Page:United States Statutes at Large Volume 54 Part 1.djvu/142

 PUBLIC LAWS-CH. 97-APR. 12 1940 Exception Conditions. Rightsandfunctions of Commission. Bridge construo- tion; time limitation. Operation; applica- tion of revenues. 52 Stat. 769; 53 Stat. lge3. Conveyanee oftitle, etc., upon payment of bonds. Operation by Com- mission; condition. Taxation. Bonds, etc. 52 stat. 770;6 Stat. 108& deeds or other suitable instruments of conveyance of the interests of the Commission in all properties or rights situated in said State there- tofore acquired, other than said bridge structure, and title to all prop- erties or interests in properties situated in the State of New York thereafter acquired, other than said bridge structure, shall be taken by the Commission in the name of said State; and when the Dominion of Canada, or any province, municipality, or agency thereof (herein referred to as the Canadian interests), shall be authorized by law to accept the same, the Commission shall deliver to such Canadian inter- ests deeds or other suitable instruments of conveyance of the interests of the Commission in all properties or rights situated in the Dominion of Canada theretofore acquired, other than said bridge structure, and title to all properties or interests in properties situated in the Domin- ion of Canada thereafter acquired shall be taken by the Commission in the name of such Canadian interests. All such conveyances shall be subject to the following conditions: " (a) That the Commission shall have the right to the use of all such properties for the construction and operation of the bridge. Any Act to the contrary notwithstanding, the Commission shall com- mence the construction of such bridge on or before June 17, 1940, and shall complete said bridge within three years from said date; "(b) That the Commission shall have the exclusive right to operate such bridge and shall be entitled to receive and apply the revenues derived from the operation of said bridge in the manner provided in said Act of June 16, 1938, and Acts amendatory thereof, so long as any bonds or the interest thereon, payable out of such revenues, shall remain unpaid; "(c) That upon payment of all bonds issued by the Commission and the interest thereon, or after a sinking fund sufficient for such payment shall have been provided and held for that purpose, the Commission shall deliver deeds or other suitable instruments of con- veyance of all title and interest of the Commission in and to that part of the bridge which is located within the United States to the State of New York, and shall deliver deeds or other instruments of con- veyance of all title and interest in the Commission in that part of the bridge which is located within the Dominion of Canada to the Cana- dian interests, and thereafter the bridge shall be maintained and oper- ated by the State of New York and by the Canadian interests in such manner as they may agree upon as a free, public bridge. "If either the State of New York or the Canadian interests shall not be authorized to accept title to the above-described properties under such conditions, then title to all such properties shall be in the Commission, and after payment of the bonds issued by the Commis- sion and the interest thereon, the Commission shall continue to own maintain, and operate the bridge, and shall charge rates of tolls which shall be so adjusted as to provide a fund not exceeding the amount necessary for the proper maintenance, repair, and operation of the bridge and its approaches under economical management. "she bridge hereby authorized or the income therefrom shall be subject to Federal, State, municipal, or local taxation only to the extent that a like structure or the income therefrom owned and oper- ated by a public authority or public agency of the State of New York shall be subject to taxation. The bonds or obligations of the Commis- sion, from time to time outstanding, and the income derived there- from shall be subject to taxation in the hands of the holders thereof." SEc. 3. That portion of section 8 of said public joint resolution as so amended be further amended by striking out the third sentence thereof reading, "After all bonds and interest thereon * * * Niagara Falls, Ontario, Canada", and substituting in lieu thereof: 108 [54 STAT.

