Page:United States Statutes at Large Volume 45 Part 1.djvu/1491

 1440 SEVENTIETH CONGRESS. SEss. II. Cg. 441. 1929 . Right to acquire real estate, etc., for location, approaches, etc. Condemnation p ro- ceedings. Tolls authorized. Vol.34, p. 85. Acquisition author- i zed, afte r com pleti on, by west Virginia, Ohio, etc. Compensation if ac- quired by condemna- tion. Limitations. Tolls under State, etc., operation. Rates applied to op- eration, sinking fund, etc. Maintenance as free bridge, etc ., after amor- tizing costs. Record of expendi- tures and receipts. Sworn statement of construction costs, etc ., to be filed after comple- tion. SEC. 2. There is hereby conferred upon the Moundsville Bridge Company, its successors and assigns, all such rights and powers to enter upon lands and to acquire, condemn, occupy, possess, and use real estate and other property needed for the location, construction, operation, and maintenance of such bridge and its approaches as 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 compensation there- for, to be ascertained and paid according to the laws of such State, and the proceedings therefor shall be the same as in the condemna- tion or expropriation of property for public purposes in such State. SEC. 3 . The s aid Moundsvil le Bridge Comp any, its succ essors 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 contained 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 West Virginia, the State of Ohio, 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 ten years after the completion of such bridge the same is acquired by condemnation 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 reason able deduction for actual depreciation in value ; (2) the actual cost of acquiring such interests ~n real property ; (3) actual financing and promotion costs, not to exceed 10 per centum of the sum of the cost of constructing the bridge and its approaches and acquiring such interests in real prop- er t y ; and (4) actual expend itures for ne cessary impro vements. 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 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 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 management. An accurate record of the amount paid for acquiring 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 b e avail able fo r the informa tion of all p ersons interes ted. SEC. 6 . The sai d Moundsville Bridge Compan y, its succes sors and assigns, shall within ninety days after the completion of such bridge file with the Secretary of War, and with the highway departments

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