights of way, property, rights, easements and interests acquired for such construction, the cost of demolishing or removing any buildings or structures on land so acquired, including the cost of acquiring any lands to which such buildings or structures may be moved, the cost of all machinery and equipment, financing charges, provision for working capital in such amount as the authority shall determine to be reasonable, interest prior to and during construction and, if deemed advisable by the authority, for a period not exceeding two (2) years after completion of construction, cost of traffic estimates, engineering and legal expenses, cost of plans, specifications, surveys, estimates of cost and of revenues, other expenses as may be necessary or incident to determining the feasibility or practicability of constructing any such project, administrative expenses, and such other expense as may be necessary or incident to the construction of the project, the financing of such construction and the placing of the project in operation. Any obligation or expense hereafter incurred for a turnpike project by the authority or by the department on behalf of the authority, and any obligation or expense heretofore incurred by the department for any such turnpike project, for traffic surveys, borings, preparation of plans and specifications, engineering, and other services in connection with the construction of a project may be regarded as a part of the cost of such project and may, if advanced by the department, be reimbursed to it out of the proceeds of turnpike revenue bonds of the authority;
(5) The words "public highways" shall include all public highways, roads and streets in the Commonwealth, whether maintained by the Commonwealth or by any county, city, town or other political subdivision or agency;
(6) The word "bonds" or the words "revenue bonds" or "turnpike revenue bonds" shall mean revenue bonds or revenue refunding bonds of the authority issued under the provisions of this chapter;
(7) The word "owner" shall include all individuals, copartnerships, associations, or corporations having any title or interest in any property, rights, easements or interests authorized by this chapter to be acquired;
(8) The word "agreement" shall mean a written agreement, made by and between the authority and the department under the provisions of KRS 175.460, providing for the financing and constructing of one (1) or more turnpike projects by the authority;
(9) The word "lease" shall mean a written lease made by the authority as lessor and the department as lessee under the provisions of KRS 175.470, relating to one (1) or more turnpike projects financed and constructed by the authority;
(10) The word "biennium" or the words "biennial period" or "biennial term" shall mean the two (2) year fiscal period of the Commonwealth, commencing on July 1 in each even-numbered year and ending on June 30 in the next ensuing even-numbered year.
Effective: March 25, 1960
History: Created 1960 Ky. Acts ch. 173, sec. 3, effective March 25, 1960.
KRS 175.420 Legislative intent
175.420. Legislative intent
This chapter is intended to supplement KRS 177.390 to 177.570 by providing an additional and alternative method for the provision and financing of turnpikes and appurtenant facilities to the end that such projects may be undertaken in such manner as may best be calculated to expedite relief from hazardous and congested traffic conditions on the highways in the Commonwealth and to provide acceptable avenues of commerce and intercommunication by vehicular traffic among the several sections of the Commonwealth.
Effective: March 25, 1960
History: Created 1960 Ky. Acts ch. 173, sec. 1, effective March 25, 1960.
KRS 175.425 Purpose and status of turnpike authority
175.425. Purpose and status of turnpike authority
The Turnpike Authority of Kentucky is created solely to perform essential governmental functions and to serve the public purposes of constructing, acquiring, financing and operating turnpike and other road projects for the use, safety, convenience and general welfare of the traveling public. In accomplishing such public purposes, the Turnpike Authority of Kentucky shall be and constitute a de jure municipal corporation and political subdivision of the Commonwealth of Kentucky.
History: Created 1976 Ky. Acts ch. 202, sec. 1.
KRS 175.430 Turnpike Authority of Kentucky -- Composition -- Meetings -- Quorum -- Corporate character
175.430. Turnpike Authority of Kentucky -- Composition -- Meetings -- Quorum -- Corporate character
(1) The Governor, the Lieutenant Governor, the secretary of finance and administration, the State Highway Engineer, the secretary of economic development, the secretary of transportation, and the Attorney General, and their respective successors in office, shall be a body corporate and politic constituting a public corporation and governmental agency and instrumentality of the Commonwealth by the name of "The Turnpike Authority of Kentucky," with perpetual succession and with power in that name to contract and be contracted with, sue and be sued, have and use a corporate seal, and exercise, in addition to the powers and functions specifically stated in this chapter, all of the usual powers of private corporations to the extent that the same are not inconsistent with specifically enumerated powers.
(2) The members of the authority shall receive no compensation for their services in that capacity, but shall be entitled to reimbursement for all reasonable expenses necessarily incurred in connection with performance of their duties and functions as such members.
(3) Four (4) members of the authority shall constitute a quorum for the transaction of business, and in the absence of a quorum, one (1) or more members may adjourn from time to time until a quorum is convened. Each member may designate in writing a proxy for the transaction of business. Within ninety (90) days from March 25, 1960, the authority shall convene and organize. The Governor shall, by virtue of his office, be the chairman of the authority and the Lieutenant Governor shall in like manner be the vice chairman. The authority shall elect a secretary and a treasurer who shall not be members of the authority, each of whom shall serve at the pleasure of the authority and shall receive such compensation as may be determined by the authority with approval of the secretary of the Personnel Cabinet to be paid from the budgeted funds of the cabinet. The Treasurer shall give bond to the authority and the Commonwealth conditioned upon his faithful accounting for all funds coming into his custody from time to time, the same to be in such amount as the authority may prescribe, with corporate surety given by a surety company qualified to do business in the Commonwealth, premium therefor to be paid by the authority. The authority shall establish and maintain an office in premises which shall be provided for that purpose by the Finance and Administration Cabinet without cost to the authority; and the secretary of the authority shall at all times maintain therein complete records of all of the authority's actions and proceedings, which shall constitute public records open to inspection at reasonable times.
Effective: July 15, 1998
History: Amended 1998 Ky. Acts ch. 154, sec. 84, effective July 15, 1998. -- Amended 1988 Ky. Acts ch. 204, sec. 1, effective April 4, 1988. -- Amended 1984 Ky. Acts ch. 406, sec. 5, effective July 13, 1984. -- Amended 1982 Ky. Acts ch. 184, sec. 5, effective July 15, 1982; and ch. 396, sec. 44, effective July 15, 1982. -- Created 1960 Ky. Acts ch. 173, sec. 2, effective March 25, 1960.
KRS 175.440 Authority may undertake turnpike projects pursuant to agreement with department
175.440. Authority may undertake turnpike projects pursuant to agreement with department
In order to provide for the construction of modern express highways or superhighways embodying safety devices (including, when determined by the authority and the department to be feasible and necessary, center division, ample shoulder widths, longsight distances, two (2) or more lanes in each direction and grade separations at intersections with other highways and railroads and other appurtenances), and thereby to facilitate vehicular traffic, remove many of the present handicaps and hazards on the congested highways in the Commonwealth, and promote the agricultural and industrial development of the Commonwealth, the authority is hereby authorized and empowered, under and pursuant to the terms and provisions of a written agreement or agreements with the department as hereinafter provided, to construct, maintain, repair and operate turnpike projects, to lease such projects to the department, and to issue revenue bonds of the authority to finance such projects.
Effective: March 25, 1960
History: Created 1960 Ky. Acts ch. 173, sec. 4, effective March 25, 1960.
KRS 175.450 General powers of authority as to turnpike projects
175.450. General powers of authority as to turnpike projects
The authority is hereby authorized and empowered:
(1) To construct, reconstruct, maintain, repair, operate, and regulate turnpike projects at such locations within the Commonwealth as may be determined by the authority and the department and provided for in an agreement or agreements;
(2) To acquire sites abutting on any turnpike project, as a part of such project, and to construct or contract for the construction of buildings and appurtenances for service stations, garages, restaurants and other services and to lease the same to parties other than the department for any of such purposes (or, if leases to such parties cannot be made on acceptable terms, to operate or to lease to the department any or all of the same) in such manner and under such terms as may be provided in an agreement;
(3) To issue turnpike revenue bonds of the authority payable solely from the tolls, revenues, rentals and other funds pledged for their payment, for the purpose of paying all or any part of the cost of any one or more turnpike projects, and to refund any of its bonds;
(4) To fix and revise from time to time and charge and collect tolls for transit over each turnpike project constructed by it, except to the extent that such powers are surrendered to the department pursuant to a lease;
(5) To combine for financing purposes any two (2) or more turnpike projects;
(6) To lease as lessor any turnpike project or projects to the department as lessee, pursuant to the terms and provisions of a lease;
(7) To establish and enforce rules and regulations for the use of any turnpike project, except during any period when such powers are provided to be exercised by the department pursuant to a lease;
(8) Without reference to KRS Chapter 56, to acquire and hold in the name of the authority real and personal property in the exercise of its powers and the performance of its functions and duties under this chapter, and to dispose of the same, with the approval of the department;
(9) To designate the locations and establish, limit and control such points of ingress to and egress from each turnpike project as the authority and the department may determine to be necessary or desirable to insure the proper operation and maintenance of such project, and to prohibit entrance to such project from any point or points not so designated;
(10) To make and enter into such contracts and agreements with the department and other parties as may be necessary or incidental to the performance of its duties and the execution of its powers under this chapter;
(11) To employ consulting engineers, attorneys, accountants, construction and financial experts, superintendents, managers, and such other employees and agents as may be necessary in the judgment of the authority, and to fix their compensation;
(12) To receive and accept from the Commonwealth, the department, and any federal agency, grants for or in aid of the construction of any turnpike project, and to receive and accept aid or contributions from any source of either money, property, labor or other things of value, to be held, used and applied only for the purposes for which such grants and contributions may be made;
(13) To expend any funds provided under the authority of this chapter in advertising the facilities and services of a turnpike project or projects to the traveling public; and
(14) To do all acts and things necessary or convenient to carry out the powers expressly granted in this chapter.
