Page:United States Statutes at Large Volume 45 Part 1.djvu/566

 SEVENTIETH CONGRESS. SESS. I. Cii. 548 . 1928. to the interests of navigation, at or near East Alburg, Vermont, to a point at or near West Swanton, Vermont, in accordance with the provisions of the Act entitled "An Act to regulate the construction of bridges over navigable waters," approved March 23, 1906, and subje ct to the co nditio ns and limit ations contai ned in this Act. SEC. 2. After the completion of such bridge, as determined by the Secretary of War, either the State of Vermont, any public agency or any political subdivision thereof within or adjoining which any part of such bridge is located, or any two or more of them jointly, may a t any time a cquire and t ake ov er all right, title, and intere st in su ch bri dge an d its approa ches, and any inter est in real proper ty nece ssar y the refor , by purc hase or by con demna tion or e xprop ria- tion, in accordance with the laws of such State governing the acquisition of private property for public purposes by condemnation or expropriation. If at any time after the expiration of twenty years after the completion of such bridge the same is acquired by condemnation or expropriation, the amount of damages or com- pensa tion t o be a llowed shall not i nclude good w ill, g oing v alue, or prospective revenues or profits, but shall be limited to the sum of (1) the a ctual cost o f cons tructi ng suc h bridg e and its ap proach 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 ; and (4) actual expenditures for necessary improvements. SEC. 3 . If such bridge shall at any time be taken over or acquired by the State of Vermont, 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 sufficient to pay fo r the reason able c ost of maint aining, repai ring, and op eratin g the bridg e and its appr oache s und er e conom ical mana gemen t and to provid e a si nking fund s uffici ent to amorti ze the amoun t paid there - for, including reasonable interest and financing cost, as soon as possible under reasonable charges, but within a period of not to exceed twenty years from the date of acquiring the same. After a sink ing f und s uffic ient for such amor tizat ion s hall have been so provided, such bridge shall 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, 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 ma intain ing, r epairi ng, an d opera ting t he sam e, and of th e daily tolls collected shall be kept and shall be available for the information of all persons interested. SEC. 4. The Gulf Coast Properties, Inc ., its successors and assigns, shall, within ninety days after the completion of such bridge, file with the Secretary of War and with the highway department of the State of Vermont, a sworn itemized statement showing the actual orig inal cost of co nstr uctin g the bri dge a nd it s ap proac hes, the actual cost of acquiring any interest in real property necessary therefor, and the actual financing and promotion costs. The Secre- tary of War may, and at the request of the highway department of the State of Vermont shall, at any time within three years after the compl etion of suc h brid ge, in vestig ate suc h cost s and determ ine th e accuracy and the reasonableness of the costs alleged in the statement of cos ts so fil ed, and s hall make a findin g of the actual an d reasona ble Constru ction. Vol.34,p . 84. Post, p. 1533. 515 Acquisition aut hor - ized, after completion, by Vermo nt, etc. Con demna tion p ro- ceedings. Compensation if ac- quired by condemna- tion. Limitations. Tol ls un der Stat e, etc ., operation. Rates applied to op- eration, sinking fund, etc. Maintenance as free bridge, etc ., after amor- tizing costs, etc. Record of expendi- ture s and rec eipts. Swo rn st atem ent of construction costs, etc ., to be filed after comple- tio n. Examination by Sec- retary of War.

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