Page:United States Statutes at Large Volume 45 Part 1.djvu/176

 SEVENTIETH CONGRESS. SEss. I. CH. 87. 1928 . 125 erty owned by said commission and the revenues and tolls arising out of the use of the said bridge. As security for obligations so issued, and the moneys so appropriated, such property and such revenues and tolls arising out of the use of the said bridge shall be pledged as hereinafter provided to the repayment of the entire issue of bo nds an d othe r secu rities for th e cons tructi on the reof, together with the interest and the repayment of the moneys paid over by the States, it being the declared policy of the States that the bridge, so far as the payment of bonds or other securities issued for the construction thereof, together with the repayment of the moneys advanced by the States, shall in all respects be self- sustai ning ; and the Lake Ch amplain Bridge Commi ssion shall charge and maintain revenues and tolls for the use of the said bridge until all bonds and other securities issued for the construc- tion thereof shall have been paid, and until the moneys so as aforesaid advanced by the States of New York and Vermont shall have been repaid, with interest at the rate of 4 per centum per annum. The obligation for moneys so raised by the Lake Champlain Bridge Commi ssion on its own o bligat ions' f or the const ructio n of the sai d brid ge and purpo ses in cident al ther eto sh all co nstitu te a lien up on the prope rty ow ned by said commiss ion, a nd the reven ues and tol ls the refrom, in a ccorda nce wi th the terms upon w hich s uch moneys are raised, and any right or claim of the States, including that ar ising out of this agreem ent, s hall be subor dinate d to s uch li en. Th e Lake Champlain Bri dge Commission shall, however, pay into the State treasury of each State annually out of the revenues and tolls from the bridge a sum equal to 4 per centum upon the unpaid balance of the amount actually advanced to the Lake Champlain Bridge Commission by each State hereunder as interest for that year, together with at least 2 per centum of the principal of such advance, until the whole sum so advanced is repaid to the States, with accrued interest, provided that the Lake Champlain Bridge Commission shall not make such payments until it shall have accumulated a reserve fund, and only so long as and for the years in which it maintains such reserve fund equal to 10 per centum of its own obligations issued in relation to or for the con- structi on of such b ridge, over and ab ove the sums requir ed by the terms of such obligations to be set aside for amortization or a sinking fund, and unless in said year the tolls or revenues from the said bridge after the payment of all expenses for operation and maintenance are sufficient to satisfy the interest and other contrac tual r equire ments of sai d obli gations : A nd provided fur- th er, That su ch pay ments shall not be made into th e Stat e trea sury of either State unless there shall be available under the same con- ditions sufficient money to make payment on similar terms to the other State, and that if there exists such surplus revenue, but insuffi cient to mak e comp lete p ayment on suc h term s or c onditi ons both to the States of New York and Vermont, then such surplus revenue shall be prorated in accordance with the respective unpaid balances of the advances made under the acts of the two States and such prorated sum shall be paid into the State treasury of each State in place and stead of the amount above provided, to be applied, firs t, upo n inte rest a ccrued and un paid, if any upon the interest for the current year and the balance, if any, in reduction of the principal. Ag ree ment -Co ntd ,
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