Effective: March 25, 1960
History: Created 1960 Ky. Acts ch. 173, sec. 5, effective March 25, 1960.
KRS 175.460 Contents of agreement between authority and department
175.460. Contents of agreement between authority and department
In the event that the authority and the department shall deem it suitable, feasible, necessary and expedient that any turnpike project or projects be financed or refinanced by the authority and constructed by the authority or by the department on behalf of the authority under this chapter, the authority and the department are empowered to make one or more written agreements with regard thereto in which, as to each such project, the parties may include provisions as to any one or more of the following:
(1) Identify the turnpike project to be financed by the authority, setting forth in general terms, subject to necessary revision from time to time as the work progresses, the principal features including geographic location, terminal points, width of right of way, number of lanes in each direction, width of traffic lanes, width of shoulders, whether there shall be center division, location and nature of access points, tunnels, bridges, overpasses, underpasses, interchanges, entrance plazas, approaches, connecting highways, tollhouses, service stations, garages, restaurants and other desired appurtenances;
(2) Set forth what portions, if any, of the cost of the project have been or shall thereafter be contributed by the department from the funds and other resources available to it during the then current biennium and not previously obligated, which may include engineering and any other services performed by the staff of the department; and that the department, if deemed desirable, shall supervise construction on behalf of the authority upon terms which are mutually acceptable;
(3) Set forth what portions of the cost of the project shall or may be paid from the proceeds of bonds issued by the authority under this chapter;
(4) Set forth any agreements of the authority and the department with regard to planning, design, acquisition of property, soliciting construction bids, awarding construction contracts, issuing of work orders, and such other steps as may be necessary or incidental to the construction of the project, and authorizing and selling bonds for the project;
(5) Agree that the project is intended to be and from and after the completion thereof will continuously constitute a link between parts of the highway system of the Commonwealth and will always be open to public travel, subject to exaction of such tolls as may be prescribed from time to time whenever and so long as the exaction of tolls may be authorized by law or required by the proceedings authorizing the issuance of the bonds or the trust indenture securing the same;
(6) Agree that from and after the completion of the project the department will continuously pay all or any part of the cost of repairing, maintaining and operating the project as a public highway provided for the use of the Commonwealth, equitably belonging to the Commonwealth, and intended for ultimate unencumbered ownership by the Commonwealth;
(7) Agree that upon the happening of stated events and the performance of stated conditions not inconsistent with law, the authority shall convey the project to the Commonwealth;
(8) Set forth generally or in detail any of the terms and provisions of any lease proposed to be entered into by and between the authority and the department under the provisions of KRS 175.470;
(9) Agree that upon determination of the amount of bonds to be issued by the authority for the project and the interest rate or rates the bonds are to bear, and prior to the delivery of any bonds to the purchaser thereof, the rental to be paid during the term of the lease and each biennial term for which the lease may be renewed shall be established according to a method of computation set forth therein and in the proposed lease, and that the authority and the department, each by authorized persons, shall execute such lease and file the original or a signed counterpart thereof in the offices of the authority, the department and the Secretary of State of the Commonwealth; and
(10) Agree that the department shall set aside and, except as may be provided in any lease entered into under the provisions of KRS 175.470, pay over to the authority as revenues of the turnpike all motor fuel taxes collected by the department on gasoline and other motor fuels consumed on such turnpike, except the two-sevenths (2/7) of said motor fuel taxes provided by KRS 138.220 to be set aside for the construction, reconstruction and maintenance of rural and secondary roads.
Effective: March 25, 1960
History: Created 1960 Ky. Acts ch. 173, sec. 6, effective March 25, 1960.
KRS 175.470 Leases between authority and department authorized -- Contents
175.470. Leases between authority and department authorized -- Contents
The authority and the department are authorized and empowered to enter into a lease or leases with respect to any turnpike project or projects pursuant to any agreement or agreements made under the provisions of KRS 175.460. Any lease may contain, in substance, any of the provisions set forth in this section and such other provisions not inconsistent herewith as the authority and the department may deem appropriate and desirable:
(1) That the lease is for the remainder of the biennial period in which it is dated and executed, and is renewable at the option of the department for the succeeding biennial period, one (1) at a time, until the final maturity date of the bond issue to which the lease is related;
(2) That as to the cost of maintaining, repairing and operating the project, and not otherwise, the department is contractually bound not only for the remainder of the biennial period in which the lease is dated and executed, but for the entire period of years until the final maturity of such bonds;
(3) That with respect to the biennial period in which the lease is dated and executed, the department shall otherwise be firmly bound only (a) to contribute to the authority such portions, if any, of the cost of the project as the agreement prescribes shall be paid by the department, and (b) to pay to the authority the rental prescribed for such biennium;
(4) That if the department shall fully perform all such obligations during such initial term of the lease, it shall have an exclusive option to renew the lease at the time and in the manner prescribed for the ensuing biennium, effective on the first day thereof; that the department shall not be or become in any way obligated to pay the rental stipulated for such biennium unless the lease be so renewed; and that the department shall, upon any such renewal, be firmly bound to pay to the authority the rental stipulated for such biennium as a general obligation of the department to be paid not only from the revenues of the project but also from any other available funds of the department not required by law or by previous binding contract to be devoted to some other purpose;
(5) In like manner and subject to the same conditions and provisions as are set forth in subsection (4) above, if the department shall in such first ensuing biennium fully perform all its obligations and pay to the authority the rental stipulated for such biennium, the department shall have another exclusive option to renew such lease for another biennium; and so on for successive biennial terms until the final biennium for which the lease may be renewed;
(6) That each such option of the department to renew the lease for a succeeding biennial term may be exercised at any time after the adjournment of the session of the General Assembly at which appropriations shall have been made for the operation of the state government for such succeeding biennial term, by so notifying the authority in writing signed by the commissioner of highways and delivered in the office of the authority to any officer thereof; provided, however, that such option shall be deemed automatically exercised, and the lease automatically renewed for the succeeding biennium, effective on the first day thereof, unless a written notice of the department's election not to renew shall have been delivered in the office of the authority, to an officer thereof, before the close of business on the last working day in April immediately preceding the beginning of such succeeding biennium;
(7) That so long as the lease is renewed from time to time and the department fully performs all its obligations as lessee, including payment of the rental stipulated in the lease, (a) the revenues of the project shall be collected, segregated, distributed, deposited, secured, disbursed and accounted for in strict conformity with the proceedings and trust indenture of the authority, and the aggregate of such revenues properly accounted for and deposited pursuant to said proceedings and trust indenture shall, if and to the extent provided in the lease, be a credit against the department's rental or other obligations for the then current biennial term under the lease, and (b) any motor fuel taxes and surtaxes collected by the Commonwealth on gasoline and other motor fuels consumed on the project and set aside pursuant to an agreement shall be applied as provided in said proceedings and trust indenture and shall, if and to the extent provided in the lease, be a credit against the department's rental or other obligations for the then current biennial term under the lease; and if such revenues and motor fuel taxes so provided in the lease to be a credit against the rental or other obligations of the department under the lease shall at any time appear to be insufficient to discharge such obligations in full when due and payable, the department shall estimate the rate of deficiency on a semiannual basis conforming to the interest payment dates of the bonds of the authority to which the lease is related and shall pay the amount of such estimated deficiency to the authority in equal monthly payments from any other available funds of the department not required by law or previous binding contract to be devoted to other purposes, subject to adjustment from estimated deficiencies to actual deficiencies at least thirty (30) days before each such semiannual interest payment date; provided, however, that during the department's continuance in good standing in this respect the department shall have the right to establish, increase, decrease, suspend, or abolish the exaction of tolls, rates and charges for vehicular travel upon the project, but during any period when the department may elect to suspend or abolish the exaction of such tolls, rates and charges, it shall nevertheless continue to maintain in good operating condition, on a stand-by basis, all tollhouses, tollgates, toll- registering and toll-collecting equipment, signs, lights, fences, and other installations and facilities incident to, or used or useful in connection with, the exaction and collection of tolls, rates, and charges, in order that the same may be resumed at any time, without delay;
(8) That in the event the lease is not renewed in accordance with its terms, or in the event it is renewed and the department shall fail to perform in full its obligations thereunder, then (a) the department shall immediately be liable for the balance of the rental stipulated for the then current biennial term for which the lease had previously been renewed, without requirement of notice or other action on the part of the authority, and shall forthwith pay such balance to the authority upon demand,
(b) the department shall forfeit its then current option to renew the lease for the ensuing biennial term and its options for all future terms, (c) the right to establish, increase, decrease, suspend, abolish the exaction of, or resume tolls, rates, and charges for vehicular travel on the project shall wholly pass from the department to the authority, and (d) all motor fuel taxes collected by the Commonwealth on gasoline and other motor fuels consumed on the project, except the two-sevenths (2/7) of said motor fuel taxes provided by KRS 138.220 to be set aside for the construction, reconstruction, and maintenance of rural and secondary roads, shall thereafter be set aside and paid over to the authority as revenues of the project for deposit in the sinking fund or funds pledged to the payment of the bonds of the authority; and
(9) In the event of the department's forfeiture of rights as provided in subsection (8) of this section, the same may not be reassumed, nor the department restored to good standing with options to renew the lease from time to time, except in such manner as shall not be inconsistent with the rights of the holders of outstanding bonds.
