Page:United States Statutes at Large Volume 45 Part 1.djvu/1549

 1498 SEVENTIETH CONGRESS. SEss. II. CH. 513 . 1929 . tion 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 construct- ing the bridge and its approaches and acquiring such interests in real To ns unde r state, property ; and (4) actual expenditures for necessary improvements. etc ., operation. SEC. 3 . If such bridge shall at any time be taken over or acquired by the State of Louisiana, or by any municipality or other political subdivision or public agency thereof, under the provisions of section 2 of this Act, and' if tolls are thereafter charged for the use thereof, Rates applied to op- eration, sinking fund, the rates of toll shall be so adjusted as to provide a fund sufficient etc. to pay for the reasonable cost of maintaining, repairing, and operat- ing the b ridge and its approaches un der economica l management a nd to provide a sinking fund sufficient to amortize the amount paid therefor, including reasonable interest and financing cost, as soon Maintenance as free as possible under reasonable charges, but within a period of not to bridge, etc ., after amor- exceed twenty years from the date of acquiring the same. After a tizing costs, etc. sinking fund sufficient for such amortization shall have been so provided, su ch bridge sha ll 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 Record of expendi- maintenance, repair, and operation of the bridge and its approaches t ures and recei pts. under economical management. An accurate record of the amount paid for acquiring the bridge and its approaches, the actual expendi- tures for maintaining, repairing, and operating the same, and of the daily tolls collected shall be kept and shall be available for the information of all persons interested. Sworn statement of construction costs, etc ., SEo. 4. L. L. Thompsen, his heirs, legal representatives, and assigns , to be lied after com- shall, within ninety days a fter th e compl etion of such bridge, file with pletion. the Secretary of War and wi th the highwa y department o f the State of Louisiana, a sworn itemized statement showing the actual original cost of constructing the bridge and its approaches, the actual cost of Examination by sec- acquiring any interest in real property necessary therefor, and the retary of war. actual financing and promotion costs. The Secretary of War may, and at the request of the highway department of the State of Louisiana shall, at any time within three years after the completion of such bridge, investigate such costs a nd determine t he accuracy and the reasonableness of the costs alleged in the statement of costs so filed, and shall make a finding of the actual and reasonable costs of constructing, financing, and promoting such bridge ; for the pur- pose of such investigation the said L. L. Thompsen, his heirs, legal representatives, and assigns, shall make available all of his records in connection with the construction, financing, and promotion thereof. c onc lus ive . of secretary The findings of the Secretary of War as to the reasonable costs of the construction, financing, and promotion of the bridge shall be con- clusive for the purposes mentioned in section 2 of this Act, subject conferred. to sell. etc ., only SCto review .5.Therih a court of t to sell, equity ssi f transfer or and gr oss mortgage mistake. all the rights, powers, and privilegs conferred by this Act is hereby granted to L. L. Thompsen, his heirs, legal representatives, and assigns ; and any corporation to which or any person to whom such rights, powers, and privileges may be sold, assigned, or transferred, or who shall acquire the same by mortgage foreclosure or otherwise, is hereby authorized and empowered to exercise the same as fully as though Construction co n- conferred herein directly upon such corporation or person. tracts to be let to lowest SEC. 6. All contracts made in connection with the construction of bidder. the bridge authorized by this Act and which shall involve the expenditure of more than $5,000 shall be let by competitive bidding. Advertisin g, etc. Such contracts shall be advertised for a reasonable time in some newspaper of general circulation published in the State in which the bridge ,is located and in the vicinity thereof ; sealed bids shall be

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