Page:United States Statutes at Large Volume 45 Part 1.djvu/1536

 SEVENTI ETH CON GR ES S. SEss. II. CH. 497. 1929 . purchase and retirement, at par plus accrued interest or dividends, of the legally authorized obligations then outstanding against same. SEC. 7. The said Maynard D. Smith, his heirs, successors, and assi gns, sha ll keep an accur ate reco rd of th e cost of the bri dge and its approach es, the expendit ures for operati ng, repai ring, an d main- taining the bridge, the daily traffic, and the tolls collected, and shall annually submit to the State highway department of Michigan and to the department of public highways of the Province of Onta rio a sworn itemized statement showing the traffic, the tolls collected, the maintenance, repair, and operation costs, the net earnings, interest and dividend payments, and the stock, bonds, notes, mort- gag es, debe ntures, or other obligat ions ret ired dur ing the precedin g fiscal year. The State highway department of Michigan and the department of public highways of Ontario shall have ac cess at any time to all records, files, and books of the said Maynard D. Smith, his heirs, successors, and assigns. The mayor of the city of Port Huron, State of Michigan, and the mayor of the city of Sarnia, Province of Ontario, Dominion of Canada, ex officio, shall be entitled to receive notice of and attend meetings of the board of directors of any company or corporation now existing or hereafter organized and havi ng the c ontrol a nd opera tion of said bri dge. SEC. 8. The said Maynard D. Smith, his heirs, successors, and assigns, shall within ninety days after the completion of such bridge file with the Secretary of War and with the highway department of the State of Michigan a sworn itemized statement showing the actual original cost of constructing the bridge and its approaches ; the actual cost of acquirin g any in terest i n real o r other property ; interest during construction ; and the actual financing costs, not to exceed 10 per centum of the total of said items. The Secretary of War may, and upon request of the highway department of the State of Michi gan shall, at any time within three year s after the co mple tion of such bri dge, inv esti gate suc h co sts and determine the accuracy of the costs alleged in the statement of costs so filed, and shall make a finding of the actual costs of constructing and financing such bridge ; fo r th e pu rpos e of suc h in vest igat ion the said Maynard D. Smith, his heirs, successors, and assigns, shall make available all of its records in connection with the construction and financing thereof. The findings of the Secretary of W ar as to the costs of the construction and financing of the bridge shall be conclusive for all purposes mentioned in this Act, subject only to review in a co urt of equity for fraud or gross mistake. A report of the main tenance, repair, and ope ration c osts of said bri dge shal l be submitted by the said Maynard D. Smith, his heirs, successors, and assigns, at the end of each six-month period to the State high- way department of Michigan and to the department of public high- ways of the Province of Ontario, Dominion of Canada. If any class of expenditures therein is disapproved by said highway depart- ments, or either of them, such class of expenditures shall not there- after, without approval, be an obligation payable out of the pro- ceeds of tolls collected for the use of such bridge. Reconstruction or betterment costs in excess of $10,000 in any fiscal year must be submitted to and be approved as necessary and reasonable by the State highway department of Michigan and the departmen t of public highways of th e Province of Ontario prior to incurring the expen- ditures therefor, and all betterment and reconstruction costs, duly approved if such approval is required, and actually made, may be added to the cost of the bridge, as determined by the Secretary of War in accordance with the provisions of this section, and in order to meet the co st thereof additional obligations or encumbrances not in excess of the amount approved for such reconstruction and 1485 Record of expendi- tures and receipts. Annu al itemiz ed statements to highway de partments of Mich- igan and Canada. Access to records, etc. M ayors of Port Hu- ron, Mich ., and Sarnia, Canada, to attend meetings of directors of operating company, S worn stat emen t of con struction cos t, etc ., to be filed after comple- tion. Examination by Sec. retary of War. Findings of Secretary conclusive. S emian nual rep orts of maintenance, etc ., to highway departments. A ction on expe nses not approved. Submission of recon- struction and better- ment costs for approv- al, etc.

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