Effective: March 25, 1960
History: Created 1960 Ky. Acts ch. 173, sec. 7, effective March 25, 1960.
KRS 175.480 Policing of projects
175.480. Policing of projects
Every project of the authority shall be open to regular policing by the Department of Kentucky State Police as in the case of other public highways of the Commonwealth.
Effective: June 26, 2007
History: Amended 2007 Ky. Acts ch. 85, sec. 183, effective June 26, 2007. -- Created 1960 Ky. Acts ch. 173, sec. 8, effective March 25, 1960.
KRS 175.490 Grade separations -- Relocation or vacation of existing highways -- Rights of access -- Regulations as to public utility facilities on or along turnpike projects
175.490. Grade separations -- Relocation or vacation of existing highways -- Rights of access -- Regulations as to public utility facilities on or along turnpike projects
(1) The authority shall have power to construct grade separations at intersections of any turnpike project or projects with public highways and to change and adjust the lines and grades of such highways so as to accommodate the same to the design of such grade separation. The cost of such grade separations and any damage incurred in changing and adjusting the lines and grades of highways shall be a part of the cost of such turnpike project.
(2) If the authority shall find it necessary to change the location or grade of any portion of any public highway, it shall cause the same to be reconstructed at such location as the authority and the department shall deem most favorable and of substantially the same type and in as good condition as the original highway. The cost of such reconstruction and any damage incurred in changing the location or grade of any such highway shall be a part of the cost of such turnpike project.
(3) Any public highway affected by the construction of any turnpike project may be vacated or relocated by the authority, with the approval of the department, in the manner now provided by law for the vacation or relocation of public roads and any damages awarded on account thereof shall be a part of the cost of such project.
(4) The authority and its authorized agents and employees may enter upon any lands, waters and premises in the Commonwealth for the purpose of making such surveys, soundings, drillings and examinations as they may deem necessary or convenient for the purpose of this chapter, and such entry shall not be deemed a trespass, nor shall an entry for such purposes be deemed an entry under any condemnation proceedings which may be then pending. The authority shall make reimbursement to the owners for any actual damage resulting to such lands, waters and premises as a result of such activities on behalf of the authority, and the same shall be a part of the cost of such project.
(5) The authority shall have power to make reasonable regulations for the installation, construction, maintenance, repair, renewal, relocation and removal of tracks, pipes, mains, conduits, cables, wires, towers, poles and other equipment and appliances (herein called "public utility facilities") of any public utility in, on, along, over or under any turnpike project. Whenever the authority shall determine that it is necessary that any such public utility facilities which now are, or hereafter may be, located in, on, along, over or under any turnpike project should be relocated in such turnpike project, or should be removed from such turnpike project, the public utility owning or operating such facilities shall relocate or remove the same in accordance with the order of the authority; provided, however, that the cost and expense of such relocation or removal, including the cost of installing such facilities in a new location or new locations, and the cost of any lands, or any rights or interests in lands, and any other rights, acquired to accomplish such relocation or removal, shall be a part of the cost of such turnpike project. In case of any such relocation or removal of facilities, the public utility owning or operating the same, its successors or assigns, may maintain and operate such facilities, with the necessary appurtenances, in the new location or new locations, for as long a period, and upon the same terms and conditions, as it had the right to maintain and operate such facilities in their former location or locations. No utility shall have the privilege of establishing its lines or properties within the right of way of a turnpike which has been constructed or is owned, maintained or operated by the authority, except upon the conditions and terms prescribed by the authority; however, a utility shall be permitted to connect its lines with service stations, garages, restaurants and other installations permitted by the authority to exist upon the right of way of the turnpike.
(6) Costs and expenses incurred by the authority as permitted by subsections (1), (2), (3), (4) and (5) of this section may, as provided in the applicable agreement or lease,
(a) be paid by the authority from the proceeds of revenue bonds issued by it for financing the turnpike project or projects, or (b) be paid by the department from available funds without reimbursement, or (c) be advanced by the department and reimbursed to it from the proceeds of bonds issued for the project or projects under this chapter.
(7) The Commonwealth hereby consents to the use of all lands owned by it, including lands lying under water, which are deemed by the authority to be necessary for the construction or operation of any turnpike project.
Effective: March 25, 1960
History: Created 1960 Ky. Acts ch. 173, sec. 9, effective March 25, 1960.
KRS 175.500 Turnpike revenue bonds of the authority
175.500. Turnpike revenue bonds of the authority
(1) The authority is authorized to provide, at one (1) time or from time to time, for the issuance of its turnpike revenue bonds for the purpose of paying all or any part of the cost of any one (1) or more turnpike projects undertaken pursuant to an agreement and lease. The principal of and the interest on the bonds shall be payable solely from the funds provided for the payment. The bonds of any issue may be in one (1) or more series and any one (1) or more series may enjoy equal or subordinate status with respect to the pledge of funds from which they are payable, shall be dated, shall bear interest at a rate or rates or method of determining rates, shall mature at a time or times not exceeding forty (40) years from their date or dates, all as may be provided by the authority, and may be made redeemable before maturity, at the option of the authority, at a price or prices and under terms and conditions as may be fixed by the authority prior to the issuance of the bonds. The authority shall determine the form of the bonds, including any interest coupons to be attached to the bonds, and shall fix the denomination or denominations of the bonds and the place or places for payment of principal and interest, which may be at any bank or trust company within or without the Commonwealth. The bonds shall be signed by the facsimile signature of the chairman of the authority, and the seal of the authority or a facsimile of the seal shall be affixed to the bonds and attested by the manual signature of the secretary of the authority, and any coupons attached to the bonds shall bear the facsimile signature of the chairman of the authority. In case any officer whose signature or a facsimile of whose signature shall appear on any bonds or coupons shall cease to be an officer before the delivery of the bonds, the signature or facsimile shall nevertheless be valid and sufficient for all purposes the same as if he had remained in office until delivery of the bonds. All bonds issued under the provisions of this chapter shall have and are declared to have all the qualities and incidents of negotiable instruments under the negotiable instruments law of the Commonwealth. The bonds may be issued in coupon or in registered form, or both, as the authority may determine, and provision may be made for the registration of any coupon bonds as to principal alone and also as to both principal and interest, and for the reconversion into coupon bonds of any bonds registered as to both principal and interest. The authority may sell the bonds in a manner, either at public or private sale, and for a price as it may determine will best effect the purposes of this chapter.
(2) The proceeds of the bonds of each issue shall be used solely for the payment of the cost of the turnpike project or projects for which the bonds shall have been issued, and shall be disbursed in a manner and under the restrictions, if any, as the authority may provide in the proceedings authorizing the issuance of the bonds or in the trust indenture securing the bonds. If the proceeds of the bonds of any issue, by error of estimates or otherwise, shall be less than the cost, additional bonds may be issued to provide the amount of the deficit, and, unless otherwise provided in the proceedings authorizing the issuance of the bonds or in the trust indenture securing the bonds, shall be deemed to be of the same issue and shall be entitled to payment from the same fund without preference or priority of the bonds first issued. If the proceeds of the bonds of any issue shall exceed the cost, the surplus shall be deposited to the credit of the sinking fund or funds for the bonds or any account or accounts as the authority shall have provided in the proceedings or trust indenture authorizing and securing the bonds.
(3) Prior to the preparation of definitive bonds, the authority may, under like restrictions, issue interim receipts or temporary bonds, with or without coupons, exchangeable for definitive bonds when the bonds shall have been executed and are available for delivery. The authority may also provide for the replacement of any bonds which shall become mutilated or shall be destroyed or lost. Bonds may be issued under the provisions of this chapter without obtaining the consent of any department, division, commission, board, bureau, or agency of the Commonwealth, and without any other proceedings or the happening of any other conditions or things, except as specifically required by this chapter.
