Page:United States Statutes at Large Volume 48 Part 1.djvu/604

 578 73d C ONGRESS. SESS. II. CH. 117 . APRIL 13, 1934 . sion ") and its successors and assigns, be, and is hereby, authorized to construct, maintain, and operate a bridge and approaches thereto across the Ohio River at or near the city of Cairo, Illinois, at a point suitable to the interests of navigation, in accordance with the provi- Const ruction . sions of an Act entitled "An Act to regulate the construction of Vol . 34, thit t84 - o operate bridges over navigable waters ", approved March 23, 1906, subject to ferrie s, etc. the conditions and limitations contained in this Act . For like pur- poses said Commission and its successors and assigns are hereby authorized to purchase, maintain, and operate all or any ferries across the Ohio and/or Mississippi Rivers within ten miles of the location which shall be selected for said bridge, subject to the conditions and limitations contained in this Act . Acquisition of real SEC . 2 . There is hereby conferred upon the Commission and its estate, etc., for location, approaches, etc. successors and assigns the right and power to enter upon such lands and to acquire, condemn, occupy, possess, and use such real estate and other property in the State of Illinois and the Commonwealth of Kentucky as may be needed for the location, construction, opei - ation, and maintenance of such bridge and its approaches, upon m aking just c ompens ation there for, t o be ascert ained and pa id Co ndemnation pro- according to the laws of the State in which such real estate or other property is situated, and the proceedings therefor shall be the same as in the condemnation of private property for public purposes in sa id Sta tes, re spectiv ely. T olls auth orize d. SEC. 3 . The Commission and its successors and assigns are hereby authorized to fix and charge tolls for transit over such bridge and such ferry or ferries in accordance with the provisions of this Act. Inte rest-bravi ng bgnds to cover costs SEc. 4 . The Commission and its successors and assigns are hereby , etc ., authorized. authorized to provide for the payment of the cost of the bridge and its approaches and the ferry or ferries and the necessary lands, easements, and appurtenances thereto by an issue or issues of nego- tiable bonds o f the Commiss ion, bearing interest at no t more than 6 per centum p er annum, the principal an d interest of which bonds Paying premium and any premiu m to be paid for retiremen t thereof befo re maturity the reon. shall be payable solely from the sinking fund provided in accordance with this Act. Such bonds may be registrable as to principal alone or both principal and interest, shall be in such form not inconsistent Maturity. with this Act, shall mature at such time or times not exceeding forty Denominations. years from their respective dates, shall be in such denominations, shall be executed in such manner, and shall be payable in .suc h medium and at such place or places as the Commission may deter- Redemption, etc ., be- mine. The Commission may repurchase and may reserve the right fore maturity reserved. t o redeem all o r any of said bonds before maturity in s uch manner and at such price or prices, not exceeding one hundred and five and accrued interest, as may be fixed by the Commission prior to the Bank, etc ., may act issuance of the bonds. The Commission may enter into an agreement as trustee' with any bank or trust company in the United States as trustee hav- ing the power to make such agreement, se tting forth th e duties of the Commission in respect of the construction, maintenance, opera- tion, repair, and insurance of the bridge and/or the ferry or ferries, the conservation and application of all funds, the safeguarding of moneys on hand or on deposi t, and the ri ghts and remed ies of said trustee and the holders of the bonds, restricting the individual right of action of the bondholders as is customary in trust agreements Protective provi- respecting bonds of corporations. Su ch tru st agr eement may con- sions. tain such provisions for protecting and enforcing the rights and remedies of the trustee and the bondholders as may be reasonable and proper and not inconsistent with the law and also provisions for approval by the original purchasers of the bonds of the employ-