181.520 Disposition of proceeds of bridge under contract -- Payment of repairs and

144 words·~1 min read·/ky/181-520

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

maintenance.

(1)Before applying the revenues of the bridge to the amortization of the cost of the

bridge as provided in KRS 181.510, the person contracting with the city may deduct

the reasonable expense of operation, repair and maintenance and a reasonable return

to itself, not exceeding fifteen percent (15%) of the revenues after deducting the

expense.

(2)The contract shall provide that if alterations or improvements are necessitated by

law, or by order of a governmental department, or are necessitated by casualty or

other necessity, and are not in the nature of ordinary repairs or maintenance, all of

the revenues, after deducting the reasonable expense of operation, repair and

maintenance, shall be applied to the amortization of the cost of the bridge and the

cost of the alterations and improvements. All such costs shall be deemed to include

reasonable interest and financing cost.