Effective: July 15, 1996
History: Amended 1996 Ky. Acts ch. 274, sec. 37, effective July 15, 1996. -- Amended 1968 Ky. Acts ch. 110, sec. 21. -- Created 1960 Ky. Acts ch. 173, sec. 10.
KRS 175.505 Debt payment acceleration fund -- Revenue source -- Use to accelerate payment of turnpike authority debt
175.505. Debt payment acceleration fund -- Revenue source -- Use to accelerate payment of turnpike authority debt
There is hereby created a fund in the road fund of the Commonwealth of Kentucky entitled the debt payment acceleration fund. The fund shall consist of twenty percent (20%) of the revenues to the state road fund provided by the adjustments in KRS 138.220(2) excluding the provisions of KRS 177.320 and 177.365. Annually the Transportation Cabinet shall use the funds generated to accelerate the pa yment of debt service including principal and interest, over and above the annual debt service payments appropriated for each fiscal year, for all bonds issued and any refinancings thereof by the Kentucky Turnpike Authority. The Transportation Cabinet shal l notify the Interim Joint Committee on Appropriations and Revenue by January 1 of each fiscal year of the debt payments which are to or have been accelerated in the fiscal year. In the event that, due to bond market conditions, the terms of the bonds issu ed or other factors, the Transportation Cabinet is unable to accelerate debt service payments, the Transportation Cabinet shall provide documentation to the Interim Joint Committee on Appropriations and Revenue that such acceleration is not possible and th e reasons therefor. In such an event, the funds not available for debt acceleration shall be placed in a special escrow account in the Transportation Cabinet. Such funds shall not be expended for any of the lawful purposes of the Transportation Cabinet but shall be held in the escrow account until such time as the debt acceleration described by this section is possible. The Transportation Cabinet shall invest the funds allocated to the escrow account and any funds generated from these investments shall remain in the escrow account. Any funds remaining in the escrow account at the close of the fiscal year shall not lapse but shall be carried forward to the next fiscal year for use as provided in this section. In the event that all principal and interest outstanding on any bonds issued or any refinancing thereof by the turnpike authority has been paid, the Transportation Cabinet shall so report. In that event, any funds remaining in the escrow account shall remain in the fund until such time as the funds are appropriated by the General Assembly for any of the lawful purposes of the Transportation Cabinet.
Effective: July 1, 1986
History: Created 1986 Ky. Acts ch. 174, sec. 11, effective July 1, 1986. 2026-2028 Budget Reference. See Transportation Cabinet Budget, 2026 Ky. Acts ch. 167, Pt. I, A, 3, (2) at 2043.
KRS 175.510 Revenue bonds are not debt of Commonwealth
175.510. Revenue bonds are not debt of Commonwealth
Revenue bonds issued by the authority under the provisions of this chapter shall not be deemed to constitute a debt of the department or of the Commonwealth or of any political subdivision thereof, or a pledge of the faith and credit of the department or of the Commonwealth or of any such political subdivision, but such bonds shall be payable solely from the funds provided therefor under the provisions of this chapter. All such revenue bonds shall contain on the face thereof a statement to the effect that neither the Commonwealth nor the authority shall be obligated to pay the same or the interest thereon except from revenues of the turnpike project for which they are issued, including rentals under a lease of such project to the Department of Highways of the Commonwealth for a biennium and subject to renewal for successive bienniums; and that neither the faith and credit nor the taxing power of the Commonwealth or of any political subdivision thereof is pledged to the payment of the principal of or the interest on such bonds.
Effective: March 25, 1960
History: Created 1960 Ky. Acts ch. 173, sec. 11, effective March 25, 1960.
KRS 175.520 Tolls for use of turnpikes -- Contracts for utility and service facilities -- Disposition of toll revenues
175.520. Tolls for use of turnpikes -- Contracts for utility and service facilities -- Disposition of toll revenues
(1) The authority, while having the right to control tolls under this chapter or any lease, and the department, while having such right under this chapter or any such lease, are hereby authorized to fix, revise, charge, and collect tolls for the use of each turnpike project and the different parts or sections thereof.
(2) The authority, with the approval of the department, is hereby authorized to contract with any person, partnership, association, or corporation desiring the use of any part of a project, including the right-of-way adjoining the paved portion, for placing thereon telephone, telegraph, electric light, or power lines; service stations, garages, stores, hotels, motels, and restaurants; or for any other purpose except for tracks for railroad or railway use, and to fix the terms, conditions, rents, and rates of charges for such use. A sufficient number of service stations shall be authorized to be established in each service area along any such turnpike to permit reasonable competition by private business in the public interest.
(3) During any period when tolls are under the control of the authority, such tolls shall be so fixed and adjusted in respect of the aggregate of tolls from the turnpike project or projects in connection with which the bonds of any issue shall have been issued under the provisions of this chapter as to provide funds sufficient, with any other available funds, to pay:
(a) The cost of maintaining, repairing and operating such turnpike project or projects, unless such cost or any part thereof is being paid by the department as authorized in this chapter; and
(b) The principal of and the interest on such bonds as the same shall become due and payable, and to create reserves for such purposes. Such tolls shall not be subject to supervision or regulation by any other department, commission, board, bureau, or agency of the Commonwealth. The tolls and all other revenues derived from the turnpike project or projects in connection with which the bonds of any issue shall have been issued, except such part thereof as may be necessary to pay such cost of maintenance, repair, and operation and to provide such reserves therefor as may be provided for in the proceedings authorizing the issuance of such bonds or the trust indenture securing the same, shall be set aside in a sinking fund or funds which are hereby pledged to and charged with the payment of the principal of and the interest on such bonds as the same shall become due and the redemption price or the purchase price of bonds retired by call or purchase as therein provided. Such pledge shall be valid and binding from the time when the pledge is made; the tolls or other revenues or other moneys so pledged and thereafter received by the authority shall immediately be subject to the lien of such pledge without any physical delivery thereof or further act; and the lien of any such pledge shall be valid and binding as against all parties having claims of any kind in tort, contract, or otherwise against the authority, irrespective of whether such parties have notice thereof. Neither the proceedings nor any trust indenture by which a pledge is created need be filed or recorded except in the records of the authority and the department. The use and disposition of moneys to the credit of any such sinking fund shall be subject to the provisions of the proceedings authorizing the issuance of such bonds or of such trust indenture. Except as may otherwise be provided in such proceedings or in such trust indenture, any such sinking fund shall be a fund for all bonds provided to be payable therefrom without distinction or priority of one (1) over another.
(4) Notwithstanding any of the foregoing provisions of this section, the department may, by separate proceedings ancillary to the proceedings of the authority authorizing the issuance of revenue bonds or revenue refunding bonds under the provisions of this chapter, covenant to pay all or any part of the cost of maintaining, repairing, and operating any project constructed under the provisions of this chapter, and the department may, in such proceedings, covenant to make up all or any part of any deficiency in the fund or funds pledged to and charged with the payment of the principal of and the interest on such bonds from any funds or tax revenues available for general purposes of the department and not required by law to be devoted to some other purpose, and, inasmuch as such project will have been constructed by agreement with the department for the use and benefit of the Commonwealth and will eventually become the property of the Commonwealth, any such covenant shall have the force of contract between the Commonwealth and the holders of such revenue bonds or revenue refunding bonds.
(5) Notwithstanding any of the foregoing provisions of this section, the authority may, in the proceedings authorizing the issuance of revenue bonds or revenue refunding bonds for any turnpike project or projects under the provisions of this chapter or in the trust agreement securing such bonds, pledge to the payment of such bonds all motor fuel taxes and surtaxes collected by the Commonwealth on gasoline and other motor fuels consumed on such project or projects (except the two-sevenths (2/7) of said motor fuel taxes provided by KRS 138.220 to be set aside for the construction, reconstruction and maintenance of rural and secondary roads) and paid over to the authority by the department as revenues of such project or projects, and covenant to deposit such motor fuel taxes from time to time in the sinking fund or funds pledged to the payment of such bonds. In determining the amount of motor fuel consumed on any turnpike project the department shall divide the total miles traveled on such project by passenger automobiles, single unit trucks, and semitrailer trucks and buses as determined by the department by the average number of miles per gallon of motor fuel consumed by each of those classes of motor vehicle on the following basis: Passenger automobiles 15 miles per gallon Single unit trucks 10 miles per gallon Semitrailer trucks and buses 5 miles per gallon
Effective: July 15, 1996
History: Amended 1996 Ky. Acts ch. 249, sec. 2, effective July 15, 1996. -- Amended 1988 Ky. Acts ch. 270, sec. 1, effective July 15, 1988. -- Created 1960 Ky. Acts ch. 173, sec. 12, effective March 25, 1960.
