Page:United States Statutes at Large Volume 45 Part 1.djvu/506

 SEVENTIETH CONGRESS. SESS. I. Cir. 427 . 1928 . 455 with section 8 hereof. Not less tha n tw o-th irds of all encu mbra nces L imita tion s on all or securities other than preferred stock issued against said bridge encumbrances. shall be first mortgage bonds, and not more than one-third may be debentures. None of said bonds issued against said bridge shall be S ale price of bonds b sold for less than 92 per centum of their par value nor bear interest and d ebentures. a t a fixed rate in excess of 6i/9 per centum per annum. None of said debentures issued against said bridge shall be sold for less than 90 per centum of their par value nor bear interest at a fixed rate in excess of 7 per centum per annum. Any preferred stock issued shall P refer red stock. be at par plus accrued dividend, shall represent value, and shall be entitled to cumulative dividends at not to exceed 7 per centum per annum. SEC. 6 . The proceeds from tolls charged for the use of such bridge Proceeds from tolls. b Use for operations, shall be used ; first, to pay the maintenance, repair, and operation dividends, or interest costs ; second, to pay dividends or interest on outstanding pre- on obligations. ferred stocks, bonds, notes, mortgages, debentures, or other obli- gations issued by the company, its successors and assigns ; and, third, corporate uses. 20 per centum of any funds then remaining shall be retained for corporate uses by the said company, its successors and assigns, and R etiri ng o bliga tions. the other 80 per centum thereof shall be applied by said company, its successors and assigns, in the purchase and retirement in accord- ance with section 5 hereof of said bonds, debentures, preferred stock or other outstanding obligations legally incurred against said bridge. At the close of the fiscal year when all bonds, debentures, preferred bridg e o, bridge retiring p all bonds, y rop ert y, stock or other obligations legally incurred against said bridge shall etc ., in Unite d states have been retired in accordance herewith such bridge and the ap- Michigan, conveyed n etc . to proaches thereto and all structures, property, property rights, and franchises, so far as the same are located within the United States, shall be conveyed by the said company, its successors and assigns, without cost or expense, to the State of Michigan or to such muni- cipality or agency of the State of Michigan as the legislature of said State may designate, and so far as the same is situated within the Property Can ada y ~ tobe c onveyed thereto. Dominion of Canada shall be conveyed, without cost or expense, to the Dominion of Canada or to such province, municipality or agency thereof as the Dominion of Canada may designate, and all right, title, and interest of said company, its successors and assigns, therein shall then cease and determine. After said outstanding obliga- thDis o s l of revenues tions of the company have been retired, said 80 per centum of the net earnings shall be held by the company and half thereof shall be turned over to the State of Michigan, or its designated municipality or agency, and half to the Dominion of Canada, or its designated municipality or agency, at the same time as the bridge is turned 1 Rates of toll to pro. over. The rates of toll, if any, shall thereafter be so adjusted as to videforoperation. provide a fund of not to exceed the amount necessary for the proper main tena nce, rep air, and ope rati on o f th e br idge and its app roac hes under economical management. If said bridge shall not have Acquisition author- t- ized, after co mpletion, become the property of the State of Michigan and the Dominion by Michigan and Can- of Canada, or such agencies as may be authorized by them, in ac- a da. cordance with. the provisions of this section, within twenty years after the date that it is completed and formally opened to traffic, the said State of Michigan and the Dominion of Canada, or such agencies as may be authorized by them, shall have the additional right at any time thereafter to acquire said bridge by purchase and retirement, at par plus accrued interest or dividends, of the lega lly auth oriz ed o blig atio ns t hen outs tand ing agai nst same. SEC. 7. The said company, its successors and assigns, shall keep an tuneaa rof exp endi. accurate record of the cost of the bridge and its approaches, the expenditures for operating, repairing, and maintaining the bridge,

