Page:United States Statutes at Large Volume 45 Part 1.djvu/191

 140 SEVENTIETH CONGRESS. SESS. I. C$.96. 1928 . February 25,1928. CHAP. 96.-An Act Authorizing the Valley Bridge Company, Incorpo- [ii.R.7033.] rated, of Paducah, Kentucky, its successors and assigns, to construct, maintain, [Public, No. 68 .] and operate a bridge across the Cumberland River at or near luka, Kentucky. Cumberland River. Be it enacted by t11e Senate and House of Representatives of the valle y Bridge Corn- United States of America in Con gress asse mbled, That in order to pany may bridge, at luka, Ky. promote interst ate comm erce, im prove th e postal service, and pr ovide for military and other purposes, Valley Bridge Company, Incor- porated, of Paducah, Kentucky, its successors and assigns, be, and is hereby, authorized to construct, maintain, and operate a bridge and approaches thereto across the Cumberland River, at a point suitabl e to the interes ts of na vigation, at or near the city or town of Iuka, Kentucky, in accordance with the provisions of the Act Coi 34,, p.'84: entitled "An Act to regulate the construction of bridges over navi- Post, p. 1503. gable waters," approved March 23, 1906, and subject to the conditions and limitations contained in this Act. Acquisition a uth or- i zed, afte r com pleti on, SEC. 2. After the completion of such bridge, as determined by by Kentucky, etc. the Secretary of War, either the State of Kentucky, any political subdivision thereof within or adjoining which any part of such bridge is located, or any two of them jointly, may at any time acquire and take over all right, title, and interest in such bridge and its approaches, and any interest in real property necessary ee doIIndemnation pro - therefor, by purchase or by condemnation in accordance with the laws of such Sta te gover ning the acquisit ion of p rivate p roperty for Compensation if ac- quired by condemna- public purp oses by con demna tion or expropriation. If at any time tion. after the expiration of twenty years after the completion of such bridge the same is acquired by condemnation or expropriation, the amount of damages or compensation to be allowed shall not include good wil l, going value, or rospec tive rev enues or profits, but sh all Limitations, be lim it ed to the sum of ( p1) the actual cost of constructing such bridge and its approaches, less a reasonable deduction 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 constructing the bridge and its approaches and acquiring such interest in real prop- erty, and (4) actual expenditures for necessary improvements. To lls under sta te, SEC. 3. If such bridge shall at any time be taken over or acquired by the State of Kentucky or by any municipality or other political s ubdi visi on or pu blic age ncy ther eof, und er the p rovi sion s of section 2 of this Act, and if tolls are charged for the use thereof, Rates applied to op- the rates of tolls shall be so adjusted as to provide a fund sufficient etction, sinking fund, to pay for the reasonable cost of maintaining, repairing, and oper- ating the bridge and it s app roach es und er ec onomi cal ma nagem ent, and to provide a sinking fund sufficient to amortize the amount paid therefor as soon as possible under reasonable charges, but within a period of not to exceed twenty years from the date of acquiring Maintenance as free the same. After a sinking fund sufficient to pay the cost of acquir- bridge, etc ., after amor- tizin g costs. ing the bridge and its approaches shall have been so provided, such bridge shall thereafter be maintained and operated free of tolls, or the rates of tolls shall thereafter be so adjusted as to provide a fund of not to exceed the amount necessary for the proper main- tenance, repair, and operation of the bridge and its approaches under Record of expendi- tures and receipts. economical management. An accurate record of the amount pa id. fo r acquir ing the bridge a nd its a pproache s, the a ctual ex penditur es fo r mainta ining, r epairing, and op erating the same , and of the dai ly tolls collected shall be kept and shal l be available f or the informati on of all persons interested. Sworn statement of construction costs, etc ., SEC. 4. The Valley Bridge Com pany, Incorporated, of Pad ucah, to be ]led after com- Kentucky, its successors and assigns, shall, within ninety days after pletion. the completion of such bridge, file with the Secretary of War and

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