Page:United States Statutes at Large Volume 48 Part 1.djvu/166

 140 73d CONGRESS. SESS. I. CH. 71 . JUNE 13, 1933 . Security, etc ., proof- of the employment of consulting engineers and of the security given sons . b y bridge contractors and by any bank or trust company in which the proceeds of bonds or of bridge and/or ferry tolls or other moneys of the Commission shall be deposited, and may provide that no contract for construction shall be made without the approval of Bridge deemed in- the consulting engineers. The bridge constructed under the author- strumentality for inter- national commerce . ity of this Act shall be deemed to be an instrumentality for international commerce authorized by the Government of the United Inc ome exem pt fr om States, and said bridge and ferry or ferries and the income derived Federal, etc ., ta xes. therefrom shall be exempt from all Federal, State, municipal, and sale price of bonds. local taxation. Said bonds shall be sold in such manner and at such price as the Commission may determine, such price to be not less than the price at which the interest 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 To cover cost, etc produce, at the price of their sale, the estimated cost of the bridge and its approaches, and the land, easements, and appurtenances Fe rr ies and othe r used in connection therewith and, in the event the ferry or ferries it ems . are to be acquired, also the estimated cost of such ferry or ferries and the lands, easements, and appurtenances used in connection Interest. therewith. The cost of the bridge and ferry or ferries shall be deemed to include interest during construction of the bridge, and for twelv e mont hs the reafte r, and all e ngineer ing, l egal, archit ec- tu ral, traf fic surve ying, and ot her ex penses incid ent to the co nstruc - tion of the bridge or the acquisition of the ferry or ferries, and the acqu isitio n of t he nec essary prope rty, an d inci dent t o 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 expe- Excess of bond sale dient. If the proceeds of the bonds issued shall exceed the cost as sinkngfundPlaced in finally determined, the excess shall be placed in the sinking fund hereinafter provided. Prior to the preparation of definitive bonds Temp orar y bo nd the Commission may under like restrictions issue temporary bonds issue. -with or without coupons, exchangeable for definitive bonds upon the issuance of the latter ." Vol . 45, p. 8 13, SEC. 2 . That section 9 of said Act, approved June 25, 1930, be, and amended . the same is hereby, amended so as to read as follows Capital stock, etc., " SEC. 9. The Commission shall have no capital stock or shares ownership prohibited . of interest or participation, and all revenues and receipts thereof No compensattonf shall be applied to the purposes specified in this Act. The members of the Commission shall not be entitled to any compensation for Emplo ymen t of sec- thei r ser vices but may emplo y a s ecre tary, trea sure r, en ginee rs, retary, experts, etc. ; c ompen sati on. attorn eys, a nd suc h othe r expe rts, a ssistan ts, an d empl oyees as the y may deem necessary, who shall be entitled to receive such compen- sation as the Commission may determine. After all bonds and interest thereon shall have been paid and all other obligations of the Commission paid or discharged, or provision for all such pay- ment shall have been made as hereinbefore provided, and after the bridge shall have been conveyed to the United States interests and the Canadian interests as herein provided, and any ferry or ferries Dissolution of com- shall have been sold, the Commission shall be dissolved and shall m issi onn cease to have further existence by an order of the State highway commissioner of Michigan made upon his own initiative or upon application of the Commission or any member or members thereof, Public hearing. but only after a public hearing in the city of Port Huron, notice of the time and place of which hearing and the purpose thereof shall ha ve been p ublished once, at least thi rty days before t he date t hereof,