Page:United States Statutes at Large Volume 45 Part 1.djvu/194
SEVENTIETH CONGRESS . SEss . I. CHs. 97, 98 . 1028 .
143 empowered to exercise the same as fully as though co nferred herein directly upon such corporation or person . SEC. 6. The rig ht to alter, amend, or repe al this Act i s hereby Amend ment. expressly reserved . Approved, February 25, 1928 . 25, 1928 CHAP . 98.-An Act Authorizing the Midland Bridge Company, Incorpo- [H. R . 7035 .] February 03 rated, of Paducah, Kentucky, i ts successors and as signs, to construct, main-
[Public, No. 70.] tain, and operate a bridge across the Tennessee River at or near the mouth of Clarks River . Be it ena cted by the Se nate and Hous e of Represen tatives o f t he United States o America in Congress assembled Tha t in order to Tennessee River. f
Midland Bridge promote interstate commerce, improve the Postal Service, and pro- Commpanybmaf cide , vide for military and other purposes, Midland Bridge Company, River . Incorporated, of Paducah, Kentuc
its successors and assigns, be and is hereby authorized to construct, maintain, and operate a bridge and approaches thereto across the Tennessee River, at a point suitable to the interests of navigation, at or ne into
ar where Clarks River empties the Tennessee River, in accordance with the provisions of the C oi s trction Act entitled "An Act to regulate the construction of bridges over nav igable waters ," approved M arch 2 3, 19 06 , and subje ct to t he cond i- tions and limitations contained in this Act . SEC . 2 . After the completion of such bridge as determined by the Acquisition author- iz ed, a fter comp leti on, Secretary of War, either the State of Kentucky, any political sub- by Kentucky, etc . division thereof within or adjoining which any part of such bridge is located, or any two or more of them jointly, may at any time acquire and take over all right, title, and interest in such bridge and its approaches, and any interest in real property necessary therefor, by purchase or by condemnation in accordance with the laws of such condemnation pro- State governing the acquisition of private property for public ceedings . purposes by condemnation or expropriation . If at any time after co mpensatio n if the expiration of twenty years after the completion of such bridge ana on d by condom- the same is acquired by condemnation or expropriation, the amount of damages or compensation to be allowed shall not include good will, going value, or prospective revenues or profits, but shall be Limitations . limited to the sum of (1) the actual cost of constructing such bridge and its approaches, less a reasonable deduction for actual deprecia- tion in value, (2) the actual cost of acquiring such interest in real property, (3) actual financing and promotion cost, not to exceed 10 per centum of the sum of the cost of constructing the bridge and its approaches and acquiring such interest in real property, and (4) actual expenditures for necessary improvements . SEC. 3. If such bridge shall at any time be taken over or acquired etc ., Tolls und er operation . State, by the State of Kentucky or by any municipality or other political subdivision or public agency thereof, under the provisions of section 2 of this Act and if tolls are charged for the use thereof, the rates Rates applied to op. eration, sinking fund, of tolls shall be so adjusted as to provide a fund sufficient to pay for etc . the reasonable cost of maintenance, repairing, and operating the b ridge and it s appr oache s unde r econ omica l mana gement , and to provide a sinking fund sufficient to amortize the amount paid there- for as soon as possible under reasonable charges, but within a period not to exceed twenty years from the date of acquiring the same . After a sinkin g fund suffic ient to pay th e cost of acq uiring the br idge Maintenance as free bridge, etc., after amor. and its approaches shall have been so provided, such bridge shall tizing costs. thereafter be maintained and operated free of tolls, or the rates of tolls shall thereafter be so adjusted as to provide a . fund of not to exceed the amount necessary for the proper maintenance, repair, and operation of the bridge and its approaches under economical