Page:United States Statutes at Large Volume 45 Part 1.djvu/371

 SEC. 2 . There is hereby conferred upon C. J. Abbott, his heirs, legal representatives, and assigns, all such rights and powers to enter upon lands and to acquire, condemn, occupy, possess, and use real estate and other property needed for the location, construction, operation, and maintenance of such bridge and its approaches as are possessed by railroad corporations for railroad purposes or by bridge corporations for bridge purposes in the State in which such real estate or other property is situated, upon making just compensation therefor, to be ascertained and paid according to the laws of such Condemnation pr o- State, and the proceedings therefor shall be the same as in the ceedings. condmnation or expropriation of property for public purposes in such State. Tolls authorized. SE C. 3. The said C. J. Abbott, his heirs, legal representatives, and assigns, is hereby authorized to fix and charge tolls for transit over such bridge, and the rates of toll so fixed shall be the legal rates until changed by the Secretary of War under the authority contained in vol.34, p. 85. the Act of 1Vlarch 23, 1506. SE C. 4. After the completion of such bridge, as determined by the Secretary of War, either the State of Illinois, the State of Kentucky, 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 property necessary therefor, by purchase or by condemnation or expropriation, in accordance with the laws of either of such States governing th e acquisition of private property for public purpose s by condemna tion or expro priation. 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 Limitations. 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 approaches and acquiring such interest in real property, and To lls under sta te, (4) actual expenditures for necessary improvements. etc., operation. SEC. 5 5. If such bridge shall be taken over or acquired by the States or public agencies or political subdivisions thereof, or by either of Rates applied to op- of them, as provided in section 4 of this Act, and if tolls are thereafter „ oration, sinking fund, charged for the use thereof, the rates of toll shall be so adjusted as to etc • pr ovide a fund suffici ent to pay fo r the r easona ble cos t of ma intain ing, r epairi ng, an d oper ating the b ridge 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 Maintenance as free within a period of not to exceed twenty years from the date of brid ge, etc ., after amor- acquiring the same. After a sinking fund sufficient for such amorti- tizing costs, etc' zation shall have been so provided, such bridge shall thereafter be maintained and operated free of tolls, or the rates of toll shall there- after be so adjusted as to provide a fund of not to exceed the amount Re cord of e xpen di- necessary for the proper maintenance, repair, and operation of the tures and receipts. 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. Right to acquire real est at e, e tc ., for location, approaches, etc. Acquisition author- i zed, afte r com pleti on, by Illinois, Kentucky, etc. Compensation if ac- quired by condemna- tion. SEVENTIETH CONGRESS. SEss. I. Cii. 226. 1928.

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