Page:United States Statutes at Large Volume 59 Part 1.djvu/246

 228 PUBLIC LAWS-CH. 167-MAY 31, 1945 [59 STAT. of the public acts of Vermont, special session, nineteen hundred thirty-five to nineteen hundred thirty-six, is hereby amended by add- ing thereto the following articles: ARTICUL XL The Lake Champlain bridge commission shall have power and is hereby authorized to issue its negotiable bonds, for the purpose of refunding any of its bonds, now outstanding or hereafter issued, provided, however, that the aggregate principal amount of such bonds so issued to pay off and refund said bonds, shall not exceed the aggregate amount of the principal of the bonds so retired plus any premium required to be paid at the time of refunding the out- standing bonds in connection with the redemption of such outstanding bonds. In the exercise of the power to issue refunding bonds the commission may provide for the issuance of such bonds for the following purposes: (a) to refund bonds issued in connection with the bridge known as the Lake Champlain bridge, such refunding bonds to be payable from revenues applicable to the payment of the bonds refunded, or (b) to refund bonds issued in connection with the bridge known as the Rouses Point bridge, such refunding bonds to be payable from revenues applicable to the payment of the bonds refunded, or (c) to refund all bonds then outstanding issued in connection with both of the aforesaid bridges, such refunding bonds to be payable from the combined revenues of such bridges or any other revenues of the commission applicable to the payment of its indebtedness. ARTcLE XLI Such commission shall have power and is hereby authorized to call for payment and to pay any of its bonds, in accordance with the terms under which said bonds were or are issued and for such purposes it may use any funds which it has or shall have in reserves and sink- ing fund and in investments at the time said bonds are called for payment notwithstanding any provision heretofore set forth in this or any previous agreement, or compact. ARTICLE XLII 1. The bonds issued under authority of article forty shall be author- ized by resolution, or resolutions, of such commission and shall bear such date or dates, mature at such time or times on or before January first, nineteen hundred sixty-nine, bear interest at such rate or rates not exceeding five per centum per annum, payable semi-annually, be in such denominations, be in such form, either coupon or registered, carry such registration or conversion privileges, be executed in such manner, be payable in such medium of payment at such place or places and be subject to such terms of redemption, as such resolution, or resolutions, may provide. Said bonds shall be sold at public sale for such price or prices as such commission shall determine, provided that the interest cost to maturity of the money received for any issue of said bonds shall not exceed five per centum per annum. 2. Neither the members of such commission, nor any person execut- ing said bonds, shall be liable personally on said bonds or be subject to any personal liability or accountability by reason of the issuance thereof. 3. The bonds issued under the authority of article forty shall con- stitute a first lien upon the property, tolls and revenues pledged to

