Page:United States Statutes at Large Volume 45 Part 1.djvu/537

 486 SEVENTIETH CONGRESS. SEss. I. Cii. 488 . 1928 . Henderson-Ohio River Bridge Company, its successors and assigns, for the purpose of providing the funds with which to construct tee for Appointment Ae etc. us- said bridge and its approaches. Any mortgage or deed of trust issued by the Henderson-Ohio River Bridge Company, its succes- sors and assigns, to secure funds for the construction of said bridge and its a pproaches, sha ll provide fo r the appoint ment of the Ke n- tucky State Highway Commission, or such bank or bank and trust comp any in Hende rson County, Kent ucky, as sa id Com missio n may demp tion of bonds. rev obos for re- designate as trustee, and the net revenues received from the use . of such bridge as provided for in this section, shall be paid to the trustee and used for the payment or redemption, at par, as soon as possible, of all bonds issued and sold in connection with the con- after pto stoc k nt° of struction of such bridge ; after all such bonds have been paid or bonds. retired, the trustee shall continue to act as such and shall apply the net proceeds from the use of such bridge as rapidly as possible to the retirement of the outstanding stock at par issued by the Interest and dividend Henderson-Ohio River Bridge Company in connection with the rates. construct ion of such br idge. No bonds or stock issued and sold for the purpose of providing funds for the construction of said Issue limit. bridge, its approaches and appurtenances, shall bear interest or pay dividends at a rate exceeding 7 per centum per annum. Such bond s and stock so issued shall not exceed in the aggregate the total actual cost of constructing such bridge and its approaches and any real estate that may be necessarily required in connection there- with, and organization and financing charges, not exceeding 10 per centum of the actual cost of constructing such bridge and approaches and acquiring such real estate. red emp tio nof fal bo nds SE C. 5. When all of the bonds and stock issued and sold in con- and stock, bridge to nection w ith the constr uction of sai d bridge shal l have been pa id become property of Kentucky. or redeem ed, or shall h ave been call ed for paymen t or redemptio n, and the funds with which to redeem such as shall not have been presented for redemptio n shall have been provided, the bridge a nd conveyance by its approaches and appurtenances shall thereupon be and become the Bridge Company. property of the State of Kentucky, and the proper officials or agents of the Henderson-Ohio River Bridge Company, its successors and assigns, shall immediat ely, by prope r deed of con veyance, conve y, transfer, and assign to the State Hi ghway Commiss ion of the Sta te of Kentucky, the said bridge and its approaches and all real estate, franchises and other property necessarily held in connection there- To be a free bridge. with. Thereafter such bridge shall be maintained and operated free Record of expendi- of toll An accurate record of the costs of the bridge, its approaches tures and receipts. and appurtenances, the expenditures for maintaining, repairing, and operating the same and for taxes, insurance, betterments, and other necessary charges and of the daily tolls collected, shall be kept and shall be available for the information of all persons interested. ized, afte r Acquisiti on Auteric c omp let ion , SEC. 6 . After the completion of such bridge, the State of Ken- by Kentucky, etc. tucky, th rough its Stat e highway com mission, or, with the conse nt and approval of the State highway commission, the County of Henderson, may, at any time, acquire and take over all right, title, and interest in such bridge and its approaches, and any interest in conde mnati on pro - real property necessary therefor, by purchase or by condemnation, or ceedings. expropriation, in accordance with the laws of the State of Ken- Compensation tuc ky g over ning the acq uisi tion of priv ate prop erty for pub lic pur- acquired by condemif f poses by condemnation or expropriation. If the bridge and its tion. approaches and appurtenances are acquired by condemnation, the amount of damages or compensation to be allowed shall be such an amount as will equal the amount necessary to redeem and retire all the bonds and stock outstanding at the time of such condemnation proceedin gs.

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