Page:United States Statutes at Large Volume 50 Part 1.djvu/667

 642 75Ta CONGRESS, IsT SESSION-CH. 629-AUGUST 14, 1937 authorized to const ruct, maintain, and operate a bridge and approaches thereto across the Ohio River at or near the city of Owen sbor o, K entu cky, at a po int suit able to the inte rest s of nav iga- C onstru ction. tion in accordance with the provisions of the Act entitled "An Act 34 Stat. 84 . 33U.S.C.°491. to regulate the construction of bridges over navigable waters", approved March 23, 1906, subject to the conditions and limitations Ferries; purchase, contained in this Act. For like purposes said Commission and its operation, etc. successors and assigns are hereby authorized to purchase, maintain, and operate all or any ferries across the Ohio River within fifteen miles of the location which shall be selected for said bridge, subject to the conditions and limitations contained in this Act. es t'ate netci on of real SEC. 2. There is hereby conferred upon the Commission and its 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 Indiana and the Commonwealth of Kentucky as may be needed for the location, construction, opera- tion, and maintenance of such bridge and its approaches, upon mak- ing just compensation therefor, to be ascertained and paid accord- ing to the laws of the State in which such real estate or other prop- Condemnation pro- erty is situated, and the proceedings therefor shall be the same as in ceedings. the condemnation of private property for public purposes in said State, respect ively. Toll charges. 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. j Bond issue. SEC. 4. The Commission and its successors and assigns are hereby authorized to provide for the payment of the cost of the bride and its approaches (including the approach highways which, in the udgment of the Commission, it is necessary or advisable to construct or cause to be constructed to provide suitable and adequate connection with existing improved high ways) and the ferry or ferr ies and the necessary land, easements, and appurtenances thereto by an issue or issues of negotiable bonds of the Commission, bearing interest at not more than 6 per centum per annum, the principal and interest of which bonds and any premium to be paid for retirement thereof before maturity shall be payable solely from the sinking fund pro- Form, maturity, de- vided in accordance with this Act. Such bonds may be registrable n ominat ions, e tc. as to principal alone or both principal and interest, shall be in such form not incon sistent with this Act, shal l mature at s uch time or times not exceeding twenty-five years from their respective dates, shall be in su ch denominati ons, shall be executed in s uch manner, and shall be payable in such medium and at such place or places as R epur cha se, re- the Commission may determine. The Commission ma repurchase demption, etc. and may reserve the right to redeem all or any of said bonds before maturity in such manner and at such price or prices, not exceeding one hundred an d five and ac crued interest, as may be f ixed by the Commission prior to the issuance of the bonds. The Commission, when it deems it to the best interest of the Commission, may issue refunding bonds to repurchase and redeem any outstanding bonds, ~ouno Refunding bond s, before the maturity thereof, which it may issue : Provided, That the maturity ref unding bonds shall mature at such time o r times, not exceeding thirty years f rom date of a pproval of thi s Act, as the Commission Trust agreement, may determine. The Commission may enter into an agreement with provisions, any bond or trust company in the United States as trustee having the power to m ake such agre ement, setting forth the du ties of the Commission in respect of the construction, maintenance, operation, repair, and insurance of the bridge and/or the ferry or ferries, the cons erva tion and app lica tion of all fund s, t he s afeg uard ing of m oney on hand or on deposit, and the rights and remedies of said trustee and the holder s of the bond s, restricting the individu al right of