Okla. Stat. tit. 69, § 69-1717
This is the official text of Okla. Stat. tit. 69, § 69-1717, part of Oklahoma’s Stat. tit. 69, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 69,." Browse the sections below, each linked to its official government source.
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Project to become part of state highway system -
Official statutory text
Continuation of tolls until bonds are paid.
When all bonds issued under the provisions of this article and
the interest thereon shall have been paid or a sufficient amount for
the payment of all such bonds and the interest thereon to the
maturity thereof shall have been set aside in trust for the benefit
of the bondholders, such projects, if then in good condition and
repair to the satisfaction of the Commission, shall become part of
the state highway system and shall thereafter be maintained by the
Commission free of tolls. Provided, that when all bonds for any
turnpike project and the interest thereon shall have been paid or
such provision for payment made, prior to payment of the bonds and
interest on any other project or projects, such project shall
continue to be operated as a toll facility at toll rates not less
than the lowest rate being charged on any project, until all bonds
issued by the Authority and the interest thereon shall have been
paid or such provisions for payment made. The revenues of such
paid-out projects shall be used and applied by the Authority in
paying the obligations or depositing in the sinking fund of such
other turnpike projects in the following order: (a) To any project
or projects in default on interest: (b) to any project or projects
in default on principal; (c) to any project or projects having
insufficient reserves or sinking fund under its trust agreement. If
all such other projects have sufficient reserves then the revenues
from such paid-out project shall be prorated between such other
projects on the basis of the outstanding bonds of each project. If
two or more projects fall within any of the above categories, then
the revenues shall be prorated between them on the basis of the
outstanding bonds of each project.
When all bonds issued under the provisions of this article and
the interest thereon shall have been paid or a sufficient amount for
the payment of all such bonds and the interest thereon to the
maturity thereof shall have been set aside in trust for the benefit
of the bondholders, such projects, if then in good condition and
repair to the satisfaction of the Commission, shall become part of
the state highway system and shall thereafter be maintained by the
Commission free of tolls. Provided, that when all bonds for any
turnpike project and the interest thereon shall have been paid or
such provision for payment made, prior to payment of the bonds and
interest on any other project or projects, such project shall
continue to be operated as a toll facility at toll rates not less
than the lowest rate being charged on any project, until all bonds
issued by the Authority and the interest thereon shall have been
paid or such provisions for payment made. The revenues of such
paid-out projects shall be used and applied by the Authority in
paying the obligations or depositing in the sinking fund of such
other turnpike projects in the following order: (a) To any project
or projects in default on interest: (b) to any project or projects
in default on principal; (c) to any project or projects having
insufficient reserves or sinking fund under its trust agreement. If
all such other projects have sufficient reserves then the revenues
from such paid-out project shall be prorated between such other
projects on the basis of the outstanding bonds of each project. If
two or more projects fall within any of the above categories, then
the revenues shall be prorated between them on the basis of the
outstanding bonds of each project.
Status: in_force · Read it on the official government site
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