Page:United States Statutes at Large Volume 45 Part 1.djvu/1221

 1170 SEVENTIETH CONGRESS. SESS. II. Cu. 191 . 1929 . the Stat e in which such real estate or other property is situated, upon making just compensation therefor, to be ascertained and paid Conde mnat ion pr o- according to the laws of such Stat e, and the proceedings therefor ceedings. shall be the same as in the condemnation or expropriation of property for public purposes in such State. Tolls authorized. SEC. 3. The said Iowa-Nebraska Amortized Free Bridge Company, its successors and assigns, is hereby authorized to fix and charge tolls for transit over such bridge, and the rates of toll so fixed shall be Vol.34,p.85. the legal rates until changed by the Secretary of War under the authority contained in the Act of March 23, 1906. Acquisition author. SEC. 4. After the completion of such bridge, as determined by ized, afte r co mplet ion, by Nebraska, Iowa, the Secretary of jar, either the State of Nebraska, the State of etc ' Iowa, 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 qv ompen ataemn~ property for public purposes by condemna tion or expropriation. If t ion . such br idge is so acqui red or t aken ove r, the a mount of the pur chase price to be paid therefor, or in case of condemnation or expropriation the amount of damages to be allowed ther efor, shall be the amount of bonds, debentures, or other evidences of indebtedness actually issued in payment for the bridge and its approaches and improve- ments and outstanding at the time of such purchase or condemnation, with the accrued interest thereon. To ns under st ate, etc., operation SEC. 5 . If such bridge shall at any time 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 oration, sinking rates applied to op fun d, - are thereafter charged for the use thereof, the rates of toll shall be etc • so adjusted as to provide a fund sufficient to pay for the reasonable cost of main tain ing, rep airi ng, and oper atin g th e br idge and its approaches under economical management, and to provide a sinking fund sufficient to amortize the amount paid therefor, including reasonable interest and financing cost, as soon as possible under rea- sonable charges, but within a period of not to exceed twenty years Maintenance as free from the date of acquiring the same. After a sinking fund sufficient bridge, osts after amor- tizin g costs . for such amortiz ation sh all have been so provided, such b ridge sh all th ereafter be main tained a nd opera ted free of toll s, or th e 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 Re cord of e xpen di- management. An accurate record of the a mount paid for acquiring tares and receipts. th e bridge and its approac hes, the actual expendit ures for maintai n- ing, repairing, and operating the same, and of the daily tolls col- lected shall be kept, and shall be available for the information of all persons interested. Co mmis sion crea ted SEC. 6 . Upon the completion of such bridge a commission shall be to supervise collections and expenditures. created composed of three members, one of whom shall be appointed by the mayor of South Sioux City, Nebraska, one by the mayor of Sioux City, Iowa, and one by the directors of the Iowa-Nebraska Amortized Free Bridge Company ; it shall be the duty of the com- mission to supervise the collection of tolls and to authorize and audit Payments into sink- all expenditures of money received from the collection of tolls- it ing funds, etc. ~hall be their duty to see that all revenues received from the bridge, except such amounts as may be necessary for the repair, operation, and maintenance, under economical management, of the bridge, shall be paid into the sinking fund and used for the amortization of the outstanding indebtedness incurred for the construction or improve-

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