Sec. 37.15.240. Toll bridge revenue fund.

245 words·~1 min read·/ak/title-37/chapter-15/37-15-240

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)The toll bridge revenue fund is established as a separate fund of the state. The revenue fund consists of all revenue, fees, charges, and rentals received by the state, by contract with the authority or otherwise, from the ownership or operation of toll bridges and facilities and improvements used in connection with the toll bridges and facilities. Contracts or other agreements with the authority may establish priorities for the payment of operation and maintenance costs of the authority. The money in the revenue fund may be used only

(1)to pay or secure payment of the principal of and interest on bonds;

(2)to redeem bonds before their fixed maturities;

(3)to pay indebtedness to the Federal Highway Administration, United States Department of Transportation; and

(4)subject to appropriation by the legislature, for any other purpose for which federal funds may be obligated by the state under 23 U.S.C. 129(a).

(b)The investment of money in the revenue fund may be made in the manner that the committee or the committee's delegated representative may determine. The interest earned on or any profits derived from the sale of this investment shall be deposited in and become a part of the revenue fund.

(c)All references to the toll bridge revenue fund in this section include special accounts within the toll bridge revenue fund that may be created by resolution or trust agreement to secure the payment of particular bonds.