Page:United States Statutes at Large Volume 65.djvu/730

 696

PUBLIC LAW 242—OCT. 30, 1951

[65 STAT.

successors, shall be and become ex officio members of the Sabine Lake Bridge and Causeway Authority hereby created and shall continue as members of the said Authority so long as they shall hold the offices Quorum. above stipulated. Four members of the Authority shall constitute a quorum for the transaction of business. The Authority shall choose its own Chairman and Vice Chairman. The Authority shall formulate and adopt its own rules for regulating the time and place of its regular meetings, and may hold special meetings upon call of the Chairman or in his absence, upon call of the Vice Chairman and one other member. The Secretary of the Authority shall keep and preserve complete records of all proceedings and acts of the Authority. No member shall receive a salary for his services as member, but shall be paid his actual expenses not exceeding $25 per day for each day actually devoted to the performance of his duties hereunder. The Authority may employ a secretary, treasurer, engineers, attorneys, financial advisers, and such other experts, assistants, and employees as it may deem necessary, who shall be entitled to receive such compensation as the Authority may determine. All salaries and expenses shall be paid solely from the funds provided under the authority of this Act. Rights and powers. gj,^, ^ There is hereby conferred upon the Authority hereby created, and its successors, all such rights and powers to enter upon lands and to acquire, condemn, occupy, possess, and use real estate and other property needed for the location, construction, maintenance, and operation of such bridges, causeways, and approaches as are possessed by railroad corporations for railroad purposes or by bridge corporations for bridge purposes in the State in which such real estate or other property is situated, upon making just compensation therefor, to be ascertained and paid according to the laws of such State, and the proceedings therefor shall be the same as in the condemnation or expropriation of property for public purposes in such State. '^°"^'^*^SEC. 5. The Authority hereby created and its successors is hereby authorized to levy, fix, and charge tolls, fees, or other considerations for the movement of persons and property over its bridges, causeways, and approaches, and in fixing the tolls and rates to be charged for the use of such bridges, causeways, and approaches, and the appurtenances thereof, the Authority shall so determine upon and adjust same as to provide funds sufficient for the following purposes: (a) Creation of necessary interest and sinking funds to pay principal and interest on any bonds, notes, or other evidences of indebtedness issued by the Authority pursuant to the provisions hereof, and to create such reserves for such bonds as may be provided by the Authority under the terms of the mortgages, deeds of trust, indentures, or other agreements pertaining to the authorization and issuance of such bonds; (b) Provide for the reasonable cost of properly maintaining, repairing, insuring, and operating such bridges, causeways, and approaches; (c) Provide for such depreciation, depletion, obsolescence, replacements, betterments, and improvements as in the judgment of the Authority may appear feasible and proper. SEC. 6. The Authority hereby created shall have all the powers, rights, privileges, and authority necessary or convenient for carrying out the purposes of this Act, including, but without limitation, the following rights, powers, and authority: (a) To have perpetual succession as a corporation; (b) to sue and be sued, implead and be impleaded, complain and defend in all courts of law and equity; (c) to adopt, use, and alter a corporate seal; (d) to acquire, purchase, hold,

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