LD 1161
pg. 20
Page 19 of 30 An Act to Create the East-West Highway Authority Page 21 of 30
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LR 1359
Item 1

 
The use and disposition of the sinking fund is subject to such
rules as may be provided in the resolution authorizing the
issuance of bonds or in the related trust indenture or loan or
other security agreement, but, except as may otherwise be
provided in that resolution or trust indenture or loan or other
security agreement, the sinking fund is a fund for the benefit of
all bonds issued under this subsection without distinction or
priority of one over another. Subject to the provisions of the
resolution authorizing the issuance of bonds or of the trust
indenture or loan or other security agreement, any money in the
sinking fund in excess of an amount equal to one year's interest
on all bonds then outstanding may be applied to the purchase or
redemption of bonds.__All bonds so purchased or redeemed must
immediately be canceled and may not again be issued.

 
3.__Revenues for additional interchanges.__The authority may
authorize highway revenues to be utilized for interchanges
determined pursuant to the terms and conditions of this section,
as long as the department may request use of revenues by
submitting a proposed program for additional interchanges or
improvements to existing interchanges and as long as the
authority exercises sole discretion to set the level of revenues
and as long as the additional interchanges or improvements have
or would have a sufficient relationship to the public's use of
the East-West Highway and the orderly regulation and flow of
vehicular traffic using the East-West Highway so that the use of
the highway revenues is warranted to pay all or any portion of
the cost of maintaining or constructing the additional
interchanges or improvements and all or a portion of the access
roads required in connection with the East-West Highway.__In
making the determination of whether a sufficient relationship
exists, the department and the authority shall consider the
following factors, no one of which may necessarily be
determinative:

 
A.__The existing road network;

 
B.__The traffic impact of the construction or reconstruction
on the existing road network;

 
C.__The probable change in departmental or authority
expenditures resulting from construction or maintenance;

 
D.__The relative number of vehicles using or expecting to
use those access roads on the way to or from the East-West
Highway;

 
E.__The road distance of those access roads or portions of
those access roads from the nearest entrance to or exit from
the East-West Highway;


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