Page:United States Statutes at Large Volume 45 Part 1.djvu/1074

 SEVENTIETH CONGRESS. SEss. TI. Cii. 29. 1928 . 1023 are possessed by railroad corporations for railroad purposes or by bridge corporations for bridge purposes in the State in which such real estate or other property is situated, upon making just compen- sation th erefor, to be ascertained a nd paid accor ding to the la ws of such State, and the proceedings therefor shall be the same as in the conde mnation or exp ropriation of property for public purpos es in such State. SEC. 3 . The said L. L. Montague, his heirs, legal representatives, and assigns, is hereby authorized to fix and charge tolls for transit over such bridge, and the rates of toll so fixed shall be the legal rates until changed by the Secretary of War under the authority con- tained in the Act of March 23, 1906. SEC. 4. After the completion of such bridge, as determined by the Secretary of War, either the State of Oregon, the State of Wash- ington, any public agency or political subdivision of either of such States, within or adjoining which any part of such bridge is located, or any two or more of them jointly, may at any time acquire and take over all right, title, and interest in such bridge and its approaches and any interest in real property necessary therefor, by purchase or by condemnation or expropriation, in accordance with the laws of either of such States governing the acquisition of private property for public purposes by condemnation or expropriation. If at any time after the expiration of fifteen years after the comple- tion of such bridge the same is acquired by condemnation or expro- pria tion, the am ount of dam ages o r comp ensat ion to be al lowed shall not include good will, going value, or prospective revenues or profits, but shall be limited to the sum of (1) the actual cost of con- structing such bridge and its approaches, less a reasonable deduction for actual depreciation in value ; (2) the actual cost of acquiring such interest in real property ; (3) actual financing and promotion costs, not to exceed 10 per centum of the sum of the cost of construct- ing the bridge and its approaches and acquiring such interests in real pr o pe rt y ; and (4) ac tual expendit ures for nece ssary improvem ents. SEc. 5. If such bridge shall be taken over or acquired by the States or public agencies or political subdivisions thereof or by either of them, as provided in section 4 of this Act, and if tolls are thereafter charged for the use thereof, the rates of toll shall be so adjusted as to provide a fund sufficient to pay for the reasonable cost of main- taining, repairing, and operating the bridge and its approaches under economical management and to provide a sinking fund suffi- cient to amortize the amount paid therefor, including reasonable interest and financing co st, as soon a s possible und er reasonable charges but within a period of not to exceed fifteen years from the date of acquiring the same. After a s inking fund su fficient for such amortization shall have been so provided, such bridge shall thereafter be maintained and operated free of tolls, or the rates of toll shall thereafter be so adjusted as to provide a fund of not to exceed the amount necessary for the proper maintenance, repair, and operation of the bridge and its approaches under economical man- agement. An ac curate record of the amount paid for acq uiring the bridge and its approaches, the actual expenditures for maintaining, repairing, and operating the same and of the daily tolls collected shall be kept and shall be available for the information of all persons interested. SEc. 6. L. L. Mon tague, his he irs, legal rep resentatives, and assigns, shall within ninety days after the completion of such bridge file with the Secretary of War and with the highway depart- ments of the States of Oregon and Washington a sworn, itemized statement showing the actual original cost of constructing the bridge and its approaches, the actual cost of acquiring any interest in real Con demn atio n pro. ceedings. Tolls authorized. Vol.34,p.85. Acquisition author- ize d, a fter comp letio n, by Orego n, Washing - ton, etc. Compensation if ac. quired by condemna - tion. Lim itati ons. Tol ls un der Stat e, etc ., operation. Rates applied to operation, sinking fund, etc. Maintenance as free bridge, etc.,after amor- tizing costs. Record of expendi- ture s and rec eipts. Sworn statement of operation costs, etc ., to be filed after com- ple tio n.

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