Page:United States Statutes at Large Volume 52.djvu/1298

 52 STAT.] 75TH CONG. , 3D SESS. -CH. 853 -JUNE 30, 1938 port authorities may make and enter into any contract or contracts which they deem expedient and proper with both the said State high- way commissions or either of them whereby both said State highway departments or either of them may construct, operate, and maintain, or participate with the port authorities in the construction, operation, and maintenance of said bridge and approaches. SEC. 4. It is hereby declared to be the purpose of Congress to facili- tate the construction of a bridge and proper approaches across the Saint Louis River between Duluth, Minnesota, and Superior, Wis- consin, and to authorize the port authorities to promote said object and purposes for the greater safety of navigation, in accordance with this Act. SEC. 5. The port authorities or their successors and assigns are hereby authorized to provide for the payment of the cost of the bridge and its approaches by an issue or issues of negotiable bonds or negotiable certificates of indebtedness of the port authorities bear- ing interest at not more than 6 per centum per annum, the principal and interest of which bonds or certificates of indebtedness and any premium to be paid for retirement thereof before maturity shall be payable solely from the sinking fund provided in accordance with the Act. Such bonds or certificates of indebtedness may be regis- trable as to principal alone or both principal and interest, shall be in such form not inconsistent with this Act, shall mature at such time or times not exceeding thirty years from their respective dates, shall be in such denominations, shall be executed in such manner, and shall be payable in such medium and at such place or places as the port authorities may determine. The port authorities may repurchase and may reserve the right to redeem all or any of said bonds or certificates of indebtedness before maturity in such manner and at such price or prices not exceeding 105 and accrued interest, as may be fixed by them prior to the issuance of the bonds or certificates of indebtedness. Nothing contained in this Act shall be construed as limiting the powers now possessed or hereafter conferred under any applicable law of the State of Minnesota or the State of Wis- consin authorizing and empowering the Port Authority of Duluth or the Harbor Commission of Superior to issue and sell negotiable bonds or negotiable certificates of indebtedness; and the provisions of this Act shall be deemed supplemental and in addition to all pow- ers now possessed or hereafter conferred upon either of the said Port Authority of the city of Duluth and the said Harbor Commission of the city of Superior. SEC. 6. Subject to and in accordance with the provisions of the General Bridge Act approved March 23, 1906, thle Harbor Com- mission of Superior and the Port Authority of1)uluth may jointly or severally make written application to the Secretary of War for the approval of the location and plans of said bridge. Upon the filing of said application, due notice to all interested parties of the filing of such application, and notice of hearing thereon shall be given. If such application be approved, the instrument of approval shall be issued to the Duluth Port Authority and the Harbor Com- mission of Superior, jointly, unless the said port authority or the said harbor commission shall file with the Secretary of War, within thirty days of the receipt of such notice of approval, its refusal to accept such instrument of approval. Upon any such refusal being filed with the Secretary of War, the instrument of approval shall forth- with be issued to the port authority or harbor commission, as the case may be, which shall file with the Secretary of War its written acceptance of such approval. 1257 Purpose declared. Bonds, etc. Interest rate. Form, maturity, de- nominations. Redemption. Provisions supple- mental to powers of local authorities. Approval of loca- tion and plans. 34 Stat. 84. 33U.i. (. §i 491- 498.

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