KRS 175.525 Toll-road identification card -- Exemptions from tolls
175.525. Toll-road identification card -- Exemptions from tolls
(1) The authority or the cabinet shall establish by administrative regulation promulgated pursuant to KRS Chapter 13A a toll-road identification card to be provided to paying and nonpaying users of toll facilities. The toll-road identification cards shall be issued through an application process. A fee that shall not exceed five dollars ($5) may be established for the issuance of each card.
(2) Upon application, nonpaying accounts shall be established for:
(a) State police, local police, and fire department vehicles while the vehicles are being operated in an official capacity on a turnpike project;
(b) Emergency vehicles operated by an ambulance service while the vehicles are being operated in an official capacity, in both emergency and nonemergency situations on a turnpike project;
(c) Funeral processions on turnpike projects; and
(d) School district vehicles while the vehicles are being operated in an official capacity on turnpike projects.
(3) To receive the exemption contained in subsection (2) of this section, an ambulance service shall be licensed by the Cabinet for Health and Family Services.
Effective: June 20, 2005
History: Amended 2005 Ky. Acts ch. 99, sec. 143, effective June 20, 2005; and ch. 130, sec. 1, effective June 20, 2005. -- Amended 1998 Ky. Acts ch. 426, sec. 122, effective July 15, 1998. -- Created 1996 Ky. Acts ch. 249, sec. 1, effective July 15, 1996. Legislative Research Commission Note (6/20/2005). This section was amended by 2005 Ky. Acts chs. 99 and 130, which do not appear to be in conflict and have been codified together.
KRS 175.530 Trust indenture to secure bonds -- Rights and remedies of bondholders
175.530. Trust indenture to secure bonds -- Rights and remedies of bondholders
In the discretion of the authority, any bonds issued under the provisions of this chapter may be secured by a trust indenture by and between the authority and a corporate trustee, which may be any trust company or bank having the powers of a trust company within or without the Commonwealth. Such trust indenture or the proceedings providing for the issuance of such bonds may pledge or assign the tolls and other revenues to be received, but shall not convey or mortgage any turnpike project or any part thereof. Such trust indenture or proceedings may contain such provisions for protecting and enforcing the rights and remedies of the bondholders as may be reasonable and proper and not in violation of law, including covenants setting forth the duties of the authority in relation to the acquisition of property and the construction, improvement, maintenance, repair, operation and insurance of the turnpike project or projects in connection with which such bonds shall have been authorized, the rates of toll or the rentals to be charged, and the custody, safeguarding and application of all moneys. It shall be lawful for any bank or trust company incorporated under the laws of the Commonwealth which may act as depository of the proceeds of bonds or of revenues to furnish such indemnifying bonds or to pledge such securities as may be required by the authority. Any such trust indenture may set forth the rights and remedies of the bondholders and of the trustee, and may restrict the individual right of action by bondholders. In addition to the foregoing, any such trust indenture or proceedings may contain such other provisions as the authority may deem reasonable and proper for the security of the bondholders. All expenses incurred in carrying out the provisions of such trust indenture or proceedings may be treated as a part of the cost of the operation of the turnpike project or projects.
Effective: Marach 25, 1960
History: Created 1960 Ky. Acts ch. 173, sec. 13, effective March 25, 1960.
KRS 175.540 Trust funds
175.540. Trust funds
All moneys received pursuant to the provisions of this chapter, whether as proceeds from the sale of bonds or as revenues, shall be deemed to be trust funds to be held and applied solely as provided in this chapter. The proceedings or the trust indenture shall provide that any officer with whom, or any bank or trust company with which, such moneys shall be deposited shall act as trustee of such moneys and shall hold and apply the same for the purposes hereof, subject to such regulations as this chapter and such proceedings or trust indenture may provide.
Effective: March 25, 1960
History: Created 1960 Ky. Acts ch. 173, sec. 13, effective March 25, 1960.
KRS 175.550 Remedies of bondholders
175.550. Remedies of bondholders
Any holder of bonds issued under the provisions of this chapter or any of the coupons appertaining thereto, and the trustee under any trust indenture, except to the extent the rights herein given may be restricted by such trust indenture, may, either at law or in equity, by suit, action, mandamus or other proceedings, protect and enforce any and all rights under the laws of the Commonwealth or granted under this chapter or under such trust indenture or the proceedings authorizing the issuance of such bonds, and may enforce and compel the performance of all duties required by this chapter or by such trust indenture or proceedings to be performed by the authority or by any officer or employees thereof, including the fixing, charging and collecting of tolls.
Effective: March 25, 1960
History: Created 1960 Ky. Acts ch. 173, sec. 15, effective March 25, 1960.
KRS 175.560 Turnpike properties and bonds are tax-exempt
175.560. Turnpike properties and bonds are tax-exempt
The exercise of the powers granted by this chapter will be in all respects for the benefit of the people of the Commonwealth, for the increase of their commerce and prosperity, and for the improvement of their health and living conditions, and as the operation and maintenance of a turnpike project or projects by the authority will constitute the performance of essential governmental functions, the authority shall not be required to pay any taxes or assessments upon any turnpike project or any property acquired or used by the authority under the provisions of this chapter or upon the income therefrom, and the bonds issued under the provisions of this chapter, their transfer and the income therefrom (including any profit made on the sale thereof) shall at all times be free from taxation within the Commonwealth.
Effective: March 25, 1960
History: Created 1960 Ky. Acts ch. 173, sec. 16, effective March 25, 1960.
KRS 175.570 Status of turnpike bonds as investments
175.570. Status of turnpike bonds as investments
Bonds issued by the authority under the provisions of this chapter are hereby made securities in which all public officers and public bodies, agencies and instrumentalities of the Commonwealth and its political subdivisions, all insurance companies, trust companies, banking associations, investment companies, executors, administrators, trustees and other fiduciaries, and all other persons whatsoever who are now or may hereafter be authorized to invest in bonds or other obligations of a similar nature may properly and legally invest funds, including capital in their control or belonging to them. Such bonds are hereby made securities which may properly and legally be deposited with and received by any state or municipal officer or any agency or political subdivision of the Commonwealth for any purpose for which the deposit of bonds or other obligations of the Commonwealth is now or may hereafter be authorized by law.
Effective: March 25, 1960
History: Created 1960 Ky. Acts ch. 173, sec. 17, effective March 25, 1960.
KRS 175.580 Maintenance of turnpike -- Restoration of private property -- Donation of property by county or city -- Annual report of turnpike activities -- Audits -- Prohibition of interest of department or authority personnel
175.580. Maintenance of turnpike -- Restoration of private property -- Donation of property by county or city -- Annual report of turnpike activities -- Audits -- Prohibition of interest of department or authority personnel
(1) Except as otherwise provided in the agreement or lease relating thereto, each turnpike project when constructed and opened to traffic shall be maintained and kept in good condition and repair by the department under the terms and provisions of the agreement or lease, and shall be operated and maintained by such force of tolltakers, and other operating and maintenance employees, as the department may in its discretion employ, and the department shall not be reimbursed for the cost thereof unless expressly otherwise provided in the agreement or lease.
(2) All private property damaged or destroyed in carrying out the powers granted by this chapter shall be restored or repaired and placed in its original condition as nearly as practicable or adequate compensation made therefor out of funds provided under the authority of this chapter.
(3) All counties, cities, towns and other political subdivisions and all public agencies and commissions of the Commonwealth, notwithstanding any contrary provision of law, may lease, lend, grant or convey to the authority at its request, upon such terms and conditions as the proper authorities of the counties, cities, towns, political subdivisions, agencies or commissions of the Commonwealth deem reasonable and fair and without the necessity for any advertisement, order of court or other action or formality, other than the regular and formal action of the authorities concerned, any real property which is necessary or convenient to the effectuation of the authorized purposes of the authority, including public roads and other real property already devoted to public use.
(4) On or before January 30 in each year the authority shall make an annual report of its activities for the preceding year to the Governor and to the General Assembly. Each such report shall set forth a complete operating and financial statement covering its operations during the year. The authority shall cause an audit of its books and accounts to be made at least once in each year by certified public accountants and the cost thereof may be treated as a part of the cost of construction or operation of the project. Such audits are public records within meaning of KRS 61.870(2).
(5) No officer or employee of the authority or of the department shall have any interest, direct or indirect, in the sale or purchase of any bonds authorized by this chapter. Violation of this provision shall be punishable by a fine of not more than one thousand dollars ($1,000) or by imprisonment for not more than one (1) year, or both.
Effective: July 15, 1980
History: Amended 1980 Ky. Acts ch. 188, sec. 131, effective July 15, 1980. -- Amended 1966 Ky. Acts ch. 255, sec. 161. -- Created 1960 Ky. Acts ch. 173, sec. 18.
