Page:United States Statutes at Large Volume 45 Part 1.djvu/1524

 SEVENTIETH CONGRESS. SEsS. II. Ca. 484. 1929 . representatives, and assigns, be, and is hereby, authorized to construct, maintain, and operate a bridge and approaches thereto across the Ohio River, at a point suitable to the interests of naviga- tion, at or near New Martinsville, Wetzel County, West Virginia, in accordance with the provisions of the Act entitled "An Act to regulate the construction of bridges over navigable waters," approved Mar ch 23, 1906, and s ubjec t to t he con ditio ns and limit ations contained in this Act. SEC. 2. There is hereby conferred upon S. R. Cox, his heirs, legal representatives, 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 compen- sation therefor, to be ascertained and paid according to the laws 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 S. R. Cox, 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 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 Nest 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 prop erty f or pub lic p urpose s by c ondemn ation or ex propri ation. If at any time after the expiration of five years after the completion 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 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 interests in real property ; and (4) actual expenditures for necessary improvements. 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, to provide a sinking fund sufficient to amor- tize the amount paid therefor, including reasonable interest and financing co st, as soon a s possible un der reasonable charges, but within a period of not to exceed twenty years from the date of acquir- ing the sa me. After a sinking fu nd sufficient to pay the co st of acquiring the bridge and its approaches shall have been so provided Constru ction. Vol.34,p.84. Right to acquire real estate, etc ., for location, approaches, etc. Condem nation pro - ceedings. Tolls authorized. Vol.34,p.85. Acquisition author- ized, a fter completi on, by west Virginia, Oh io, et c. 1473 Compensation if ac. quired by condemna - tion. Lim itati ons . Tol ls un der stat e, etc ., operation . Rates applied to op- eration, sinking fund, etc. Maintenance as fr ee bridge, etc ., after amor- tizing costs.

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