{"data":{"id":"us-ky/krs-175b.095","jurisdiction":"us-ky","citation":"KRS 175B.095","heading":"Evaluation of project condition prior to bond  retirement --","body":"Evaluation of tolls upon  transfer of ownership  -- Transfer of funds --\nActions  required prior to and upon  bond  retirement or termination of\npartnership.\n(1) Not more than one (1) year prior to the scheduled retirement of all bonds\nissued to finance a project, the department shall undertake an evaluation of the\ncondition of the project to determine if the project has significant maintenance,\nreconstruction, or rebuilding needs. The evaluation shall be completed no less\nthan one hundred eighty (180) days prior to the scheduled retirement of the\nbonds.\n(2) If significant maintenance, reconstruction, or rebuilding is needed,  the\ndepartment shall determine if funds and reserves held by the developing\nauthority for the project are adequate to accomplish the maintenance,\nreconstruction, or rebuilding. If additional funds are needed, additional bonds\nshall be authorized and issued by the same  entity that issued the original\nbonds for the project, pursuant to this chapter.\n(3) Tolls for the project shall continue until all bonds are retired.\n(4) Notwithstanding any other provisions of this chapter, any portion of a project\nlocated within the Commonwealth  and financed by an authority shall become\nthe property of the Commonwealth  upon the retirement of all bonds issued to\nfinance the project or, if the project utilizes a public-private partnership, upon\ntermination of that partnership.\n(5) Upon  the transfer of any project to the Commonwealth  pursuant to this section,\nthe department shall evaluate the need for the continuance of any tolls. Tolls\nmay  be continued if significant rebuilding, expansion, or maintenance is\nneeded. Tolls collected after ownership of a project has transferred to the\nCommonwealth  shall be deposited into the road fund and used for current and\nfuture costs of the project, including maintenance, expansion, rebuilding,\nreconstruction, or other similar purposes.\n(6) When  an authority has transferred a project to the Commonwealth  pursuant to\nthis section, remaining fund reserves relating to that project shall be transferred\nto the road fund.","path":["KRS Chapter 175B"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=44868","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:51:26Z","sha256":"01d54c7eab373f14b66a7f52fb7e7a99432ba147f566611c2cb8b20bad362972","source_id":"us-ky","stale":false,"prev":"us-ky/krs-175b.090","next":"us-ky/krs-175b.100"},"notice":"GroundRules: Original legal text. Not legal advice."}