Page:United States Statutes at Large Volume 45 Part 1.djvu/507

 456 Annual itemized statements to highway departments of Michi- gan and Canada. Access to records, etc. Mayors of Port Hu- ron, Mich ., and Sarnia, C anada , to attend meetings of directors of operating company. Sworn statement of construction cost, etc., to be filed after comple- t ion . Examination by Sec- retary of War. Findings of Secretary conclusive. Semiannual reports of maintenance, etc ., to hig hway dep artme nts. Action on expenses not approved. Submission of recon- struction and better- ment costs for approval, et c. Right to sell, etc., conferred. SEVENTIETH CONGRESS. SEss. I. CH. 427. 1928. the daily traffic, and the tolls collected, and shall annually submit to the State highway department of Michigan and to the department of public highways of the Province of Ontario a sworn itemized stateme nt sho wing t he tra ffic, the to lls col lected, the mainte nance, repair, and operation costs, the net earnings, interest, and dividend payme nts, and t he s tock, bond s, n otes, mort gages, de bentu res, or other obligations retired during the preceding fiscal year. The State highway department o f Michigan and the de partment of public highways of Ontario shall have access at any time to all records, files, and books of the said company, its successors and assigns. The mayor of the city of Port Huron, State of Michigan, and the mayor of the city of Sarnia, Province of Ontario, Dominion of Canada, ex officio, shall be entitled to receive notice of and attend meetings of the boa rd of direct ors of any c ompany or cor porati on now exist ing or herea fter organ ized and havin g th e con trol and o pera tion of sa id bridge. SEC. 8 . The said c ompany, its succes sors a nd assi gns, s hall w ithin ninety days after the completion of such bridge file with the Secre- tary of War and with the highway department of the State of Michigan 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 or other property ; interest during con- struction ; and the actual financing costs, not to exceed 10 per centum of the total of said items. The Secretary of War may, and upon request of the highway department of the State of Michigan shall, at any time within three years after the completion of such bridge, investigate such costs and determine the accuracy of the costs alleged in the statement of costs so filed, and shall make a finding of the actual costs of constructing and financing such bridge ; for the pur- pose of such i nvestigat ion the s aid compa ny, its successor s and ass igns, shall make available all of its records in connection with the con- struction and financing thereof. The findings of the Secretary of War as to the costs of the construction and financing of the bridge shall be conclusive for all purposes mentioned in this Act, subject only to review in a court of equity for fraud or gross mistake. A report of the maintenance, repair, and operation costs of said bridge shall be submitted by the said company, its successors and assigns, at th e end of each six-m onth peri od to the Stat e hig hway depar tmen t of Michigan and to the department of public highways of the Prov- ince of Ontario, Dominion of Canada. If any class of expenditures th erein is disap prove d by said high way d epar tment s, or eith er o f them, such class of expenditures shall not thereafter, without app roval, be an oblig ation payabl e out of the procee ds of tolls col- lected for the use of such bridge. Reconstruction or betterment costs in excess of $10,000 in any fiscal year must be submitted to and be approved as necessary and reasonable by the State highway depart- ment of Michigan and the department of public highways of the Province of Ontario prior to incurring the expenditures therefor, and all betterment and reconstruction costs, duly approved if such approval is required, and actually made may be added to the cost of the bridge, as determined by the Secretary of War in accordance with the provisions of this section, and in order to meet the cost thereof additional obligations or encumbrances not in excess of the amo unt a ppro ved f or su ch r econs truct ion and b etter ments act ually made plus necessary financing costs, not exceeding 10 per centum, may be issued against said bridge. SEC. 9. The right to sell, assign, transfer, and mortgage all the rights, powers, and privileges conferred by this Act is hereby granted to the said company, its successors and assigns, and any corporation to which or any person to whom such rights, powers, and privileges

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