Page:United States Statutes at Large Volume 48 Part 1.djvu/1035

 73d CONGRESS. SESS. II. C H. 596. JUNE 18, 1934 . 1009 SEC. 4. In fixing the rates of toll to be charged for the use of such t Rate ~do beoadopte bridge the same shall be so adjusted as to provide a fund sufficient tion, sinking fund, etc. to pay for the reasonable cost of maintaining, repairing, and operat- ing the bridge and its approaches under economical management, and to provide a sinking fund sufficient to amortize the cost of such bridge and its approaches, including reasonable interest and financ- ing cost, as soon as possible, under reasonable charges, but within a period of not to exceed twenty years from the completion thereof. After a sinking fund sufficient for such amortization shall have been bridg ae ,en an te as f ree so provided, such bridge shall thereafter be maintained and oper- tizing costs. ated free of tolls, or the rates of toll shal l hereaft er 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 Recor d of exp endi- approaches under economical management. An accurate record of Lures and receipts, the cost of the bridge and its approaches, the expenditures for main. taining, repairing and operating the same, and of the daily tolls collected shall be kept and shall be available for the information of all perso ns intere sted. SEC. 5 . There is hereby created a body corporate and politic to be Co ma ssionhuereateae known as the " Port Arthur Bridge Commission ", which shall con- Composition sist of five members approved by the mayor of Port Arthur subject to the approval of a majority of the city commission. SEC. 6. The Commission shall consist of five members appointed by Membership ; terms, the mayor of Port Arthur, and shall be a body politic and corporate filling vacancies, etc. constituting a public-benefit corporation and shall be deemed a public body within the meaning of the National Industrial Recovery Act. The Commission shall elect a chairman from its members and may establ ish ru les an d regu lation s for the gov ernmen t of i ts own busi- ness. Each member shall serve for a term of five years and until his successo r has bee n appoint ed and ha s qualif ied, exce pt that t he initia l terms of the members shall be respectively one, two, three, four, and five years. The initial term of the member elected chairman shall be five years, and the Co mmissi on sha ll dete rmine by lot the i nitial terms of the other members. The mayor of Port Arthur, with the approval of a majority of the city commission, may appoint a suc- cessor to hold office for the unexpired term of any member in whose office a vacancy s hall occu r by deat h, resign ation, or otherwis e. E a ch member shall qualify by giving such bond as may be fixed by the governing body of the city of Port Arthur conditioned for the faith- ful performance of all duties required by this Act. Three members Quorum. shall constitute a quorum for the transaction of business. No me m- Members allowed ex- her shall receive a salary for his services as member, but each member penses ; no sal ary. shall be paid his actual expenses not exceeding $5 per day in the performance of his duties hereunder. Members of the Commission may be removed for cause by the mayor of Port Arthur and the majo rity of th e cit y co mmiss ion. The C ommission may employ a Employees. secretary, treasurer, engineers, attorneys, and such other experts, assistants, and employees as it may deem necessary, who shall be entitled to receive such compensation as the Commission may deter- mine. All salaries and expenses shall be paid solely from the funds provided under the authority of this Act. SEC. 7. The Commission shall have all the powers and authority Corporate powers. necessary or convenient for the carrying out of the purposes of this Act, including (but without limitation) the following rights, powers, and authority (a To h ave pe rpetua l succ ession as a corpora tion ; (b) To sue and be sued, implead and be impleaded, complain and defend in all courts of law and equity ; (c) To adopt, use, and alter a corporate seal ; 86637"-34-64