Whenever it becomes necessary that monies be raised for a turnpike facility, the commission may make request to the State Fiscal Accountability Authority for the issuance of turnpike bonds. The request may be in the form of resolution adopted at any regular or special meeting of the commission. The request shall set forth on the face thereof or by schedule attached thereto:
1. the turnpike facility proposed to be constructed;
2. the amount required for feasibility studies, planning, design, right-of-way acquisition, and construction of the turnpike facility;
3. a tentative time schedule setting forth the period of time for which the sum request must be expended;
4. a debt service table showing the estimated annual principal and interest requirements for the requested turnpike bonds;
5. any feasibility study obtained by the commission relating to the proposed turnpike facility;
6. the commission's recommendations relating to any covenant to be made in the bond resolution of the State Fiscal Accountability Authority respecting competition between the proposed turnpike facility and possible future highways whose construction would have an adverse effect upon the turnpike revenues which would otherwise be derived by the proposed turnpike facility.
HISTORY: 1962 Code Section 33-220.5; 1972 (57) 3013; 1980 Act No. 449; 1985 Act No. 201, Part II, Section 84C; 1993 Act No. 181, Section 1517.
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