Page:United States Statutes at Large Volume 45 Part 1.djvu/811

 760 SEVENTIETH CONGRESS. SEss. I. CFr. 769. 1928. and assigns, are 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 the Act of March 23, 1906. SEC. 4. After the completion of such bridge, as determined by the Secretary of War, either the State of Illinois, the State of Iowa, 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 over all right, title, and interest in such bridge and its approaches, and any interest in 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 property for public purposes by condemnation or expropriation. If at any time af ter the expir ation of twent y years after the completio n of such bridge the same is acquired by condemnation or expropriation, the amount of damages 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 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 interests in real prope rty ; and ( 4) actual exp enditures for necessary imp rovements. SEC. 5 . If such bridge shall at any time 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 thereafter charged for the use thereof, the rates of toll shall be so 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 reaso nable interes t and financin g cost, as so on as possibl e 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 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 manage- ment. An accurate record of the amount paid for acquiring the bridge and its approaches, the actual expenditures for maintaining, 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. SEC. 6. The said B. F. Peek, G. A. Shallberg, and C. I. Josephson, of Moline, Illinois ; J. W. Bettendorf, A. J. Russell, and J. L. Hecht, of Bettendorf and Davenport, Iowa, their heirs, legal representatives, and assigns, shall, within ninety days after the completion of such bridge, file with the Secretary of War and with the highway depart- ments of the States of Illinois and Iowa, a sworn itemized statement show ing the actu al o rigi nal cost of cons truc ting the bri dge and its approaches, the actual cost of acquiring any interest in real property nec essary theref or, and the a ctual financin g and promoti on costs. The Secretary of War may, and upon request of the highway depart- ment of either of such States shall, at any time within three years after the completion of such bridge, investigate such costs and deter- mine the accuracy and the reasonableness of the costs alleged in the Vol.34,p . 85. Acquisition author- ized, after completion, by Illinois, Iowa, etc . Condem nation pro - ceedings . Compensation if ac- quired by condemna- ti on. Limitations. Tol ls u nder Stat e, etc ., operation. Rates a pplied to op - eration, sinking fund, etc. Maintenance as free bridge, etc ., after amor- tizing c osts. Re cord of e xpen di- tures and receipts . Sw orn state ment of construction costs, etc ., to be filed after comple- tion. Examination by Sec- retary of War.

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