{"data":{"id":"us-ky/krs-175b.040","jurisdiction":"us-ky","citation":"KRS 175B.040","heading":"Tolls and other revenues to be derived from projects -- Sinking fund","body":"-- Pledges of sinking fund -- Use and disposition of moneys  -- Project\nusers  to pay  appropriate toll -- Penalties -- Confidentiality of toll\ncollection customer account information.\n(1) If imposed as part of the financing plan, tolls shall be fixed and adjusted by the\ndeveloping authority to provide a fund sufficient with other revenues, if any, to:\n(a) Pay  the cost of maintaining, repairing, and operating the project, unless\nthe cost or any part thereof is being paid by the Commonwealth  as\nauthorized by this chapter;\n(b) Pay the principal of and interest on the project revenue bonds; and\n(c) Create reserves not to exceed amounts specified in the development\nagreement.\n(2) Unless a transfer of ownership of a project occurs pursuant to KRS  175B.095\nor the project utilizes a public-private partnership pursuant to KRS  175B.030\nand 175B.037, the developing authority shall at all times maintain ownership\nand control of all tolls and other revenues generated by the project. Tolls shall\nnot be subject to supervision or regulation by any other department, division,\nauthority, board, bureau, or  agency  of a  local government  or  the\nCommonwealth.\n(3) (a) The  tolls and all other revenues derived from the project, except those\nrevenues necessary to:\n1. Pay the cost of maintenance, repair, and operation;\n2. Establish and maintain reserves as may  be provided for in the\nauthorization of the issuance of the project revenue bonds or in the\ntrust indenture securing the project revenue bonds; or\n3. Satisfy the requirements of a public-private partnership agreement\nor a development agreement;\nshall be set aside in a sinking fund which shall be pledged to, and\ncharged with, the payment of principal and interest on the project revenue\nbonds  as they become  due, and the redemption price or the purchase\nprice of project revenue bonds retired by call or purchase as provided in\nthe authorization of issuance.\n(b) The  pledge of the sinking fund shall be valid and binding from the time\nwhen  the pledge is made.\n(c) The  tolls or other revenues received and pledged by the developing\nauthority shall immediately be subject to the lien of the pledge without any\nphysical delivery or further action, and the lien on any pledge shall be\nvalid and binding against all parties having claims of any kind in tort,\ncontract, or otherwise against the developing authority, whether the\nparties have received notice or not.\n(d) Neither the proceedings nor any trust indenture by which a pledge is\ncreated need be filed or recorded, except in the records of the issuing\nauthority.\n(e) The use and disposition of moneys to the credit of the sinking fund shall\nbe subject to the provisions of the proceedings authorizing the issuance\nof the project revenue bonds or the trust indenture.\n(4) (a) Every person utilizing a project developed and tolled under this chapter\nshall pay the appropriate toll.\n(b) Any person who violates the provisions of this subsection shall be subject\nto the provisions of administrative regulations promulgated pursuant to\nKRS  175B.015(12).\n(5) Upon  receiving notice, the cabinet shall suspend or withhold the annual\nregistration of a vehicle used in the commission of a toll violation until:\n(a) The fine, charge, or assessment has been paid; or\n(b) The violation of subsection (4) of this section has been determined not to\nhave occurred.\n(6) (a) Toll collection customer account information shall be confidential and not\nsubject to disclosure under KRS  61.870 to 61.884. Contracts relating to\ntoll collection for a project developed and tolled under this chapter shall\nensure  the confidentiality of all toll collection customer  account\ninformation.\n(b) For  the purposes of this section, \"toll collection customer account\ninformation\" means  any information collected or received from or about\nany person who is assessed a toll, including contact information, payment\ninformation, trip data, and any other relevant data.","path":["KRS Chapter 175B"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=44866","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:51:26Z","sha256":"754411ae995affe589c188e51025ea3d9a7c5b441749e23ad0c7c47be81836f1","source_id":"us-ky","stale":false,"prev":"us-ky/krs-175b.037","next":"us-ky/krs-175b.045"},"notice":"GroundRules: Original legal text. Not legal advice."}