KRS 175.590 Acquisition of property -- Condemnation -- Possession -- Special provisions for condemning railroad property
175.590. Acquisition of property -- Condemnation -- Possession -- Special provisions for condemning railroad property
(1) The authority is hereby authorized and empowered to acquire by purchase, whenever it shall deem such purchase expedient, solely from funds provided pursuant to this chapter, such lands, structures, property, rights, rights of way, franchises, easements and other interests in lands, including lands lying under water and riparian rights, which are located within the Commonwealth, as it may deem necessary or convenient for the construction and operation of any project, upon such terms and at such prices as may be considered by it to be reasonable and can be agreed upon between it and the owner thereof, and to take title thereto in the name of the authority.
(2) Whenever a reasonable price cannot be agreed upon, or whenever the owner is legally incapacitated or is absent, unknown or unable to convey valid title, the authority is hereby authorized and empowered to acquire by condemnation or by the exercise of the power of eminent domain any lands, property, rights, rights of way, franchises, easements and other property, including public lands, parks, playgrounds, reservations, highways or parkways, or parts thereof or rights therein, of any person, copartnership, association, railroad, public service, public utility or other corporation, or municipality or political subdivision, deemed necessary or convenient for the construction or the efficient operation of any project or necessary in the restoration of public or private property damaged or destroyed. Any such proceedings shall be conducted, and the compensation to be paid shall be ascertained and paid, in the manner provided by the Constitution and laws of the Commonwealth then applicable which relate to condemnation or to the exercise of the power of eminent domain by the department. Title to any property acquired by the authority shall be taken in the name of the authority. In any condemnation proceedings the court having jurisdiction of the suit, action or proceeding may make such orders as may be just to the authority and to the owners of the property to be condemned and may require an undertaking or other security to secure such owners against any loss or damage by reason of the failure of the authority to accept and pay for the property, but neither such undertaking or security nor any act or obligation of the authority shall impose any liability upon the Commonwealth except as may be paid from the funds provided under this chapter.
(3) If the owner, lessee or occupier of any property to be condemned shall refuse to remove his personal property therefrom or give up his possession thereof, the authority may proceed to obtain possession in any manner now or hereafter provided by law.
(4) With respect to any railroad property or right of way upon which railroad tracks are located, any powers of condemnation or of eminent domain may be exercised to acquire only an easement interest therein which shall be located either sufficiently far above or sufficiently far below the grade of any railroad track or tracks upon such railroad property so that neither the proposed project nor any part thereof, including any bridges, abutments, columns, supporting structures and appurtenances, nor any traffic upon it, shall interfere in any manner with the use, operation or maintenance of the trains, tracks, works or appurtenances or other property of the railroad nor endanger the movement of the trains or traffic upon the tracks of the railroad. Prior to the institution of condemnation proceedings for such easement over or under such railroad property or right of way, plans and specifications of the proposed project showing compliance with the above mentioned above or below grade requirements and showing sufficient and safe plans and specifications of such overhead or undergrade structure and appurtenances shall be submitted to the railroad for examination and approval. If the railroad fails or refuses within thirty (30) days to approve the plans and specifications so submitted, the matter shall be submitted to the Public Service Commission of Kentucky whose decision arrived at after due consideration in accordance with its usual procedure, shall be final as to the sufficiency and safety of such plans and specifications and as to such elevations or distances above or below the tracks. Said overhead or undergrade structure and appurtenances shall be constructed only in accordance with such plans and specifications and in accordance with such elevations or distances above or below the tracks so approved by the railroad or the Public Service Commission as the case may be. A copy of the plans and specifications approved by the railroad or the Public Service Commission shall be filed as an exhibit with the petition for condemnation.
History: Created 1960 Ky. Acts ch. 173, sec. 19.
KRS 175.600 Repealed, 1972
175.600. Repealed, 1972
Catchline at repeal: Refunding bonds, issued when -- Temporary investments -- Agreements.
History: Repealed 1972 Ky. Acts ch. 371, sec. 2. -- Amended 1964 Ky. Acts ch. 9, sec. 1. -- Created 1960 Ky. Acts ch. 173, sec. 20.
KRS 175.605 Refunding bonds -- Purposes -- Factors to be taken into account -- Investment of proceeds -- Agreements and leases -- Securing bonds
175.605. Refunding bonds -- Purposes -- Factors to be taken into account -- Investment of proceeds -- Agreements and leases -- Securing bonds
(1) The authority is hereby authorized to provide for the issuance of its turnpike revenue refunding bonds for any combination of the following purposes:
(a) The refunding of any bonds then outstanding, whether an entire issue or series, or one or more issues or series, or any portions or parts of any issue or series, which shall have been issued under the provisions of this chapter;
(b) For such refunding and for the additional purpose of financing, in whole or in part, improvements, extensions, enlargements or completion of any turnpike project or projects in connection with which the bonds to be refunded shall have been issued;
(c) For such refunding and to pay all or any part of the costs of any new or additional turnpike project or projects.
(2) In determining the principal amount of any such turnpike revenue refunding bonds to be issued for the purpose of refunding any bonds outstanding pursuant to the provisions of this chapter, the authority may take into account the following factors:
(a) The principal amount of all outstanding bonds to be redeemed and refunded, as of the established date of redemption thereof;
(b) The total amount of any redemption premium incident to redemption of such outstanding bonds to be refunded;
(c) The total amount of any interest accrued or to accrue to the date or dates of redemption of such outstanding bonds to be refunded;
(d) Any and all costs or expenses incident to such refunding;
(e) Such amount, if any, as may be anticipated with certainty to be realized upon the investment of the bond proceeds of turnpike revenue refunding bonds from the date of such refunding bonds to the date or dates of redemption of outstanding bonds to be refunded; and
(f) Any amount or amounts which may have been accrued or accumulated as a reserve or reserves with reference to the outstanding bonds to be refunded, and any earnings realized, or anticipated with certainty to be realized therefrom, to the extent that such reserve or reserves may be so applied as provided by the proceedings authorizing the outstanding bonds to be refunded.
(3) The issuance of such turnpike revenue refunding bonds, the maturities and other details thereof, the rights of the holders thereof, and the rights, duties and obligations of the authority in respect of the same, shall be governed by the provisions of this chapter, insofar as the same may be applicable, and may in harmony therewith be adjusted and modified to conform to the facts and circumstances prevailing in each instance of issuance of such turnpike revenue refunding bonds.
(4) With reference to the investment of the proceeds of any such turnpike revenue refunding bonds, the authority shall not authorize or anticipate investment earnings exceeding such as are authorized or permitted under prevailing federal laws, regulations and administrative rulings relating to arbitrage bonds.
(5) Pending application of the proceeds of such turnpike revenue refunding bonds (together with any other funds available for application to refunding purposes, if so provided or permitted in the resolution authorizing the issuance of such turnpike revenue refunding bonds, or in the trust indenture securing the same), to the purposes hereinabove authorized and permitted, such refunding bond proceeds and such other available funds, if any, may be invested in direct obligation of, or obligations the principal of and the interest on which are unconditionally guaranteed by, the United States of America, or in United States government agency obligations, which shall mature, or which shall be subject to redemption by the holder thereof at the option of such holder, not later than the respective date or dates when such proceeds, together with the interest accruing thereon, will be required for the refunding purposes intended and authorized; or, in lieu of such investments, all or any part of such refunding bond proceeds may be placed in interest-bearing time deposits, or other similar arrangements may be made with regard thereto which will assure that such refunding bond proceeds, together with the interest accruing thereon, will be available when required for the refunding purposes intended and authorized; provided, however, that such time deposits shall be made in a bank or banks possessing capital and surplus, in each case, of not less than one hundred million dollars ($100,000,000), or, if any such deposit be made in any bank having a combined capital and surplus of less than said amount, the deposit shall be secured by obligations such as those permitted herein for investment for all amounts in excess of twenty-five percent (25%) of the combined capital and surplus of such bank.
(6) In connection with or incident to the issuance of the authority's turnpike revenue refunding bonds for any of the purposes authorized in this section, the authority and the department are authorized to make one or more written agreements or supplemental agreements with regard to any one or more of the matters and things set forth in KRS 175.460, and pursuant thereto the authority and the department are authorized and empowered to enter into one or more leases, or supplemental leases, pursuant thereto; and any such leases or supplemental leases may contain, in substance, any of the provisions set forth in KRS 175.470, with modifications conforming to the provisions of such agreements or supplemental agreements, and with such other provisions not inconsistent with KRS 175.470 as the authority and the department may deem appropriate and desirable. Provided, however, that such agreements may, by their terms provide that any such leases, or supplemental leases, and the rental schedule or schedules with reference thereto, shall be and become effective only upon the redemption of the outstanding bonds for the refunding of which such turnpike revenue refunding bonds are issued.
