338.229 Pledge to bondholders not to restrict certain rights of department.
174 words·~1 min read·
/fl/title-xxvi/chapter-338/338-229·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The state does pledge to, and agree with, the holders of the bonds issued pursuant to ss. 338.22 - 338.241 that the state will not limit or restrict the rights vested in the department to construct, reconstruct, maintain, and operate any turnpike project as defined in ss. 338.22 - 338.241 or to establish and collect such tolls or other charges as may be convenient or necessary to produce sufficient revenues to meet the expenses of maintenance and operation of the turnpike system and to fulfill the terms of any agreements made with the holders of bonds authorized by this act and that the state will not in any way impair the rights or remedies of the holders of such bonds until the bonds, together with interest on the bonds, are fully paid and discharged.
In implementing this section, the department is specifically authorized to provide for further restrictions on the sale, transfer, lease, or other disposition or operation of any portion of the turnpike system which reduces the revenue available for payment to bondholders.