Page:United States Statutes at Large Volume 71.djvu/656

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PUBLIC LAW 85-300-SEPT. 7, 1957

[71 S T A T.

The Board may enter into an agreement with any bank or trust company in the United States as trustee having the power to make such agreement, setting forth the duties of the Board with respect to acquisition, construction, maintenance, operation, repair, and insurance of the stadium, the conservation and application of all funds, the security for the payment of the bonds, safeguarding of money on hand or on deposit, and the rights and remedies of such trustee and the holders of the bonds, restricting the individual right of action on 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. (b) The bonds may be sold at not less than par. If the proceeds of the bonds shall exceed the cost, the excess shall be placed in the fund created by section 6 for the payment of the principal and interest of such bonds. Prior to the preparation of definitive bonds the Board 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 definitive bonds when such bonds that have been executed are available for delivery. Tax exemption. (^^^ ^ I j ^onds, Or other obligations, issued by the Board under authority of this Act, shall be exempt both as to principal and interest, from all taxation (except estate and inheritance taxes) now or hereafter imposed by the United States, or by the District of Columbia. Bo'^"d.''°'^*^ °^ ^^^' ^- -^^ order to carry out the purposes of this Act, the Board is hereby authorized, without regard to any other provision of law— (1) to determine all questions concerning the use of the stadium for the purposes of this Act; (2) to enter into contracts and agreements with the District of Columbia and the Federal departments, bureaus, establishments, and offices, and the Act of March 4, 1915, as amended (31 38 Stat. 1084. XJ. S. C. 686), is hereby made applicable to such contracts; (3) to acquire by purchase or lease, equipment, appliances, facilities, and property of any kind necessary or desirable to carry out the purposes of this Act, and to sell or dispose of any such property so acquired when in its judgment it shall be advantageous to do so, except that no contract for more than $3,000 shall be entered into for the purpose of this paragraph without competitive bidding; (4) to make such structural and other changes in the stadium as it may deem necessary or desirable for carrying out the purposes of this Act; (5) to prepare, maintain, light, and operate motor-vehicle arking lots on such land as is provided for that purpose by the ecretary of the Interior under section 3 of this Act; (6) to operate or contract for the operation of such concessions, including the checking of clothing and the sale of beverages and food as the Board may deem appropriate to the purposes for which the stadium may be rented or leased; (7) to furnish such services to renters, lessees, and other occupants of the stadium as in its judgment are necessary or suitable for carrying out the purposes of this Act; (8) to rent or lease from time to time for any of the purposes of this Act, all or any part or parts of the stadium including any or all structures, equipment, or facilities of the stadium, at such rental values and for such periods of time as the Board shall determine;

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