Page:United States Statutes at Large Volume 45 Part 1.djvu/496

 SEVENTIETH CONGRESS. SESS. I. Cii. 407 . 1928 . 445 over naviga ble wa ters," appro ved Ma rch 23, 1906, and s ubject to th e conditions and limitations contained in this Act . SEC . 2. There is hereby conferred upon the Interstate Bridge Right to acquire real est ate, e tc ., for location, Compa ny, ,i ts suc cessor s and assign s, all such r ights and po wers t o approaches, etc. 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 State, and the proceedings therefor shall be the same as in the con- ce fding den atfou pro- State, or expropriation of property for public purposes in such State. SEC. .3. The said Interstate Bridge Company, its successors and Tolls authorized. 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 vol .si,p.as. chan ged b y the Secr etar y of War u nder the autho rity cont ained in the Act of March 23, 1906. Acq uisition author- SEC. 4 . After the completion of such bridge, as determined by the ized, aft er c omple tion, Secretary of War, either the State of Nebraska, the State of Iowa, etc . Nebraska, Iowa, any public agency or political subdivision of either of such States, within or ad joinin g whic h any part o f such bridge is lo cated, or an y 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 condem nation or ex propri ation, in ac cordanc e with the l aws of eithe r of such States governing the acquisition of private property for pub- Compensati on if ac - lie purposes by condemnation or expropriation. If at any time after quired by condemna- the expiration of twenty years after the completion of such bridge tion. 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 p rospec tive r evenues or pr ofits, but s hall b e limited to the sum of (1) the actual cost of constructing such bridge and its approaches, less a reasonable deduction for actual deprecia- tion 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 tie cost of constructing the bridge and its approaches and acquiring such interests in real property ; and (4) actual expenditures for necessary improvements. Tolls under State, SEC. 5 . If such bridge shall at any time be taken over or acquired etc., operation. 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 Rates applied to op. are thereafter charged for the use thereof, the rates of toll shall be oration, sinking fund, so adjusted as to provide a fund sufficient to pay for the reasonable 'to- cost of maint ainin g, r epair ing, and o pera ting the b ridg e and its appr oach es un der e cono mical mana gemen t, a nd to prov ide a sin king 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 Maintenance as fr ee years from the date of acquiring the same. After a sinking fund bridge costs, aft er am or- 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 econom- Record of expendi- ical management. An accurate record of the amount paid for acquir- ture s and rec eipts. ing the bridge and its approaches, the actual expenditures for

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