Mississippi § 65-23-225 - Tolls.

§ 65-23-225. Tolls.

The board of commissioners herein created are hereby granted the right and power to construct, operate, and maintain said bridge as a toll bridge, and shall have the power to fix and determine, subject to the terms and provisions of the General Bridge Authority Act of Congress, approved August 2, 1946, and any laws amendatory thereof, the tolls to be charged for transit over such bridge for motor-propelled vehicles, wagons, carriages, animals, foot passengers, pipe line or lines, or other persons, firms, or corporations using such bridge; and the rates so prescribed shall be the legal rates demanded and received for such transit. The rates for such tolls may be increased or decreased from time to time by the board of commissioners, subject, however, to the terms and provisions of the above-mentioned act of Congress. The board of commissioners shall make an annual report of all tolls collected to a trustee or trustees representing the bond holders and to the Mississippi State Highway Commission, and one copy of said report shall be filed with the clerk of the chancery court of the county in which the bridge is located. When the bonded indebtedness and all claims and liability have been fully paid and discharged, said bridge shall become a free bridge. The board of commissioners shall thereupon convey all its right, title, and interest in said bridge to the Mississippi State Highway Commission, and said commission shall maintain and operate said bridge as a part of its highway system without cost to the individual user thereof. The tolls so charged and collected for the use of such bridge shall be used as follows: To the payment of the reasonable cost of maintaining, repairing, and operating the bridge and approaches thereto, under economical management; To the payment of the principal and interest on the bonded indebtedness; and The balance, if any, to be placed in an interest and sinking fund to be used for future maintenance and operations and the retirement of the bonded indebtedness.