Page:United States Statutes at Large Volume 48 Part 1.djvu/605

 73d C ONGRESS. SESS. II. CH. 117. APRIL 13, 1934 . 579 ment of consulting engineers and of the security given by the bridge bridge contra tos, eto 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 Com- mission shall be deposited, and may provide that no contract for construction shall be made without the approval of the consulting engineers. The bride constructed under the authority of this Act Br idge deemed in- g y strumentality for inter- shall be deemed to be an instrumentality for interstate commerce, state commerce, etc. the Postal Service, and military and other purposes authorized by the Government of the United States, and said bridge and ferry or ferries and the bonds issued in connection therewith and the Ta x exemption. income derived therefrom shall be exempt from all Federal, State, municipal, and local taxation. Said bonds shall be sold in such it$Qa sales, price Hm- manner and at such time or times and at such price as the Commis- sion may determine, but no such sale shall be made at a price so low as to require the payment of more than 6 per centum interest on the mon ey rec eived theref or, co mputed with r elatio n to t he abs olute maturity of the bonds in accordance with standard tables of bond values, and the face amount thereof shall be so calculated as to pro- duce, at the price of their sale, the cost of the bridge and its approac hes, a nd the land, easem ents, and app urtena nces u sed in con- nection therewith and, in the event the ferry or ferries are to be acquired, also the cost of such ferry or ferries and the lands, ease- ments, and appu rten ances used in conne ction ther ewit h. T he c os t use of pro ceed s to of the bridge and ferry or ferries shall be deemed to include interest cover costs. during constr uction of th e brid ge, an d for t welve months there after, and all e ngineerin g, legal, architec tural, tr affic-sur veying, a nd other expenses incident to the construction of the bridge or the acquisition of the f erry or f erries, a nd the ac quisitio n of the necessary property , and incident to the financing thereof, including the cost of acquir- ing 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 expedient. If the proceeds of the bonds pla ced in eacost kin g issued s hall exce ed the co st as fin ally det ermined, the exces s shall b e fund . placed in the sinking fund hereinafter provided. P ri o r to t h e preparation of definitive bonds the Commission may, under like restri ctions, issu e temp orary bonds or inte rim ce rtific ates w ith or with out c oupon s of any denom inati on w hatso ever, exc hange able for definitive bonds when such bonds have been executed and are avail- able for delivery. SEC. 5. In fixing the rates of toll to be charged for the use of such maintenance ap pli ed to bridge the sa me sha ll be so adj usted as to p rovide a fun d suff icient provide a sinking fund. 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 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 repurchased before maturity as herein provided. All tolls and other revenues from said bridge are hereby pledged to such uses and to the applica- tion thereof as 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 amount of money estimated to be sufficient for the same purpose during an ensuing period of no t more than six mo nths, the rem ainder of to lls co llecte d shall be placed in the sinking fund, at intervals to be determined by the Commission prior to the issuance of the bonds. An accurate rec- Record of cost, re- ord of the cost of the bridge and its approaches, the expenditures bekeptna operation to for maintaining, repairing, and operating the same, and of the daily