Page:United States Statutes at Large Volume 53 Part 2.djvu/792

 1268 PUBLIC LAWS-CH. 608-AUG. 9, 1939 [53 STAT. may be needed for the acquisition and maintenance of such bridge and its approaches, and, if by condemnation, upon making just compensation therefor, to be ascertained and paid according to the laws of the State in which such real estate or property is located, and the proceedings therefor shall be the same as in the condemna- tion of private property for public purposes in said States, respec- tively. Tolls allowed. 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. cond issue to cover 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 (including any approach highways which, in the judg- ment of the Commission, it is necessary or advisable to construct or cause to be constructed to provide suitable and adequate connection with existing improved highways) and the ferry or ferries 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 41/2 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 tcbond maturity, provided in accordance with this Act. Such bonds may be reg- istrable 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 twenty 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 Repurchase, re- Commission may determine. 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 one hundred and two and accrued interest, as may be fixed by the issuance of refund- 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, PReuning bonds, before the maturity thereof, which it may issue: Provided, That maturity. the refunding bonds shall mature at such time or times, not exceeding thirty years from date of approval of this Act, as the Trust agreement, - Commission may determine. The Commission may enter into an agreement with any bank or bond 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 of the maintenance, operation, repair, and insurance of the bridge and/or the ferry or ferries, the conservation and application of all funds, the safeguard- ing 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 Provisions respect- respecting bonds of corporations. Such trust agreement may con- edies of trustee and tain such provisions for protecting and enforcing the rights and bondholders. remedies of the trustee and the bondholders as may be reasonable and proper and not inconsistent with the law and also provisions for Employmentofcon- approval by the original purchasers of the bonds of the employment suiting engineers. Security for bonds. of consulting engineers and of the security for said bonds and by any bank or trust company in which the proceeds of bonds or of bridge or ferry tolls or other moneys of the Commission shall be deposited. Bondasl;prcelim- Said bonds shall be sold in such manner and at such time or times itation. 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 more than 41/2 per centum interest on the money received therefor, com- puted with relation to the absolute maturity of the bonds in accord-

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