(7) Any such turnpike revenue refunding bonds issued by the authority may be secured, until the date or dates established for the redemption of the outstanding bonds being refunded, solely, as to both principal and interest, by a pledge of and lien upon the obligations acquired by the application of the proceeds of such turnpike revenue refunding bonds, and the income thereon, and in such case shall not be secured by any trust indenture, lease agreement, resolution, or other contractual arrangement securing the outstanding bonds to be refunded by such turnpike revenue refunding bonds; provided, however, that any authorizing proceedings incident to such turnpike revenue refunding bonds may provide that as of the effective date of such refunding, the refunding bonds shall be substituted for the outstanding bonds being refunded, and shall be secured as to payment of principal and interest identically as in the case of the outstanding bonds being refunded, subject to the provisions, requirements and conditions precedent established by the authority incident to the issuance of the outstanding bonds being refunded.
History: Amended 1974 Ky. Acts ch. 74, Art. IV, sec. 20(1). -- Created 1972 Ky. Acts ch. 371, sec. 1.
KRS 175.610 Transfer of turnpike to highway system after retirement of bonds
175.610. Transfer of turnpike to highway system after retirement of bonds
Except as hereinafter provided in this section, when all bonds issued under the provisions of this chapter in connection with any turnpike project or projects and the interest thereon shall have been paid or a sufficient amount for the payment of all such bonds and the interest thereon to the maturity thereof shall have been set aside in trust for the benefit of the bondholders, such project or projects, if then in good condition and repair, shall be conveyed by the authority to the Commonwealth and shall become part of the state highway system and shall thereafter be maintained by the department free of tolls; provided, however, that the department may, in any proceedings or trust indenture authorizing or securing bonds under the provisions of this chapter, provide for combining for financing purposes any two (2) or more turnpike projects theretofore constructed or thereafter to be constructed, and for the reimposition or continuance of tolls on each such turnpike project until all such bonds and the interest thereon shall have been paid or a sufficient amount for such purposes shall have been set aside in trust for the benefit of the bondholders.
Effective: March 25, 1960
History: Created 1960 Ky. Acts ch. 173, sec. 21, effective March 25, 1960.
KRS 175.620 Preliminary expenses of turnpike project
175.620. Preliminary expenses of turnpike project
The department is hereby authorized in its discretion to expend such moneys as may be necessary for the study of any turnpike project or projects and to use its engineering and other forces and employ consulting engineers and traffic engineers for the purpose of effecting such study, and to pay for such additional engineering and traffic and other expert studies as it may deem expedient. All such expenses incurred by the department prior to the issuance of turnpike revenue bonds under the provisions of this chapter shall be paid by the department and charged to the appropriate turnpike project or projects, and the department shall keep proper records and accounts showing each amount so charged. Upon the sale of turnpike revenue bonds of the authority for any turnpike project or projects, the funds so expended by the department in connection with such project or projects may be reimbursed by the authority to the department from the proceeds of such bonds if provision to that effect is made in the proceedings or trust indenture authorizing and securing such bonds.
Effective: March 25, 1960
History: Created 1960 Ky. Acts ch. 173, sec. 22, effective March 25, 1960.
KRS 175.630 Additional and alternative nature of chapter
175.630. Additional and alternative nature of chapter
This chapter shall be deemed to provide an additional and alternative method for the doing of the things authorized thereby, and shall be regarded as supplemental and additional to powers conferred by other laws, and shall not be regarded as in derogation of any powers now existing; provided, however, that the issuance of turnpike revenue bonds or turnpike revenue refunding bonds by the authority under the provisions of this chapter need not comply with the requirements of any other law applicable to the issuance of bonds.
Effective: March 25, 1960
History: Created 1960 Ky. Acts ch. 173, sec. 23, effective March 25, 1960.
KRS 175.640 Legislative findings
175.640. Legislative findings
The General Assembly of the Commonwealth of Kentucky determines as a legislative finding of fact that the economy of the Commonwealth is, to a major degree, dependent upon the severance and production of coal, which is the most abundant and valuable mineral resource of Kentucky; that there is a serious shortage of transportation facilities for the transportation of coal from mines to market; that many of the roads, bridges and highways situated in the coal-producing areas of the Commonwealth are obsolete and inadequate for the uses to which they are subjected, and have, in many cases deteriorated to the point where their use is hazardous and represents a potential threat to the safety and welfare of the traveling public; and that the shortage of modern, heavy-duty road systems in such areas is seriously retarding the continued economic growth of the Commonwealth. The General Assembly of the Commonwealth of Kentucky further determines as a legislative finding of fact that the construction and financing of resource recovery roads through the Turnpike Authority of Kentucky utilizing coal severance tax allocations for the amortization of resource recovery road revenue bonds issued to provide funds to construct such roads will preserve and enhance the economic viability of the Commonwealth, will protect and enhance the safety, health, convenience and general welfare of the traveling public, and will therefore constitute the performance of essential governmental and public purposes.
History: Created 1976 Ky. Acts ch. 259, sec. 1.
KRS 175.650 Definitions for KRS 175.640 to 175.690
175.650. Definitions for KRS 175.640 to 175.690
As used in KRS 175.640 to 175.690, and as applied to the financing of resource recovery roads by the Turnpike Authority of Kentucky, the following words and phrases shall have the following respective meanings, unless another or different meaning or intent shall be clearly indicated by the context.
(1) "Authority" shall mean the Turnpike Authority of Kentucky duly organized and existing pursuant to the provisions of KRS 175.410 to 175.990, inclusive.
(2) "Bonds" or "resource recovery road revenue bonds" shall mean resource recovery road revenue bonds of the authority issued under the provisions of KRS 175.640 to 175.690.
(3) "Cabinet" shall mean the Transportation Cabinet of Kentucky or, if said cabinet shall be abolished, the cabinet, board, body, department, or commission succeeding to the principal functions thereof or to whom the powers vested in the cabinet shall be given or transferred by law.
(4) "Resource recovery road project" or "project" shall mean any express highway or superhighway, or such part or parts thereof, as may be constructed and financed under the provisions of KRS 175.640 to 175.690 which shall be designed and constructed to serve as a modern, heavy-duty motorway facility capable of carrying in normal operations vehicles designed for the transportation of coal severed and produced in the Commonwealth of Kentucky, which road shall also be designed to serve the traveling public, including all bridges, tunnels, overpasses, underpasses, interchanges, entrance plazas, approaches, connecting highways, tollhouses (if any), service stations, garages, restaurants, and administration, storage, or other buildings and facilities which the authority may deem necessary for the operation of such resource recovery road project, together with all property, rights, easements, and interests which may be acquired by the authority or by the cabinet for the construction or the operation of such project.
(5) All words and phrases which are defined and used in KRS 175.410 to 175.990, inclusive, shall have the same meaning or meanings when used in KRS 175.640 to 175.690, except that the words and phrases "turnpike project" or "project" as used in said identified sections shall mean and refer to resource recovery road projects constructed and financed pursuant to KRS 175.640 to 175.690.
History: Created 1976 Ky. Acts ch. 259, sec. 2.
KRS 175.660 Authority with respect to resource recovery road projects
175.660. Authority with respect to resource recovery road projects
Subject to the provisions of KRS 175.640 to 175.690, the Turnpike Authority of Kentucky may initiate, plan, implement, acquire, construct and finance resource recovery road projects utilizing and employing all of the authority, rights and procedures granted to the authority by KRS 175.410 to 175.990, inclusive.
History: Created 1976 Ky. Acts ch. 259, sec. 3.
KRS 175.670 Authorization to contract for and lease resource recovery road projects -- Bonds
175.670. Authorization to contract for and lease resource recovery road projects -- Bonds
In order to provide for the construction of resource recovery road projects, the authority is hereby authorized and empowered under and pursuant to the terms and provisions of a written agreement or agreements with the cabinet to construct, finance, maintain, repair and operate resource recovery road projects, to lease such projects to the cabinet, and to issue resource recovery road revenue bonds of the authority to finance such projects. In the planning, construction and financing of any resource recovery road project, the authority and the cabinet shall, subject to the provisions of KRS 175.640 to 175.690, have and use all authority, procedures and rights provided by the provisions of KRS 175.410 to 175.990, inclusive.
History: Created 1976 Ky. Acts ch. 259, sec. 4.
KRS 175.680 Revenue bonds
175.680. Revenue bonds
In the event that the authority and the cabinet shall undertake the planning, construction and financing of any resource recovery road project, it may be provided in connection with such financing that resource recovery road revenue bonds issued in respect of any such project shall be secured solely by income and revenues derived from the leasing by the authority of any such project to the cabinet, and shall not be secured by a pledge of any motor fuel taxes and surtaxes collected by the Commonwealth on gasoline and other motor fuels consumed by vehicles utilizing such resource recovery road project.
History: Created 1976 Ky. Acts ch. 259, sec. 5.
