Page:United States Statutes at Large Volume 49 Part 1.djvu/786

 74Tx CONGRESS. SESS. I. CH. 625 . AUGUST 23, 1935. 741 insurance companies and associations, all savings banks and savings Agreement-Contd. institutions, including savings and loan associations, adminis- trators, guardians, executors, trustees, and other fiduciaries in each State may properly and legally invest funds in their control. ARTICLE XXX 1 . After applying all tolls and other revenues from Rouses Point Bridge and fr om the bridge heretofore constructed by such Commission- (a) While any bonds of such Commission are outstanding, to meet all agreements with the holders thereof ; and (b) To meet all requirements for operation and maintenance of said bridges, such Commission shall set aside as a reserve for future operation and maintenance such sum as such Commission shall deem advisable not exceeding the estimated am oun tt r equired for opera tion and mainten ance for one year. 2. Such Commission shall pay any excess of tolls and revenues not required for said purposes annually into the treasuries of the States of New York and Vermont until the amount so paid shall equal the advances heretofore made by such States to such Com- mission with interest on the unpaid balance of such advances at the rate of 4 per centum per annum from the date of such advances, the amount to be paid to said States, respectively, being prorated in accordance with the respective unpaid balances of such advances. 3 . It is the declared purpose of each of the contracting parties that both of said bridges will eventually be free bridges and to that end it is agreed that after the payment of all obligations which may be issued b y such Commission and after the St ate of New York a nd the State of Vermont shall have been fully repaid for any and all moneys that have been advanced by th em together with interest thereon, sa id States by conc urrent legislatio n shall provide t he met hod a nd p roce dure for the futu re op erat ion, mai ntena nce, and control of said bridges. ARTICLE XXXI The construction, maintenance, and operation of Rouses Point Bridge is in all respects for the benefit of the people of the two States, for the increase of their commerce and prosperity, and for the impr ovem ent of t heir heal th a nd li ving con diti ons, and such Com missi on s hall be regar ded as p erfor ming a g over nment al f unc- tion in undertak ing; the said construction, maintenance, and operation and carrying out the provisions of law relating to the said bridge and shall be required to pay no taxes or assessments upon any of the property acquired by it for the construction, operation, and maintenance of such bridge, and the interest of eith er St ate in any tolls coll ected under this artic le sh all b e free from any State, county, municipal, or local taxation whatsoever in the other State. ARTICLE XXXII S uch Commission sh all have the pow er to apply to th e Congress of the United States or any department of the United States for consent and approval of this agreement, as amended, and of the Rouses Point Bridge to be constructed hereunder, but in the absence of such consent by Congress and until the same shall have been secured, this agreement, as amended, shall be binding upon the State of New York when ratified by it and the State of Vermont