Page:United States Statutes at Large Volume 45 Part 1.djvu/525

 474 SEVENTIETH CONGRESS. SEss. I. Crr. 470. 1928. y at any time acquire and take over all right, title, and interest in such bridge and it s approaches, and any inter est in real p roperty necessary therefor, by purchase or by condemnation or expropria- ti on, in accor dance with the la ws of such State govern ing th e acquisition of private property for public purposes by condemnation or expropriation. If at any time after the expiration of twenty ears after the completion of such bridge the same is acquired y c onde mna tion or exp ropr iati on, the am ount of dam ages or compensation to be allowed shall not include good will, going value, or prospective revenues or profits, but shall be limited to the sum of (1) the actu al c ost of c onst ruct ing such bri dge and its appr oach es, 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 cost, not to exceed 10 per centum of the sum of the cost of constructing the bridge and its approaches and acquiring such interests in real property ; (4) actual expendi- tures for necessary improvements. SEC. 3 . If such bridge shall at any time be taken over or acquired by the State of West Virginia, or by any municipality or other political subdivision or public agency thereof, under the provisions of section 2 of this Act, and if tolls are thereafter charged for the use thereof, the rates of toll shall be so adjusted as to provide a fund suf ficien t to pa y for t he rea sonable cost o f main taining, repai ring, and operating the bridge and its approaches under economical manage- ment and to provide a sinking fund sufficient to amortize the amount pai d ther efor, i ncludin g reas onable interes t and financi ng cost, as s oon as possible under reasonable charges, but within a period of not to exceed twenty years from the date of acquiring the same. After a sinking fund sufficient for such amortization shall have been so pro- vided, such bridge shall thereafter be maintained and operated free of tolls, or the rates of toll shall thereafter be so adjusted as to pro- vide a fund of not to exceed the amount necessary for the proper maintenance, repair, and operation of the bridge and its approaches under economical management. An accurate record of the amount paid for acquiring the bridge and its approaches, the actual expendi- tures for maintaining, repairing, and operating the same, and of the daily tolls collected shall be kept and shall be available for the in- formation of all persons interested. SEC. 4 . The Saint Albans Nitro Bridge Company, its successors and assigns, shall, within ninety days after the completion of such bridge, file with the Secretary of War and with the highway depart- ment of the State of West Virginia, 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 neces sary therefor, and the actu al financing and promotion costs. The Secretary of War may, and at the request of the highway depart- ment of the State of West Virginia, 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 Saint Albans Nitro Bridge Company, its successors and assigns, shall make avail- able all of its records in connection with the construction, financing, and promotion thereof. The findings of the Secretary of War as to the reasonable costs of the construction, financing, and promotion of the bridge shall be conclusive for the purposes mentioned in section 2 of this Act, subject only to review in a court of equity for fraud or gross mistake. Con demn atio n pro - ceedings. Compensation if ac- quired by condemna- tion. Lim itat ions. Tolls under State, etc ., operation. Rates a pplied to op - eration, sinking fund, etc. Maintenance as free bridge, etc ., after amor- tizing costs . Rec ord of e xpend i- tures and receipts. Sworn statement of construction costs, etc ., to be filed after com- pletion. Examination by Sec- retary of War. Fin ding s of Secr etary conclusive.

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