Sec. 16. (a) The authority shall fix, maintain, and collect tolls for the use of any bridge constructed or acquired by purchase pursuant to this chapter (except in the case of a bridge constructed or acquired under authority of section 21 of this chapter) until all bonds payable from the revenues of such bridge have been retired and the interest paid thereon and the Indiana interstate bridge fund or any other fund or funds of the state have been fully reimbursed for amounts expended from such funds for the construction, acquisition, enlargement, extension, or improvement of such bridge. However, after bonds are retired, interest is paid, and all funds are fully reimbursed as required by this subsection, the authority may continue to fix, maintain, and collect tolls for the use of the bridge.

(b) The rate of such tolls shall at all times be fixed and maintained by the authority so as to provide funds sufficient to:

(1) pay the cost of maintaining, repairing, and operating such bridge, including a prorated share of the expenses of the authority based upon the gross receipts from all bridges constructed or acquired by purchase by the authority under the provisions of this chapter;

(2) pay the principal of and the interest on all bonds in accordance with the terms thereof payable from the revenues of such bridge;

(3) reimburse each year the Indiana interstate bridge fund or any other funds of the state for expenditures made for the construction, acquisition, enlargement, extension, or improvement of such bridge in an amount equal to four percent (4%) of:

(A) the original amount of such expenditures; less

(B) any part of such amount reimbursed to such fund or funds by the issuance of bonds pursuant to section 20 of this chapter; and

(4) pay interest on amounts so expended from any such funds at such rate as may be deemed proper by the authority.

Formerly: Acts 1939, c.79, s.11; Acts 1955, c.323, s.2. As amended by Acts 1980, P.L.74, SEC.272; P.L.109-1983, SEC.43; P.L.386-1987(ss), SEC.14.