Page:United States Statutes at Large Volume 45 Part 1.djvu/204

 SEVENTIETH CONGRESS. SEss . I. Ca. 110. 1928 . 153 SEC. 3. The said Rogers Brothers Company, its successors and assigns, is hereby authorized to fix and charge tolls for transit over such bridge, and the rates of toll shall be the legal rates until ch anged by th e Sec retary of War under the authority contained in the Act of March 23, 1906 . SEC. 4. After the completion of such bridge, as determined by the Secretary of War, either the State of Kentucky, the State of Ohio, any public a gency or politic al subdi vision o f either of such States, with in or ad joining which an y part o f such b ridge is located, or any two or more 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 therefor, by purchase or by con demnatio n or exp ropriati on, in a ccordanc e with t he laws of eithe r of s uch States governing the acquisition of pri va te property for pub lic p urpose s by condem natio n or expro priati on. If at any time 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 will, going value, or prospective revenues or profits, but shall be limited to the sum of (1) 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 costs, not to exceed 10 per centum of the sum of the cost of constructing the bridge and its appr oaches a nd acqui ring suc h intere st in rea l proper ty, and (4) actual expenditures for necessary improvements. SEC. 5. If such bridge shall be taken over or acquired by the States or public agencies or political subdivisions thereof, or by either of them, as provided in section 4 of this Act, and if tolls are thereafter charged for the use thereof, the rates of toll shall be so adjusted as to p rovide a fund su fficient to pay for the reasonabl e cost o f main- taining, 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 reasonable interest and financing cost, as soon as possible under reasonable charges, but within a period of not to exceed twenty years from the date of acquiring the same. After a sinking fund sufficient for such amortization shall have been so provided such 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 amount necessary for the proper maintenance, repair, and operation of the bridge and its approaches under economical management. An accurate record of the amount paid for 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 . The Rogers Brothers Company, its successors and assigns, shall within ninety days after the completion of such bridge file with the Sec reta ry of Wa r, and w ith the High way Dep artm ents of the States of Kentucky and Ohio, a sworn itemized statement showing the actual original cost of constructing the bridge and its approaches, the actual c ost of a cquiring any int erest in real pro perty ne cessary therefor, and the actual financing and promotion costs. The Secre- tary of War may, and upon request of the highway department of either of such States 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 costs so filed, and s hall make a find ing of the actual and reasonable cos ts of co nstructi ng, fina ncing, a nd promo ting suc h bridge ; fo r t he Tolls authorized. Vol.34,p.85. Acquisition author- ize d, a fter comp letio n, by Kentucky, Ohio, etc . Condem nation pro - ceedings. Compensation if ac- quired by condem na- tion. Lim itat ions. Tol ls u nder Stat e, etc ., operation. Rates a pplied to op - eration, sinking fund, etc . Maiatenance as free bridge, etc ., on amo r- tizing costs, etc. Rec ord of e xpend i- tures and receipts. Sworn statement of construction costs, etc ., to be filed after com- pletion. Investigation by Sec- retary of War.

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