(1) Any city may enter into contracts for the purpose of doing away with tolls on bridges wholly or partly within the city. (2) The person contracting with the city shall agree to: (a) Acquire ownership of the bridge or portion thereof, unless it has already acquired such ownership; (b) Operate and maintain the bridge; (c) Collect tolls for traffic over the bridge or portion of bridge; (d) Subject to the provisions of KRS 181.520, apply the revenues of the bridge to the amortization of the cost of the bridge or portion of bridge; and (e) Turn over the bridge or portion of bridge to the city upon completion of the amortization.
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