(605 ILCS 5/10-705) (from Ch. 121, par. 10-705)
Sec. 10-705.
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, including
refunding bonds, if any, 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; (4) to fulfill the terms and provisions of any agreement
with holders of the bonds; and (5) to provide, in addition to the toll
purposes specified in clauses (1) to (4), both inclusive, of this sentence,
a sinking fund of accumulated tolls and revenue in such amount (determined
by a registered professional engineer and approved by the Secretary of
Transportation) that the annual interest therefrom will provide adequate
income to pay the reasonable cost and extraordinary expenses of maintaining
(including insurance), operating, improving and repairing the bridge when
and as long as the municipality operates the bridge as a free bridge. The
rates provided for by clause (5) of the preceding sentence may be charged
for a period not to exceed 18 months after sufficient funds to pay all
bonds, including interest thereon, have been accumulated in the sinking
fund provided for by clause (2).
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 until all
bonds payable out of the revenue thereof are paid in full, and thereafter
shall operate the bridge as a free bridge.
(Source: P.A. 77-173.)
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