(605 ILCS 5/10-805) (from Ch. 121, par. 10-805)
Sec. 10-805.
The municipality shall fix rates of toll to be charged for
transit over and use of such a bridge. These rates shall be so fixed,
charged, and adjusted as to provide revenue at all times sufficient (1) to
pay the reasonable cost of maintaining (including insurance), operating and
repairing the bridge; (2) to provide a sinking fund and reserves sufficient
to pay the principal of and interest on the bonds out of the revenue from
the bridge, as the bonds mature and fall due; (3) to pay the redemption or
repurchase price of all bonds redeemed or repurchased before maturity as
provided in this Division of this Article; and (4) to fulfill the terms and
provisions of any agreement with holders of the bonds.
An accurate record of the cost of each bridge, the expenditures for
maintaining, operating, and repairing the bridge, and of the daily tolls
collected, shall be kept and shall be available for the information of all
persons interested. The municipality shall classify in a reasonable way all
traffic over the bridge, and the tolls shall be fixed and adjusted by it as
to be uniform in their application to all traffic falling within any such
reasonable class.
The municipality shall operate the bridge as a toll bridge and after all
the covenants contained in the ordinance authorizing the issuance of any
revenue bonds have been complied with annually and there be any surplus
revenues remaining such surplus may be appropriated by such municipality
for any proper corporate purpose, or pledged for the payment of any revenue
bonds issued under this Division of this Article by the municipality for
the construction or acquisition of any other bridge or bridges. After all
bonds payable out of the revenues thereof have been paid in full, the
municipality may continue to operate such bridge as a toll bridge and rates
shall be fixed, charged and adjusted so as to produce revenue annually in
an amount not to exceed 5% of the cost of the bridge as shown by the
records of the municipality required to be kept as in this Division of this
Article provided. The revenues thus produced shall be used to maintain,
operate and repair such bridge, provided any surplus remaining after
properly setting aside sums for maintenance, operation and repair of the
bridge may be appropriated for any corporate purpose or pledged for the
payment of any revenue bonds issued under this Division of this Article by
the municipality for the construction or acquisition of any other bridge or
bridges.
(Source: Laws 1959, p. 196.)
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