Page:United States Statutes at Large Volume 46 Part 1.djvu/853

 810 SEVENTY-FIRST CONGRESS. SESS. II. Ci r. 606. 1930 . shall be selected for said bridge, subject to the conditions and limi- t ations cont ained in this Act, and subje ct to the a pprov al of the proper authorities in the Dominion of Canada. Right to acquire real SEc. 2. There is hereby conferred upon the commission and its estate' location, in t gan for location, etc c. successors and assigns all su ch rights and powers to enter upon lands and to acqui re, c ondemn, occ upy, p osses s, and use such r eal estate and other property in the State of Michigan as may be needed for 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 of Michigan, upon making just compensation therefor, to be ascertained and paid according to the laws of such State, and Condem nation pro- the proceedings therefor shall be the same as in th e con demnat ion ceedinge. of private property for public purposes in such State, and the com- mission and its successors or assigns may exercise in the Dominion Right to acquire real of Canada all rights, powers, and authority which shall be granted estate, etc ., in Canada. or permitted to the commission by the proper authorities of the Dominion of Canada or of the Province of Ontario, including the ent ering upon l ands and acqu iring, conde mning, occupy ing, po s- ses sing, and us ing such real estate and other property in the Dominion of Canada as may be needed for suc h location, construc- tion, operation, and maintenance of such bridge. Tolls. SEC. 3. The commission and its successors and assigns are hereby authorized to fix and charge tolls for transit over such bridge and such ferry or ferries in accordance with the provisions of this Act. Bond issue to cover SEC. 4. The commission and its successors and assigns are hereby cost, a uthorized to pro vide for the' pa yment of the cost of the bridge a nd its approaches and the ferry or ferries and the necessary lands, ease- ments, and appurtenances thereto by an issue or issues of bonds of the commission, upon approval by the Michigan Public Utilities Interest rate, matu- C ommission, b earing intere st at not mo re than 6 per centum per rity date, etc . annum, payable annually or at shorter intervals, maturing not more than thirty years from their date of issuance, such bonds and the interest thereon, and any premium to be paid for retirement thereof b efore maturity, to be payable so lely from the sin king fund provid ed Registering b onds. in accordance with this Act. Such bonds may be registerable as to p rincipal alone o r both principal and interest, an d shall be in su ch f orm not inconsis tent with this A ct, and be payabl e at such place or p laces as the commission may dete rmine. The commission may re- Redemption . purchase and may reserve the right to redeem all or any of said bonds before maturity at prices not exceeding one hundred and five Trust agreement. a nd accrued inter est. The commission may enter into an agreement with any bank or trust company in the United States as trustee hav- ing the power to make such agreement, setting forth the duties of the commission in respect of the construction, maintenance, opera- tion, repair, and insurance of the bridge and/or the ferry or ferries, the conservation and application of all funds, the safeguarding of moneys on hand or on deposit, and the rights and remedies of said trustee and the holders of the bonds, restricting the individual right of action of the bondh olders as i s cust omary in tr ust a greeme nts Pro visio ns the reof. respecting bonds of corporations. Suc h t rust ag ree ment may c on- tain such provision for protecting and enforcing the rights and remedies of the tr ust ee and the bondholders as may be reasonable and proper and not inconsistent with the law and also a provision for approval by the original purchasers of the bonds of the employ- ment of consulting engineers and of the security given by bridge con- tractors and by any bank or trust company in which the proceeds of bonds or of bridge and/or ferry tolls or other moneys of the com- mission sha ll be deposited, and may pr ov ide t hat no contract for construction shall be made without the approval of the consulting

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