Page:United States Statutes at Large Volume 48 Part 1.djvu/169

 73d CONGRESS. SESS. I. CH. 73. JUNE 14, 1933 . 143 bonds, restricting the individual right of action of the bondholders as is customary in trust agreements respecting bonds of corporations. Such trust agr eements may c ontain such p rovisions for protecting Provisions governing . and enforcing the rights and remedies of the trustee and the bond- holders as may be reasonable and proper and not inconsistent with the law and also pro visi ons for appr oval by the orig inal pur chas ers of the bonds of the employment of consulting engineers and of the security given by the bridge contractors and by any bank or trust company in which the proceeds of bonds or of bridge or ferry tolls or other moneys of the Commission shall be deposited and may provide that no contract for construction shall be mate without the approval of the consulting engineers. The bridge constructed eto urp ose of nb one, under the auth ority of this Act shall be deemed to be an instru- commerce . mentality for international commerce authorized by the Govern- ment of the United States, and said bridge and ferry or ferries and the bonds issued in connection therewith and the income derived Income exempt from therefrom shall be exempt from all Federal, State, municipal, and Federal, etc ., taxes. local taxation. Said bonds shall be sold in such manner and at such time or times and at such price as the Commission may deter- mine, but no such sale shall be made at a price uo low as to require Sale price of bonds. the payment of more than 6 per centum interest on the money received therefor, computed with relation to the absolute maturity of the bonds in accordance with standard tables of bond values, and the face amount thereof shall be so calculated as to produce, at the price of their sale, the cost of the bridge and its approaches, and th e land, ease ments , and appurt enance s use d in c onnect ion therewith and, in the event the ferry or ferries are to be acquired, also the cost of such ferry or ferries and the lands, easements, and Item s included in appurtenances used in connection therewith. The cost of the bridge and ferry or ferries shall be deemed to include interest during construction of the bridge, and for twelve months thereafter, and all engineering, legal, architectural, traffic surveying, and other expenses incident to the construction of the bridge or the acquisition of the f erry or ferrie s, and the ac quisiti on of the nec essary proper ty, and incident to the financing 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 pa rt of the sha res of stock o f any such corporate owne r if, in the judgment of t he Commission, such pur- chases should be found expedient. If the proceeds of the bonds Exc ess of sale ove r issued shall exceed the cost as finally determined, the excess shall fund placed in sinking be placed in t he sinking fu nd hereinafte r provided. Pri or to th e bonds. of tempor ary preparation of definitive bonds the Commission may, under like restrictions, issue temporary bonds or interim certificates with or without coup ons of any de nomination wh atsoever, exch angeable for definitive bonds when such bonds have been executed and are available for delivery. Sno. 5. In fixing the rates of toll to be charged for the use of such T olls a djust ed to provide for mainte- bridge the same shall be so adjusted as to provide a fund sufficient na nce, sin kin g fund, to pay for the reasonable cost of depreciating, maintaining, repair- e t o , ing, and operating the bridge and its approaches under economical management, and to provide a sinking fund sufficient to pay the principal and interest of such bonds as the same shall fall due and the redemption or repurchase price of all or any thereof redeemed or repurchas ed before mat urity as here in provided. All tolls an d other revenues from said bridge are hereby pledged to such uses and to the application thereof hereinafter in this section required. After payment or provision for payment therefrom of all such cost of maintaining, repairing, and operating and the reservation of an