Page:United States Statutes at Large Volume 45 Part 1.djvu/179

 128 SEVENTIETH CONGRESS. SEss. I. CH. 87. 1928 . Agreement-Contd. Amendment, etc. Champlain Bridge Commission shall be regarded as performing a governmental function in undertaking the said construction, main tena nce, and ope rati on, and in c arry ing out the prov isio ns o f law relating to the said bridge, and shall be required to pay no taxes or assessments upon any of the property acquired by it for the construction, operation, and maintenance of such bridge, and the interest of either State in any tolls collected under this article shall be free from any State, county, municipal, or local taxation whatsoever in the other State. The obligations which may be issued by the Lake Champlain Bridge Commission for the construction of the bridge mentioned herein, or incidental thereto, shall be exempt from taxation and are to be leg al sec urities in whi ch all public office rs and bodies of each State and of its municipal subdivisions, all insurance com- panies and associations, all savings banks and savings institutions, including savi ngs loan asso ciations, exe cutors, admini strators, guardians, trustees, and all other fiduciaries in each State may properly and legally invest the funds within their control. ARTICLE XXI It is the declared purpose of ea ch of the con tracting part ies that this bridge will eventually be a free bridge, and to that end it is agreed that after the payment of all the obligations which may be issued against the bridge and the tolls and revenues thereof, and the State of New York and the State of Vermont shall have been fully repaid for any and all moneys that may have been advanced by them, together with all interest thereon, the Legisla- tures of the State of New York and the State of Vermont, subject to the approval of the governor of each State, by concurrent legislation, shall provide the method and procedure for the future operation, maintenance, and control of said bridge. In witness whereof we have signed this compact or agreement by and under the authority of chapter 321 of the Laws of 1927 of the State of New York, and by and under the authority of act 139 of the acts and resolutions passed by the General Assembly of the State of Vermont at the twenty-ninth biennial session, 1927, this 11th day of May, 1927. As commissioners upon the part of the State of New York : MORTIMER Y. FERRIS. HAR RY E. OWEN. Roy LOCKWOOD. ALBERT OTTINGER, Attorney General of the State of New York. As comm issioners upo n the part of the State of Vermont : GEORGE Z. THOMPSON. WILLIAM R. WAR NER. CHAS. E. SCHOFF. J. WARD CARVE R, Attorney General of the State of Vermont. In the presence of : ALFRED E. SMITH. SEC. 2. The right to a lter, amend, or repeal this resolution i s hereby expressly reserved. Approved, February 16, 1928.

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