Page:United States Statutes at Large Volume 45 Part 1.djvu/437

 386 SEVENTIETH CONGRESS. SEss. I. Cu. 287. 1928 . the bridg e and its appr oaches and ac quiring such interest in re al Tol ls un der state, pr o pe r ty ; and (4) actual expend itures for ne cessary impro vements. etc ., operation . 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 Rates appli ed to op- eration, sinking fund, charged for the use thereof the rates of toll shall be so adjusted as etc ° to provide a fund sufficient to pay for the reasonable cost of main- taining, repairing, and operating the bridge and its approaches under economical management ; and to provide a sinking fund suffi- cient to amortize the amount paid therefor, including reasonable interest and financing co st, as soon a s possible und er reasonable Maintenance as free charges, but within a period of not to exceed twenty years from the bridge, etc ., after amor- date of acquiring the same. After a sinking fund sufficient for such tizing costs, etc. 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 Record of expendi- of the bridge and its approaches under economical management. tures and rece ipts. An accurate record of the amount paid for acquiring the bridge and its approaches, the actual expenditures for maintaining, repair- ing, and operating the same, and of the daily tolls collected, shall be kept, and shall be available for the information of all persons sworn statement of interested. construction c ost, etc. , SEC. 6 . The said E. L. Higdo n, his heirs, legal represe ntative s, and to be filed after com- pletion. assigns, shall within ninety days after the completion of such bridge, file with the Secretary of War and with the Highway Departments of the States of Alabama and Florida, a sworn itemized statement showing the actual original cost of constructing the bridge and its approaches, the actual cost of acquiring any interest in real property Examination by sec- necessary ther efor, and the actual financ ing and promo tion costs. retary of war. The Secretary 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 shall make a finding of the actual and reasonable costs of constructing, financing, and promoting such bridge ; for the purpose of such investigation the said E. L. Higdon, his he irs, legal re presentatives, and assigns, shall make Findings of St cretary available all of his record s in connectio n with the co nstruction, conclusive. financing, and promotion thereof. The findings of the Secretary of War as to the reasonable costs of the construction, financing, and pro motion of the bridge shall be conclusive for the purp oses men- tioned in section 4 of this Act, subject only to review in a court of Ri ght sell, etc., equity for fraud or gross mistake. conferred. SEC. 7 . The right to sell, assign, transfer, and mortgage all the rights, powers, and privileges conferred by this Act is hereby granted to the said E. L. Higdon, his heirs, legal representatives, and assigns, and any corporation to which or any person to whom such rights, powers, and privileges may be sold, assigned or transferred, or who sha ll acquire th e same by mor tgage, foreclo sure, or othe rwise, is Amen dment. hereby authorized and empowered to exercise the same as fully as tho ugh conferred herein direc tly upon such corporation o r person. SEC. 8 . The right to alter, amend, or repeal this Act is hereby exp ressly reserv e. Appr oved, March 29, 1 928.

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