(1) The commission may purchase any toll bridge over a navigable stream so as to connect the city with an adjoining state, or any such toll bridge wholly or partly constructed, or any franchises, easements, permits or contracts for the construction of such bridges, upon terms and at prices considered by the bridge commission to be reasonable and that can be agreed upon between the commission and the owner.
(2) Title shall be taken in the name of the city, subject to such mortgage or other lien as the seller reserves under the provisions of KRS 181.750.
(3) Upon the execution of any contract for the purchase of an existing bridge the seller shall be relieved from any obligation or duty theretofore imposed upon the owner by charter, legislative enactment, or otherwise to maintain and keep the bridge open to the public.