Page:United States Statutes at Large Volume 46 Part 1.djvu/854

 SEVENTY-FIRST CONGRESS. SEss. II. CH. 606. 1930 . 811 engineers. The bridge constructed under the authority of this Act ePurpose of bridge, internati onal shal l be d eemed to be an ins trumen tality for in ternat ional commer ce commerce. authorized by the Government of the United States, and said bridge and ferry or ferries and the income derived therefrom shall be exempt Income exempt from from all Fe deral, State, muni cipal, and lo cal ta xation. Sa id b on ds Federal, etc ., taxes. shall be sold in such manner and at such price as the commission may gale price of bonds . determine, such price to be not less than the price at which the inter- est yield basis will equal 6 per centum per annum as computed from standard tables of bond values, and the face amount thereof shall be so calculated as to produce, at the price of their sale, the estimated cost of the bridg e and its ap proach es, and the l and, e asemen ts, an d appurtenances used in connection therewith and, in the event the ferry or fer ries are to be acq uired, al so the es timated c ost of su ch ferry or ferri es and the l ands, easeme nts, a nd appu rtenan ces us ed in connec - tion therewith. The cost of the bridge and ferry or ferries shall be Itoms inc lu ded in deemed to include interest during construction of the bridge, and for t welve months there after, and a ll engi neerin g, leg al, ar chitec - tural, traffic surveying, and other expenses incident to the construc- tion of the bridge or the acquisition of the ferry or ferries, and the acquisition of the necessary property, and incident to the financ- ing thereof, including the cost of acquiring existing franchises, rights, plans, and works of and relating to the bridge, now owned by any person, firm, or corporation, and the cost of purchasing all or any part of the shares of stock of any such corporate owner if in the judgment of the commission such purchases should be found expedient. If the proceeds of the bonds issued shall exceed over `o st f placed s aln the cost as final ly determ ined, the excess shall be placed in the sink - sinking f fund. bond is- fund hereinafter provided. Prior to the preparation of defini- sue. Live bonds the commission may under like restrictions issue tempo- rary bonds with or without coupons, exchangeable for definitive bonds upon the issuance of the latter. SEc. 5 . In fixing the rates of toll to be charged for the use of such Tolls adjusted, to pro vi de for bridge t he same s hall be s o adjuste d as to provide a fund suf ficient t o •ance, sinking fund, pay fo r the reason able c ost of maint aining, repai ring, and op eratin g etc ° the bridge and its approaches under economical management, and to provide a sinking fund sufficient to pay the principal and interest of such bonds as the same shall fall due and the redemption or repurchase price of all or any thereof redeemed or repurchased before maturity as herein provided. All tolls and other revenues from said bridge are hereby pledged to such uses and to the appli- cation thereof hereinafter in this section required. After payment or provision for payment therefrom of all such cost of maintaining, repairing, and operating and the reservation of an amount of money estimated to be sufficient for the same purpose during an ensuing period of not more than s ix mon ths, t he rema inder of tol ls col lected shall be placed in the sinking fund, at intervals to be determined by the commission prior to issuance of the bonds. An accurate record Recor d of exp endi- of receipts. of the cost of the bridge and its approaches, the expenditures for tar es 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. The commission shall classify in a reasonable class ifica tion of t raf- ficfor adjus tment of way all traffic over the bridge, so that the tolls shall be so fixed and tolls. adjusted by it as to be uniform in the application thereof to all traffic falli ng wit hin an y such reaso nable c lass, regard less o f the status or character of any person, firm, or corporation participating in such traffic, and shall prevent all use of such bridge for traffic except upon payment of the tolls so fixed and adjusted. No toll shall Exemptions from be charged officials or employees of the commission or of the Gov- ernments of the United States or Canada or any State, Province.

