Page:United States Statutes at Large Volume 45 Part 1.djvu/1558

 SEVENTI ETH C ONGRESS. SEss. II. CH. 525. 1929 . 1507 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 reasonabl e interest and financing co st, as soon a s possible und er reasonable charges, but within a period of not to exceed twenty Maintenance as free years from the date of acquiring the same. After a sinking fund bridge, etc., after amor- sufficient for such amortization shall have been so provided, such tizing costs, etc. 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 am ount necessar y for the pro per maintenanc e, repair, a nd operation o f the bridge and its appro aches under ec o- Record of expendi- nomical management. An accurate record of the amount paid for tures and receipts. 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 be available for the information of all persons interested. SEC. 6 . Jed P. Ladd his heirs, legal representatives, and assigns sworn statement of 7 1 7 ) construction costs, etc ., shall wit hin ninety day s after the c ompletion of such bridge fi le t o e fi led after comp le- with the Secretary of War and with the highway department of the State of Vermont a sworn itemized statement showing the actual origi nal cos t of c onstruc ting th e brid ge and its app roache s, the actual cost of acquiring any interest in real property necessary therefor, Examination by Sec- and the actual financing and promotion costs . The Secretary of rotary of war . War may, and upon request of the highway department of such State shall, at any time within three years after the completion of such bridge, investigate such costs and determine the accuracy and the reasonableness of the costs alleged in the statement of cost 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 Jed P. Ladd, his heirs, legal representatives, and assigns, shall make available all of his records in c onnect ion wi th th e cons tructi on, fi nanci ng, an d prom otion Fin ding s of Secr etary thereof. The findings of the Secretary of War as to the reasonable conclusive. costs of construction, financing, and promotion of the bridge shall be conclusive for the purposes mentioned in section 4 of this Act, subject only to review in a court of equity for fraud or gross mistake. SEC. 7. The right to sell, assign, transfer, and mortgage all the conferred t0 sell, etc ., rights, powers, and privileges conferred by this Act is hereby ' granted to Jed P. Ladd, 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 conferred herein directly upon such corporation or persons. SEC. 8. All contracts made in connection with the construction of Constr uction con - tracts bridge authorized by this Act and which shall involve the expend- bdder. obelettolowest iture of more than $5,000 shall be let by competitive bidding. Such contracts shall be advertised for a reasonable time in some Advertising, etc. newspaper of general ci rculation pub lished in the States in whi ch the bridge is located and in the vicinity thereof ; sealed bids shall be required and the contracts shall be awarded to the lowest respon- sible bidder. Verified copies or abstracts of all bids received and of the bid or bids accepted shall be promptly furnished to the high- way departments of the States in which such bridge is located. A violations. s void for failure to comply in good faith with the provisions of this section shall render null and void any contract made in violation thereof, and the Secretary of War may, after hearings, order the suspen- sion of all work upon such bridge until the provisions of this section shall have been fully complied with.

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