Page:United States Statutes at Large Volume 52.djvu/810

 52 STAT.] 75TH CONG. , 3D SESS.-CH. 490-JUNE 16, 1938 pal, and local taxation. Said bonds shall be sold in such manner and Bond sale. at such price as the Commission may determine, such price to be not less than the price at which the interest-yield basis will equal 6 per centum per annum as computed from standard tables of bond values, and the face amount thereof shall be so calculated as to produce, at the price of their sale, the estimated cost of the bridge and its approaches and the land, easements, and appurtenances used in con- nection therewith. The cost of the bridge shall be deemed to include cotn incl interest during construction of the bridge and for twenty-four months thereafter, and all engineering, legal, architectural, traffic surveying, and other expenses incident to the construction of the bridge or prop- erty, and incident to the financing thereof, including the cost of acquiring existing franchises, rights, plans, and works of and relating to the bridge, now owned by any person, firm, or corporation, and the cost of purchasing all or any part of the shares of stock of any such corporate owner if in the judgment of the Commission such purchases should be found expedient. If the proceeds of the bonds issued shall ceDispSitio exceed the cost as finally determined, the excess shall be placed in the bondissueex( sinking fund hereinafter provided. Prior to the preparation of defin- rorary bonds itive bonds the Commission may under like restrictions issue tempo- rary bonds with or without coupons, exchangeable for definitive bonds upon the issuance of the latter. SEC. 5 . In fixing the rates of toll to be charged for the use of such toApnten bridge the same shall be so adjusted as to provide a fund sufficient ingfund, etc. to pay for the reasonable cost of maintaining, repairing, and operat- ing the bridge and its approaches under economical management and to provide a sinking fund sufficient to pay the principal and interest of such bonds as the same shall fall due and the redemption or repurchase price of all or any thereof redeemed or repurchased before maturity as herein provided. All tolls and other revenues from said bridge are hereby pledged to such uses and to the application thereof hereinafter in this section required. After payment or provision for Residue tno payment therefrom of all such cost of maintaining, repairing, and operating and the reservation of an amount of money estimated to be sufficient for the same purpose during an ensuing period of not more than six months, the remainder of tolls collected shall be placed in the sinking fund, at intervals to be determined by the Commission prior to issuance of the bonds. An accurate record of the cost of tner, c ofr the bridge and its approaches, the expenditures for maintaining, repairing, and operatlng tile salme, and of the daily tolls collected shall be kept and shall be available for the information of all persons interested. The Commission shall classify in a reasonable way all ,t'lasific' traffic over the bridge, so that the tolls shall be so fixed and adjusted by it as to be uniform in the application thereof to all traffic falling within any such reasonable class, regardless of the status or character of any person. firm, or corporation participating in such traffic, and shall prevent all use of such bridge for traffic except upon payment of the tolls so fixed and adjusted. No toll shall be charged officials tExemtion or employees of the Commission or of the Governments of the United States or Canada or any State, Province, county, or municipality in the United States or Canada while in the discharge of their duties or municipal police or fire departments when engaged in the proper work of any such department. SEC. 6. After payment of the bonds and interest, or after a sinking Conveyane fund sufficient for such payment shall have been provided and shal of bonds, etc be held for that purpose, the Commission shall deliver deeds or other suitable instruments of conveyance of the interest of the Commission in and to the bridge, that part within the United States to the State of New York or any municipality or agency thereof as may be author- 36525°--3 8- --49 uded in 1of ex- ceeds of seed cost. of tem- n of tolls Ice, sink- be placed ad. expendi- ipts. o Fieon of s from eofin- payment 769

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