Page:United States Statutes at Large Volume 45 Part 1.djvu/345

 294 SEVENTIETH CONGRESS. SEss. I. CII. 187 . 1928 . in the State in which such real estate or other property is situated, C onde mnati on pr o- upon making just compensation therefor, to be ascertained and paid ceedings. according to the laws of such State, and the proceedings therefor shall be the same as in the condemnation or expropriation of property for public purposes in such State. T°115 authorized. SEC. 3 . The said American Bridge and Ferry Company (Incorpo- rated), its successors and assigns, is hereby authorized to fix and charge tolls for transit over such bridge, and the rates of toll so Vol.34,p.85. fixed shall be the legal rates until changed by the Secretary of War under the authority contained in the Act of March 23, 1906. izod, Acquisition aftecauthor- SEC. 4. After the completion of such bridge, as determined by r com lot ion, by Wisconsin, Iowa, the Secretary of War, either the State of W isconsin, the State of etc. Iowa, any public agency or political subdivision of either of such States, within or adjoining which any part of such bridge 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 prop erty necessary therefor, by purchase or by condemnation or expropriation, in accordance with the laws of either of such States governing the acquisition quired by condemns- uisition of private prop- Compensation if a°- ert3' for public purposes b condemnation or expropriation. If at ~' ton. 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 Lim itat ions. 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 interest 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 approaches and acquiring such interest in real prop- Tolls under State, erty, and (4) actual expenditures for necessary improvements. etc., operation. SEC. 6. If such bridge shall be taken over or acquired by the States or public agencies or political subdivisions thereof, or by Rates app lied to op- either of them, as provided in section 4 of this Act, and if tolls are eration, sinking fund, thereafter charged for the use thereof, the rates of toll shall be so etc. adjusted as to provide a fund sufficient to pay for the reasonable cost of maintaining, repairing, and operating the bridge and its ap- proaches under economical management, and to provide a sinking fund sufficient to amortize the amount paid therefor including rea- sonable interest and financing cost, as soon as possible under reason- Maintenance able charges, but within a period of not to exceed twenty years from bridge, etc ., after as fro- the date of acquiring the same. After a sinking fund sufficient for fter amor tizing costs. 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 Record of expendi- operation of the bridge and its approaches under economical man- tures and receipts. age ment. An accurate reco rd of the amou nt paid for a cquiring the br idge and its app roac hes, the act ual expe ndit ures for mai ntai ning , repairing, and operating the same and of the daily tolls collected, shall be kept and shall be available for the information of all persons inter ested. Sworn statement of construction costs, etc ., SEC. 6 . The American Bridge and Ferry Company (Incorporated), to be filed, after com- its successors and assigns, shall within ninety days after the comple- pletion. tion of such bridge file with the Secretary of War, and with the highway departments of the States of Wisconsin and Iowa, a sworn ite mize d st atem ent show ing the actu al o rigi nal cost of cons truc ting the bridge and its approaches, the actual cost of acquiring any Inves tigat ion by Se e- interest in real property necessary therefor, and the actual financing rotary of War. and promotion costs. The Secretary of War may, and upon request

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