Page:United States Statutes at Large Volume 45 Part 1.djvu/823

 772 include good will, going value, or prospective revenues or profits, Lim ita tio ns, 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 prop- erty ; and (4) actual expenditures for necessary improvements. moos under state, etc ., operation. 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 reasonable int erest and fin ancing cost, a s soon as pos sible 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 man- R ecord of expe ndi- a ement. An accurate record of the amount aid for acquiring the tures and receipts. g h 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 interes ted. SEC. 6. The Northwest Florida Corporation, its successors and assigns, shall within ninety days after the completion of such bridge file with the Secretary of War and with the highway departments of the States of Florida and Alabama, 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 Examination by see- necessa ry ther efor, a nd the actual financ ing an d promo tion co sts. The retaryofWar. Secretary of War may, and upon request of the highway department of either of such States 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 s uch investiga tion the said Northwest Flo rida Cor- poration, its successors and assigns, shall make available all of its Fi nding s of Secr etar y records in connection with the construction, financing, and promo- conclusive. tion thereof. The findings of the Secretary of War as to the reason- able costs of the construction, financing, and promotion of the bridge shall be conclusive for the purposes mentioned in section 4 of this Act, subject only to review in the court of equity for fraud or gross Right to sell, etc., mistake. conferred. SEC. 7 . The right to sell, assign, transfer, and mortgage all the rights, powers, and privileges conferred by this Act is hereby granted to Northwest Florida Corporation, its successors and assigns, and any corporation to which or any person to whom such rights, powers, anal privileges may be sold, assigned, or transferred, or who shall acquire the same by mortgage foreclosure or otherwise, is hereby authorized and empowered to exercise the same as fully as though conferred herein directly upon such corporation or person. Amen dment. SEC. 8 . The r ight to alter, amend, or re peal this Act is hereby expressly reserved. Approved, May 26, 1928. Rates applied to op- eration, sinking fund, etc. Maintenance as free bridge, etc ., after amor- tizing costs. Sworn statement of construction costs, etc ., to be filed after comple- tion, SEVENTIETH CONGRESS. SEss. I. Cii. 784. 1928.

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