Page:United States Statutes at Large Volume 46 Part 1.djvu/876

 SEVENTY-FIRST CONGRESS. SEss. II. Ca. 755. 1930. 833 depreciation in value ; (2) the actual cost of acquiring such interests in real property ; (3) actual financinand promotion cost, 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- Expenditures for im- provements. erty ; and (4) actual expenditures for necessary improvements. SEC. 3 . If such bridge shall at any time be taken over or acquired by the State of Maryland, or by any municipality or other political subdivision or public agency thereof, under the provisions of section 2 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 there- for, including reasonable interest and financing cost, as soon as pos- sible under reasonable charges, but within a period of not to exceed twenty years from 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 tolls 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 eco- nomical management. 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 collec ted shall be kept and shall be ava ilable for the information of all perso ns interested. SEC. 4. The Tidewater Toll Properties (Incorporated), its legal representatives, and assigns, shall, within ninety days after the com- pletion of such bridge, file with the Secretary of War and with the Highwa y Department of the State of M aryland, 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 necessary therefor, and the actual financing and promotion costs. The Secretary of War may, and at the request of the High- way Department of the State of Maryland shall at any time within three years after the completion of such bridge, investigate such costs and determine the accuracy and 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 pro- mo ting such brid ge. For t he purpos e of suc h invest igation the said Tidewater Toll Properties (Incorporated), its legal representatives, and ass igns, shall make available all of i ts records in connection with the construction, financing, and promotion thereof. The findings of the Secretary of War as to the reasonable costs of the construction, financing, and promotion of the bridge shall be conclusive for the purposes mentioned in section 2 of this Act, subject only to review in a court of equity for fraud or gross mistake. SEC. 5. The right to sell, a ssign, t ransfer, and mort gage all the rights, powers, and privileges conferred by this Act is hereby granted to the Tidewater Toll Properties (Incorporated), its legal r epres entat ives and assig ns, and a ny co rpor ation to w hich or a ny person to whom such rights, powers, and privileges may be sold, as signed, or transf erred, o r who sh all acqu ire the same by m ortgage foreclosure or otherwise, is hereby authorized and empowered to ex ercise t he same a s fully as thoug h confer red here in direct ly upon such corporation or person. SEC. 6 . All c ontracts made in connecti on with the cons truction of the bridge authorized by this Act and which shall involve the expen- diture of more than $5,000 shall be let by competitive bidding. Such 57894•-31-53 Of interests in real property. Financing, etc., costs. Tol ls unde r State, etc, operation, applied to mainte nance, sinking fund, etc. Maintenance as free bridge when cost amortized . Tolls adjusted to pro- vide fund for mainte- nance, authorized. Rec ord of expendi- tures and receipts. Statement of costs to be filed with Secretary of War. Inv estigat ion of. Records to be ava ils, ble. Findings conclusive. Right to sell, assign, etc., conferred. Competitive bidding for construction con- tracts exceeding $5,000. Advertising.

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