Page:United States Statutes at Large Volume 45 Part 1.djvu/1374

 SEVENTIETH CONGRESS. SEss. II. Ca. 343. 1929 . SEC. 3 . After the completion of such bridge as determined by the Secretary of War, if the same is constructed as a highway bridge only, either the State of Kentucky, the State of Indiana, any public agency or political subdivision of either of such States, within or adjoi ning which an y part of such bridge is lo cated, 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 con- demnation, in accordance with the laws of such State governing the acquisition of private property for public purposes by condemnation or expropriation. If at any time after the expiration of ten years after the completion of such bridge the same is acquired by condem- nation or expropriation the amount of damages or compensation to be allowed 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 constructing such bridge and its approaches, less a reasonable deduction for actual depreciation in value ; (2) the actual cost of acquiring such interests in real property ; (3) actual financing and promotion cost, not to exceed 10 per centum of the sum of the cost of constructing the bridge and its approaches and acquiring such inter- ests in real property ; and (4) actual expenditures for necessary improvements. SEC. 4. 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 3 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 maintaining, repairing, and operating the bridge and its approaches under economical management and to provide a sinking fund sufficient to amortize the amount paid therefor including reason- able interest and financing cost, as soon as possible under reasonable charges, but within a period of not to exceed twenty years from the date of acquiring the same. After a sinking fund sufficient for such amortization shall have been so provided, such bridge shall there- after 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 opera- tion of the bridge and its approaches under economical management. An accurate record of the amount paid for acquiring the bridge and its approaches, the actual expenditures for maintaining, repair- ing, and operating the same, and of the daily tolls collected shall be kept and shall be available for the information of all persons int ereste d. SEC. 5 . If such bridge is constructed as a combined railroad bridge for the passage of railway trains or street cars, and a highway bridge for the passage of pedestrians, animals, and vehicles then the right of pu rchase and co ndemnation con ferred by thi s Act shall a pply to a right of way thereover for the passage without cost of persons, animals, and vehicles adapted to travel on public highways ; and if the right of purchase or condemnation shall be exercised as to such right of way over the bridge then the measure of damages or com- pensation to be allowed or paid for such right of way shall be a sum equal to the difference between the actual fair cash value of such bridge determined in accordance with the provisions of section 3 of this Act, and what its actual fa ir cash value so determine d would have been if such bridge had been constructed as a railroad bridge only. If the right of purchase or condemnation conferred by this Act shall be exercised as to the right of way over such bridge, then that part of the bridge which shall be purchased or condemned and shall be thereafter actually used for the passage of pedestrians, 54835•-29-PT 1-87 1323 Acquisition a uth or- i zed as a highway bridge, after comple- tion, by Kentucky, Ind iana, etc. Compensation ifac. quired by cond emna . tion. Limitations. Tolls under State, etc., operation. R ates applied to operation, sinking fund, etc. Maintenance as free br idge, etc., after a morti zing cost s. R ecord of expe ndi- tures and receipts. Purchase or condem- nat ion of combined ra ilroad and h ighway bridge. Co mpensation for right of way. Maintenance of high- way bridge.

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