Page:United States Statutes at Large Volume 48 Part 1.djvu/1037

 73d C ONGRESS. SESS. II. CH. 596 . JUNE 18, 1934 . cer whose facsimile signature shall be u pon the coupons or any thereof, shall have ceased to be such officer or officers at the time when such bonds shall actually be delivered. The Commission may enter into any mortgages, deeds of trust, indentures, or other agreements with any bank or trust company or other person or persons in the United States having power to enter into the same, including the United States Government or any cor- poration or agency designated or created by it, as security for the bonds, and may transfer, convey, mortgage, or pledge all or any of the property of the Commission thereunder. Such mortgage, deed of trust, indenture, or other agreement may contain such provisions as may be customary in such instruments or as the Commission may authorize; including (but without limitation) provisions as to (a) the terms and provisions of the bonds or the resolution providing for the issuance of the same, (b) the construction, operation, mainte- nance, repair, and insura nce of the p roperti es of the Co mmissi on and the duties of the Commission with reference thereto, (c) the applica- tion of funds and the safeguarding of funds on hand or on deposit, (d) the rights and remedies of such trustee and the holders of the bonds (which may-include restrictions upon the individual right of action of bon dholde rs), a nd (e) posse ssion o f the proper ties c overed by such mortg age, d eed of trust, inde nture, or oth er agr eement. The bonds of the Commission may be sold in such manner, at such time or times, and at such price or prices as the Commission may determine, but no such sale shall be made at a price which would make the interest cost to maturity on the money received therefor. computed with relation to the absolute maturity of the bonds in accordance with standard tables of bond values, exceed 6 per centum per annum. The cost of the bridge shall be deemed to include interest during construction of the bridge, and for not exceeding twelve months there after, and a ll eng ineerin g, leg al, ar chitec tural, traffic-surveying, and other expenses incident to the construction of the bridge and the acquisition of the necessary property, and incident to the financing thereof, including the cost of acquiring ex isting franc hises, right s, pla ns, an d works of an d rela ting t o 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 the cost as finally determined, the excess shall be plac ed in the si nking fund h ereina fter pr ovided. SEC. 9 . After payment of the bonds and interest and discharge of any other obligations of the Commission, or after a sinking fund sufficient for such payment and discharge shall have been provided and sha ll be held f or tha t purp ose, t he Comm ission shall be au thor- ized to deliv er dee ds or other suitab le inst rument s of c onveya nce of the interest of the Commission in and to the bridge, that part within the State of Texas to the State of Texas or any municipality thereof or any agency of said State or any such municipality as may be authorized by or pursuant to law to accept the same (hereinafter referred to as the " Texas interests ") and tha t part withi n the State of Louisiana to the State of Louisiana or to any municipality thereof or any agency of said State or any such municipality as may be authorized by or pursuant to law to accept the same (hereinafter referred to as the "Louisiana interests "), under the condition that the bridge shall thereafter be free of tolls and be properly main- tained, operated, insured, and repaired by the Texas interests and the Louisiana interests, as may be agreed upon ; but if either the 1011 Commi ssio n ma y fi- nance through private or Government agency . Provisions of agree- ment. Sale price of bonds . Bridge cost to in- clude interest, etc. Any excess from sale to be placed in a sink- ing fund . After discharge of obligations incurred, c onvey ance s of inter est therein to be delivered to Texas and Louisiana . Conditional, that br idge thereaf ter be free of tolls and prop- erly maintained