Page:United States Statutes at Large Volume 49 Part 1.djvu/1518

 74Ta CONGRESS. SESS. II. CH. 504. JUNE 4, 1936. 104019°-36	93 ARTIC LE XX XVI The Lake Champlain bridge commission shall have power and is hereby authorized to issue its negotiable bonds in addition to those issued prior to March first, nineteen hundred thirty-three, for the purpose of refunding its bonds issued before said date, provided, however, that the aggregate principal amount of such bonds so issued to pay off and refund its bonds issued before said date shall not exceed the aggregate principal amount of the bonds so retired. AR TICLE XXXV II Such commission shall have power and is hereby authorized to call for payment and to pay its bonds issued before March first, nine- teen hundred thirty-three, in accordance with the terms under which said bonds were issued and for such purposes to use any funds which it has or shall have in reserves and sinking fund and investments at the time said bonds are called for payment, notwithstanding any provision heretofore set forth in this or any previous compact or ag reement. ARTIC LE XX XVIII The bonds issued under authority of article XXXVI shall be authorized by resolution of such commission and shall bear such date or dates, mature at such time or times, not exceeding fifty years from their respective dates, bear interest at such rate or rates, not exceeding five per centum per annum payable semi-annually, be in such denominations, be in such form, either coupon or registered, carry such registration privileges, be executed in such manne r, be payable in suc h medium of payment, at such place or places, and be subject to such terms of redemption as such resolution or resolutions may provide. Said bonds may be sold at public o r private sale for such price or prices as such commission shall determine, provided that the interest cost to maturity of the money received for any issue of said bonds shall not exceed five per centum per annum. 2 . Neither the members of such commission nor any person exe- cuting said bonds shall be liable personally on said bonds or be subject to any personal liability or accountability by reason of the issuance thereof. 3. The bonds issued under the authority of article XXXVI shall constitute a first lien upon the property, tolls and revenues pledged to secure the bonds issued by such commission prior to March first, nineteen hundred thirty-three, and subject to the terms of any agree- ment made or to be made with holders of bonds issued by such commission under article XXVI of the amendments to this compact shall be a lien upon the tolls and revenues of the bridge referred to as the Rouses Point Bridge, and in accordance with subdivision four of article XXVI of the amendments to this compact any of such tolls and reven ues which would o therwise have bee n payable into the state treasuries of the two states may be pledged to the paym ent of said b onds. 4 . Said bonds shall not be a debt of the state of New York or of the state of Vermont and neither state shall be liable thereon, nor shall they be payable out of any funds other than those of such commissio n. 5 . Said bonds shal l be exemp t fro m tax ation and are h ereby made securities in which all public officers and bodies of each state and of its municipal subdivisions, all insurance companies and associa- tions, all savings banks and savings institutions, including savings and loan associations, executors, administrators, guardians, trustees, 1473 Agreement-Con. tinued .