Page:United States Statutes at Large Volume 52.djvu/809

 768 PUBLIC LAWS-CH. 490-JUNE 16, 1938 [52 STAT. other property in the State of New York as may be needed for the location, construction, operation, and maintenance of such bridge and its approaches as are possessed by railroad corporations for railroad purposes or by bridge corporations for bridge purposes in the State of New York, upon making just compensation therefor, to be ascertained and paid according to the laws of such State, and the proceedings therefor shall be the same as in the condemnation of private property estacquisitin nofta for public purposes in such State, and the Commission and its suc- ada cessors or assigns may exercise in the Dominion of Canada all rights, powers, and authority which shall be granted or permitted to the Commission by the proper authorities of the Dominion of Canada or of the Province of Ontario, including the entering upon lands and acquiring, condemning, occupying, possessing, and using such real estate and other property in the Dominion of Canada as may be needed for such location, construction, operation, and maintenance of such bridge. Tolsauthoried. SEC. 3. The Commission and its successors and assigns are hereby authorized to fix and charge tolls for transit over such bridge in accordance with the provisions of this joint resolution. costss etc over SEC. 4. The Commission and its successors and assigns are hereby authorized to provide for the payment of the cost of the bridge and its approaches and the necessary lands, easements, and appurtenances Interest, maturity, thereto by an issue or issues of bonds of the Commission, bearing interest at not more than 6 per centum per annum, payable annually or at shorter intervals, maturing not more than forty years from their date of issuance, such bonds and the interest thereon, and any pre- mium to be paid for retirement thereof before maturity, to be payable solely from the sinking fund provided in accordance with this joint Form. resolution. Such bonds may be registrable as to principal alone or both principal and interest and shall be in such form not inconsistent with this joint resolution, and be payable at such place or places, as Repurchase and le- the Commission may determine. The Commission may repurchase and may reserve the right to redeem all or any of said bonds before maturity at prices not exceeding one hundred and five and accrued Agrbe'een"e t tc w itah interest. The Commission may enter into an agreement with any trustee. bank or trust company in the United States as trustee having the power to make such agreement, setting forth the duties of the Com- mission in respect of the construction, maintenance, operation, repair, and insurance of the bridge; the conservation and application of all funds; the safeguarding of moneys on hand or on deposit; and the rights and remedies of said trustee and the holders of the bonds, restricting the individual right of action of the bondholders as is Provion customary in trust agreements respecting bonds of corporations. tecting rights, ePtrc Such trust agreement may contain such provision for protecting and of trustee and bond- enforcing the rights and remedies of the trustee and the bondholders as may be reasonable and proper and not inconsistent with the law and also a provision for approval by the original purchasers of the bonds of the employment of consulting engineers and of the security given by bridge contractors and by any bank or trust company in which the proceeds of bonds or of bridge tolls or other moneys of the Commission shall be deposited, and may provide that no contract for construction shall be made without the approval of the consulting Proposedt brdge engineers. The bridge constructed under the authority of this joint deemed an inrtrutaen- tality for international resolution shall be deemed to be an instrumentality for international commerce. commerce authorized by the Government of the United States, and Tax exemption. said bridge and the income derived therefrom shall be exempt from all Federal, State, municipal, and local taxation, and said bonds and the interest thereon shall be exempt from all Federal, State, munici-

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