Page:United States Statutes at Large Volume 58 Part 1.djvu/868

 PUBLIC LAWS-CH. 633-DEC. 21, 1944 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 bond- holders as is customary in trust agreements respecting bonds of cor- Pet,oftonoteh porations. Such trust agreement may contain such provisions for bondholders. 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. Sale of bonds. Said bonds may be sold at not less than par after public advertise- ment for thirty days for bids to be opened publicly at the time and place stated in such advertisement and at the bid price which will yield the greatest return to the commission for the bonds to be sold. The price to be paid for the bridge or bridges acquired hereunder shall not exceed the reasonable value thereof at the time of the acquisi- cs ofsbrncded in tion. The cost of the bridge to be constructed as provided herein, together with the approaches and approach highways, shall be deemed to include interest during construction of the bridge and for twelve months thereafter, and all engineering, legal, financing, archi- tectural, traffic-surveying, condemnation, and other expenses incident to the bridge and the acquisition of the necessary property, including the cost of acquiring existing franchises and riparian rights relating to the bridge. If the proceeds of the bonds shall exceed the cost as ssuanc finally determined, the excess shall be placed in the fund hereafter rarybonds tepo provided to pay the principal and interest of such bonds. Prior to the preparation of definite bonds the commission may, under like restrictions, issue temporary bonds or may, under like restrictions, issue temporary bonds or interim certificates, without coupons, of any denomination whatsoever, exchangeable for definite bonds when such bonds that have been executed are available for delivery. Adjustments of tol SEC. 6. The rates and schedule of toll to be charged for the use of to cost of mainte- nanceet. such bridge or bridges, in accordance with the Act of Congress 34 Stat. 85. 33U. s. c. 14. approved March 23, 1906, shall be continuously adjusted and main- tained so as to provide a fund sufficient to pay for the reasonable cost of maintaining, repairing, and operating the bridge or bridges and approaches under economical management, and to provide a 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 or bridges are hereby pledged to such uses and to the application thereof as hereinafter ndtsinking ed in this section required. After payment or provision for payment therefrom of all such cost of maintenance, repair, and operation, 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 a fund, at intervals to be determined by the commission prior to the issuance tures andrecep of the bonds, to pay the principal and interest of such bonds. An accurate record of the cost of the bridge or bridges and approaches; the expenditures for maintaining, repairing, and operating the same; and of the daily tolls collected, shall be kept and shall be available Classifcation of for the information of all persons interested. The commission shall . classify in a reasonable way all traffic over the bridge or bridges 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 reasonable classes, regardless of the status or character of any person, firm, or corporation participating in such traffic, and shall prevent all use of such bridge or bridges for traffic except upon payment of tolls so Tol exemptions. fixed and adjusted. No toll shall be charged officials or employees of the Commission, nor shall toll be charged officials of the Government 848 [58 STAT.

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