KRS 175.690 Use of funds
175.690. Use of funds
All funds credited to the state transportation fund (road fund), from severance tax collection, shall be used for the purposes of paying the annual lease rental payments to the Kentucky Turnpike Authority for resource recovery road projects. Any funds deposited to the credit of the transportation fund (road fund) in excess of the amount required for the annual lease payments shall revert at the close of the fiscal year to the credit of the general fund.
History: Created 1976 Ky. Acts ch. 259, sec. 6.
KRS 175.750 Legislative findings
175.750. Legislative findings
The General Assembly of the Commonwealth of Kentucky determines as a legislative finding of fact that the economy of the Commonwealth and the consequent economic development potential of the citizens of the Commonwealth are vitally dependent upon the existence and availability of a statewide system of safe, adequate and well-maintained highways, roads and thoroughfares; that there is a serious need for construction, reconstruction, and in some cases relocation of many such highways, roads and thoroughfares to preserve and enhance the economic well-being and development of the Commonwealth and the health and safety of the public; and that in many cases, highways, roads and thoroughfares which are vital economic links between various sections of the Commonwealth have become, by reason of age and continued usage obsolete and are no longer capable of affording the services required in a modern industrial society. The General Assembly of the Commonwealth of Kentucky further determines as a legislative finding of fact that the construction, reconstruction, and relocation of a system of such economic development roads through the Turnpike Authority of Kentucky will preserve and enhance the economic viability of the Commonwealth, will enable the Commonwealth to prosper and make available its economic potentials to the fullest possible degree, will protect and enhance the safety, health, convenience and welfare of the traveling public and will therefore constitute the performance of essential governmental and public purposes.
Effective: July 15, 1980
History: Created 1980 Ky. Acts ch. 393, sec. 1, effective July 15, 1980.
KRS 175.760 Definitions for KRS 175.750 to 175.810
175.760. Definitions for KRS 175.750 to 175.810
As used in KRS 175.750 to 175.810, and as applied to the financing of construction, reconstruction, resurfacing, and relocation of economic development roads by the Turnpike Authority of Kentucky, the following words and phrases shall have the following respective meanings unless another or different meaning or intent shall be clearly indicated by the context.
(1) "Authority" shall mean the Turnpike Authority of Kentucky duly organized and existing pursuant to the provisions of KRS 175.410 to 175.690, inclusive.
(2) "Bonds" or "economic development road revenue bonds" shall mean economic development road revenue bonds of the authority issued under the provisions of KRS 175.780. No bonds may be issued for terms exceeding twenty-five (25) years.
(3) "Cabinet" shall mean the Transportation Cabinet of Kentucky or, if said cabinet shall be abolished, the cabinet, board, bureau, body or commission succeeding to the principal functions thereof or to whom the powers vested in the cabinet shall be given or transferred by law.
(4) "Economic development road project" or "project" shall mean the construction, reconstruction, or relocation of any highway, road, or thoroughfare or such part or parts thereof as shall have been designated by the cabinet to constitute a part of the economic development road system of the Commonwealth, which project may include the construction, reconstruction, repair, or relocation of highways, roads, thoroughfares, bridges, tunnels, overpasses, underpasses, interchanges, approaches, and connecting highways.
(5) "Notes" shall mean any economic development road revenue bond anticipation notes, or any economic development road revenue notes. Revenue bond anticipation notes shall be payable from the proceeds of bonds, renewal notes, or income and revenues derived from the leasing by the authority of any project or projects to the cabinet. Revenue notes shall be payable solely from income and revenues derived from the leasing by the authority of any project or projects to the cabinet. Notes may be issued for terms not to exceed five (5) years.
(6) All words and phrases which are defined and used in KRS 175.410 to 175.690 and 175.990, inclusive, shall have the same meaning or meanings when used in KRS 175.750 to 175.810, except that the words and phrases "turnpike project" or "project" as used in said identified sections shall mean and refer to economic development road projects constructed and financed pursuant to KRS 175.750 to 175.810.
Effective: July 15, 1980
History: Created 1980 Ky. Acts ch. 393, sec. 2, effective July 15, 1980.
KRS 175.770 Power of turnpike authority to construct economic development road projects
175.770. Power of turnpike authority to construct economic development road projects
Subject to the provisions of KRS 175.640 to 175.690, the Turnpike Authority of Kentucky may initiate, plan, implement, acquire, construct and finance economic development road projects utilizing and employing all of the authority, rights and procedures granted to the authority by KRS 175.410 to 175.690, inclusive.
Effective: July 15, 1980
History: Created 1980 Ky. Acts ch. 393, sec. 3, effective July 15, 1980.
KRS 175.780 Power of turnpike authority to issue economic development road revenue bonds and notes
175.780. Power of turnpike authority to issue economic development road revenue bonds and notes
To provide for the construction, reconstruction, and relocation of economic development road projects, the authority is hereby authorized and empowered, subject to the limitations contained in a branch budget bill as defined in KRS 48.010, under and pursuant to the terms and provisions of a written agreement or agreements with the cabinet, to construct, reconstruct, relocate, finance, and operate economic development road projects, to lease such projects to the cabinet, and to issue economic development road revenue bonds or notes of the authority to finance such projects. In the planning, construction, and financing of any economic development road project, the authority and the cabinet shall, subject to the provisions of KRS 175.750 to 175.810, have and use all authority, procedures, and rights provided by the provisions of KRS 175.410 to 175.690, inclusive.
Effective: June 25, 2009
History: Amended 2009 Ky. Acts ch. 78, sec. 39, effective June 25, 2009. -- Amended 1994 Ky. Acts ch. 387, sec. 27, effective July 15, 1994. -- Amended 1990 Ky. Acts ch. 502, sec. 1, effective April 11, 1990; and ch. 507, sec. 24, effective July 13, 1990. -- Amended 1982 Ky. Acts ch. 450, sec. 74, effective July 1, 1983. -- Created 1980 Ky. Acts ch. 393, sec. 4, effective July 15, 1980.
KRS 175.790 Bonds secured solely by revenues derived from leasing project to cabinet -- Tolls prohibited
175.790. Bonds secured solely by revenues derived from leasing project to cabinet -- Tolls prohibited
In the event that the authority and the cabinet shall undertake the planning and financing of any economic development road project, it shall be provided in connection with such financing that economic development road revenue bonds or notes issued in respect of any such project shall be secured solely by income and revenues derived from the leasing by the authority of any such project to the cabinet, and no tolls shall be imposed or charged for the use by the traveling public of any such projects or for amortization of the bonds or notes; provided that notes may be issued in anticipation of the issuance of bonds or renewal notes and be made payable from the proceeds thereof.
Effective: July 15, 1980
History: Created 1980 Ky. Acts ch. 393, sec. 5, effective July 15, 1980.
KRS 175.800 Funds credited to state transportation fund (road fund) to be used for lease rental payments
175.800. Funds credited to state transportation fund (road fund) to be used for lease rental payments
Funds credited to the state transportation fund (road fund) shall be used for the purposes of paying the annual lease rental payments to the Kentucky Turnpike Authority for economic development road projects. Any funds deposited to the credit of the transportation fund (road fund) in excess of the amount required for any such annual lease payments shall be used for any lawful purposes of the transportation fund (road fund).
Effective: July 15, 1980
History: Created 1980 Ky. Acts ch. 393, sec. 6, effective July 15, 1980.
KRS 175.810 Economic development road account -- Transfer of funds to account
175.810. Economic development road account -- Transfer of funds to account
The Transportation Cabinet shall certify to the commissioner of the Department of Revenue by October 1 of each fiscal year the amount required for lease rental payments to the Kentucky Turnpike Authority for economic development road projects. Upon receiving such certification, the commissioner of the Department of Revenue shall cause said amount to be deposited from road fund receipts to the credit of the economic development road account, hereby created, in the transportation fund (road fund). Such taxes collected in excess of the amount required to be deposited to the economic development road account in the transportation fund (road fund) shall be deposited by the Department of Revenue to the credit of the transportation fund (road fund).
Effective: June 20, 2005
History: Amended 2005 Ky. Acts ch. 85, sec. 603, effective June 20, 2005. -- Created 1980 Ky. Acts ch. 393, sec. 7, effective July 15, 1980.
KRS 175.990 Penalty
175.990. Penalty
Any person who uses any turnpike project and fails or refuses to pay the toll provided therefor shall be punished by a fine of not more than one hundred dollars ($100) or by imprisonment for not more than thirty (30) days, or both, and in addition thereto the authority or the department, whichever has the right to collect such toll, shall have a lien upon the vehicle driven by such person for the amount of such toll and may take and retain possession thereof until the amount of such toll and all charges and penalties in connection therewith shall have been paid.
Effective: March 25, 1960
History: Created 1960 Ky. Acts ch. 173, sec. 18, effective March 25, 1960.
Source: Kentucky Legislative Research Commission (legislature.ky.gov)URL: https://apps.legislature.ky.gov/law/statutes/chapter.aspx?id=37977Fetched: 10/20/2026