Page:United States Statutes at Large Volume 46 Part 1.djvu/879

 e 836 Damages allowed if acquired by condem- nation proceedings, etc. Cost of construction, etc. Of interests in real prope rty. Financing, etc ., costs. Expenditures for im- provements. To lls under State et c ., operatio n applied to maintenance, sink- ing fund, etc . Maintenance as free bridge after costs amor- tized. Tolls adjusted to pro- vide for maintenance costs, authorized. Rec ord of e xpend i- tures and receipts. Statement of costs to be filed with Secretary of War. Investigation of. Records to be avail- able. Findi ngs conclu sive. Rights to sell, assign, etc ., conferr ed. S EVENTY-FIR ST CONGRESS. SEss. II. CFI. 760. 1930. by purc hase or by cond emnatio n or ex propriat ion, in accorda nce wit h the laws of such State governing the acquisition of private property for public purposes by condemnation or expropriation. If at any time af ter the expirat ion of ten yea rs after the co mpletion of suc h bridge the same is acquired by condemnation or expropriation, the amount of damages 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 reasonable deduction for actual depreciation in value ; (2) the actual cost of acquiring such interests in real property ; (3) actual financing and promotion cost, not to exceed 10 per cen tum of the sum of the cost of const ructing the bridge and its approaches and acquiring such interests in real property ; and (4) actual expendi tures f or nece ssary im proveme nts. SEC. 3 . If such bridge shall at any time be taken over or acquired by the State of Alabama, or by any municipality or other political subdivision or public agency thereof under the provisions of section 2 of this Act, an d if tolls are th ereafter charged f or the use thereof , the rates of toll shall be so adju sted as to provide a fund sufficient to pay for the reasonable cost of maintaining, repairing, and oper- ating the brid ge an d its app roach es un der econo mical mana geme nt and to provide a sinking fund sufficient to amortize the amount paid th erefor, includi ng reaso nable i nterest and fin ancing cost, as soon as possible under reasonable charges, but within a period of not to exceed ten 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 s hall th ereafter be so adjusted as to provide a fund of not to exceed the amount necessary for the proper maintenance, repair, and the operation of the bridge and its approaches under economical management. An accurate record of the amount paid for acquiring the bridge and its appro aches, th e act ual e xpen ditur es fo r ma intai ning, repa irin g, and operating the same, and of the daily tolls collected shall be kept and shall be available for the information of all persons interested. SEC. 4 . The said Royce Kershaw, his heirs, legal representatives, and ass igns, s hall, wi thin ni nety da ys after the co mpletion of suc h bridge, file wi th the Secretar y of Wa r and w ith the highway depart- ment of the State of Alabama, a sworn itemized statement showing the actual origin al cost of constr ucting 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 Secre- tary of War may, and at the request of the h ighway department of the State of Alabama shall, at any time within three years after the com pletion of such bridge, invest igate s uch cost s and d etermine the accuracy and the reasonableness of the costs alleged in the stateme nt of co sts so filed, a nd shal l make a findin g of th e actual and reasonable cost of constructing, financing, and promoting such bridge ; for the purpose of such investigation the said Royce Kershaw, his heirs, legal representatives, and assigns, shall make available all of the 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 men- tioned in section 2 of this Act, subject only to review in a court of equity for frau d or gr oss mist ake. SEC. 5. The right to sell, assign, transfer, and mortgage all the rights, powers, and privileges conferred by this Act is hereby granted to Royce Kershaw, his heirs, legal representatives, and

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