Tennessee § 54-3-104 - Development and operation of tollway or toll facility projects — Funding — Setting and collecting tolls.

§ 54-3-104. Development and operation of tollway or toll facility projects — Funding — Setting and collecting tolls.

The department is authorized to develop tollway or toll facility projects and to operate tollways or toll facilities as further provided in this chapter. In order to develop and operate tollways or toll facilities, the department may expend funds from the state tollway fund and the state highway fund, as appropriated by the general assembly, and any funds, grants, or loans received from or made available by the federal government or any other government agency that may be lawfully applied to any tollway or toll facility project. The commissioner is authorized to set tolls for the use of tollways or toll facilities, subject to any resolutions or indentures authorizing bonds. Upon or prior to the issuance of any bonds, and until such time as the bonds are no longer outstanding under the resolution or indenture providing for the issuance of the bonds, the commissioner shall prescribe and collect, or shall cause to be prescribed and collected, tolls for the use of tollways and toll facilities, and shall revise the tolls from time to time whenever necessary, to produce revenue, together with other moneys that may be available, sufficient to: Provide for all costs of operation of the tollway project or projects and toll facility project or projects, including reasonable reserves for the costs of operation; and Pay when due all bonds and interest on the bonds, obligations under hedging agreements and ancillary agreements, and other indebtedness incurred by the state for the payment of which the tolls shall have been pledged, charged or otherwise encumbered, and interest thereon, including reasonable reserves therefor. The authority to develop and operate tollways or toll facilities and to set tolls as provided in this chapter shall not apply to any highway, bridge or other transportation-related facility constructed prior to June 28, 2007, except that additional lane capacity constructed on or along an existing highway or bridge after June 28, 2007, may be developed and operated as a tollway. Acts 2007, ch. 597, § 5.