Page:United States Statutes at Large Volume 46 Part 1.djvu/1547

 1504 SEVENTY-FIRST C ONGRESS. SEss. III. CH.431. 1931. their heirs, legal representatives, and assigns, all such rights and powers to enter upon lands and to acquire, condemn occupy, possess, and use real estate and other property needed §or the location, construction, operation, and maintenance of such bridge and its approaches as are possessed by railroad corporations for railroad purposes or by bridge corporations for bridge purposes in the State in which such real estate or other property is situated, upon making Co ndemnat ion p ro- just com pensatio n theref or, to be ascerta ined and paid ac cording t o ceedings. the laws of such State, and the proceedings therefor shall be the same as in the condemnation or expropriation of property for public purposes in such State. Tolls authorized. SEC. 3. The said D. S. Prentiss, R. A. Salladay, Syl F. Histed, William M. T urn er, and Jo hn H. Rahilly, their heirs, legal repre- sentatives, 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 Vol. 34, p.85. legal rates until changed by the Secretary of War under the authority c ontained in the Act of Ma rch 23, 1906. Acquisition author- SEC. 4 . After the completion of such bridge, as determined by bydIllinois, Iowal eton ' 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 Con veyance subject private property for public purposes by condemnation or expro- only to indebtedness, etc ., for c onstruct ion, priation. If at any time after the expiration of twent yy ears after et c• the completion of such bridge the same is acquired by condemnation or exp ropriation, the amount of dama ges 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 reason- able deduction for actual depreciation in value of acquiring such interest 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 acquir- If bridge not taken ing such interest in real property ; and (4) actual expenditures for over, portion of reve- n ues necess ary improvements. If the bridge is not taken over by the n .to fo rm sinking States as provided in section 4 after the amortization of the senior se curities the net revenue in exces s of 8 p er centu m of the cost of the structure as provided in section 6 shall form a sinking fund which shall be applied in reducing the cost of making the structure a free bridge to the States or adjacent counties desiring to take it over, maintain, and operate it. Tolls under state, SEC. 5. If such bridge shall at any time be taken over or acquired etc., operation. 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 Rates applied to op- are thereafter charged for the use thereof, the rates of toll shall eratlon, sinking fund, etc be so adjusted as to provide a fund sufficient to pay for the reason- e able 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, includ- ing a reasonable interest and financing cost, as soon as possible under reasonable charges, but within a period of not to exceed twenty Maintenance as free years from the date of acquiring the same. After a sinking fund bridge, osts after amor- tizing costs . 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
 * (2) the actual cost

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