Page:United States Statutes at Large Volume 53 Part 2.djvu/272

 PUBLIC LAWS-CH. 139-MAY 17, 1939 Repurchase and re- demption. Proviso. Maturity of refund- ing bonds. Trust agreement authorized. Protection of rights, etc., of trustee and bondholders. Bond sale. Items included in cost. Disposition of ex- cess, if proceeds of bond issue exceed cost. Issuance of tempo- rary bonds. Application of tolls to maintenance, sink- ing fund, etc. Residue to be placed in sinking fund. mine. The Commission may repurchase 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 105 and accrued interest, as may be fixed by the Commission prior to the issuance of the bonds. The Commission, when it deems it to be to the best interest of the Com- mission, may issue refunding bonds to repurchase and redeem any outstanding bonds before the maturity thereof: Provided, That the refunding bonds shall mature at such time or times, not exceeding forty years from the date of approval of this Act, as the Commis- sion may determine. The Commission may enter into any agreement with any bank or trust company in the United States as trustee having the power to make such agreement, setting forth the duties of the Commission in respect to the purchase, construction, maintenance, operation, repair and insurance of the bridge, the conservation and application of all funds, the security for payment of the bonds, the safeguarding of money 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 customary in trust agreements respecting bonds of corporations. Such trust agreement may contain such provisions for protecting and Enforcing the rights and remedies of the trustee and the bondholders as may be reasonable and proper and not inconsistent with the law. Said bonds shall be sold in such manner and at such time or times and at such price as the Commission may determine, but no such sale shall be made at a price so low as to require the payment of interest at the rate of more than 6 per centum per annum on the money received therefor, computed with relation to the absolute maturity of the bonds in accordance with standard tables of bond values, and the face amount thereof shall be so calculated as to produce, at the price of their sale, the cost of the bridge constructed, and approaches and the lands, easements, and appurtenances, used in connection therewith when added to any other funds made available to the Commission for the use of said purposes. The cost of the bridge to be constructed as provided herein, together with approaches and approach highways, shall be deemed to include interest during con- struction of said bridge, and for twelve months thereafter, and all engineering, legal, architectural, traffic surveying, and other expense incident to the construction of the bridge and the acquisition of the necessary property, incident to the financing thereof, including cost of acquiring lands. If the proceeds of the bonds issued shall exceed the cost as finally determined, the excess shall be placed in the sinking fund hereinafter provided. Prior to the preparation of definite bonds the Commission may, under like restrictions, issue temporary bonds or interim certificates, with or without coupons, of any denomination whatsover, exchangeable for definite bonds when such bonds that have been executed are available for delivery. SEC. 5. In fixing the rates of toll to be charged for the use of such bridge, in accordance with the Act of Congress approved March 23. 1906, the same shall be so adjusted as to provide a fund sufficient to pay for the reasonable cost of maintaining, repairing, and operating the bridge and approaches under economical management, and to pro- vide a sinking fund sufficient to pay the principal and interest of such bonds as the same shall fall due, and the redemption or repur- chase 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 as hereinafter in this section required. After payment or provision for payment therefrom of all such cost of maintaining, repairing, 748 [53 STAT.

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