Page:United States Statutes at Large Volume 45 Part 1.djvu/559

 508 SEVENTIETH CONGRESS. SESS. I. CH. 543. 1928 . Right to acquire real Sxo. 2 . There is hereby conferred upon J. T. Burnett his heirs, estate > > approaches, etc. legal representatives, and assigns, all such rights and powers to enter upon lands and to acquire, condemn, occu py, possess, a nd use real estate and other property needed for the location, construction, oper- ation, and maintenance of such bridge and its approaches as are possessed by railroad corporations for railroad purposes or by bridge corporations for bridge p urposes in th e State in whi ch such real estate or property is situated, upon making just compensation there- Condemnatio n pro- for, to be ascertained and paid according to the laws of such State, ceedmgs. and the proceedings therefor shall be the same as in the condemna- tion or expropriation of property for public purposes in such State. Tolls authorized. SEc. 3 . The said J. T. Burnett, his heirs, legal representatives, and 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 changed by the Secretary of War under the authority contained in Vol.34, p.85. the Act of March 23, 1906. Acquisition author- ized, after completion ' SE c. 4. After ,the completion of such bridge, as determined by the byTennessee,Missouri, Secretary of War, either the State of Tennessee, the State of Mis- e tc' souri, any public agency or political subdivision of either of such States, within or adjoining which any part of such bridge is located, or any two or more of them jointly, may at any time acquire and take ove r al l ri ght, tit le, and inte rest in such bri dge and its ap- proaches and any interest in any real property necessary therefor, by purchase or by condemnation or expropriation, in accordance with the laws of either of such States governing the acquisition of private q uires by Compensation if condemns- - property for public purposes by condemnation or expropriation. If tion. at any time after the expiration of fifteen years after the completion of such bridge the same is acquired by condemnation or expropri- ation, the amo unt of damage s or compensa tion to be all owed shall no t incl ude goo d will, going value, or pro specti ve reve nues or profi ts, Li mita tions. but shall be limited to the sum of (1) the' actual cost of constructing such bridge and its approaches, 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 costs, not to exceed 10 per centum of the sum of the cost of constructing the bridge and its approaches and acquiring such interest in real prop- erty ; and (4) actual expenditures for necessary improvements. eto, operation . State, SEc. 5 . If such bridge shall be taken over or acquired 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 are oration, Rate, applied sinking to d, thereafter charged for the use thereof, the rates of toll shall be so nkin g fu etc• adjusted as to provide a fund sufficient to pay for the reasonable cost of maintaining, repairing, and operating the bridge and its approaches under economical management, and to provide a sinking fund sufficient to amortize the amount paid therefor, including reasonable interest and financing cost as soon as possible under Maintenance as free reasonable charges, but within a period of not to exceed fifteen years bridge, etc ., after amor- from the date of acquiring the same. After a sinking fund sufficient tizing costs, etc • for suc h amortizatio n shall have b een provided, such bridge s hall 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, Rec ord of e xpend i- and operation of the bridge and its approaches under economical tures and receipts. m an a ge m en t. An accurate record of the amount paid f or acquiring the bridge and its approaches, the actual expenditures for main- taining, repairing, and operating the same, and of the daily tolls collected, shall be kept and shall be available for the information of all persons interested.

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