Page:United States Statutes at Large Volume 55 Part 1.djvu/166

 55 STAT.] 77TH CONG. , 1ST SESS.-CH. 71-APR. 12, 1941 this Act and such payments may be further secured by mortgage of such bridge and its approaches. Such bonds may be registrable 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 the date of approval of this Act, 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 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 105 per centum of the principal amount thereof and accrued interest, as may be fixed by the commission prior to the issuance of the bonds. The commission, when it deems it to the best interest of the commis- sion, may issue refunding bonds to repurchase and redeem any out- standing bonds, before the maturity thereof, which it may issue: Pro- vided, That the refunding bonds shall mature at such time or times, not exceeding twenty-five years from date of approval of this Act, as the commission may determine. The commission may enter into an agreement with any 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 security for the pay- ment 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 more than 6 per centum interest on the money received therefor, computed with relation to the absolute maturity of the bonds in accordance with stand- ard tables of bond values, and the face amount thereof shall be so cal- culated as to produce, at the price of their sale, the cost of the bridge and its approaches and the land, easements, and appurtenances used in connection therewith, and in the event the ferry or ferries are to be acquired, also the cost of such ferry or ferries and the lands, ease- ments, and appurtenances used in connection therewith. The cost of the bridge and approaches and approach highways, and ferry or ferries, shall be deemed to include all engineering, legal, architectural, traffic surveying, and other expenses incident to the acquisition of the bridge or the acquisition of the ferry or ferries, and the acquisition of the necessary property, and incident to the financing thereof: Provided, That the cost of acquisition of said bridge and approaches and approach highways, and ferry, shall not exceed the sum of $945,000. If the pro- ceeds 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 definitive bonds the Commission may, under like restrictions, issue temporary bonds or interim certificates with or with- out coupons of any denomination whatsoever, exchangeable for defini- tive bonds when such bonds that have been executed are available for delivery. SEo. 5. In fixing the rates of toll to be charged for the use of such bridge 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 its approaches under economical management, and to 141 Repurchase and re- demption. Proviso. Maturity of refund- ing bonds. Trust agreement. Bond sale. Pronvso. Limitation on cost of bridge, etc. Temporary bonds. Application of tola to operation, sinling fund, etc.

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