SEVENTIETH CONGRESS . SESS. I . CH. 231. 1928 .
325 deduction for actual depreciation in value
- (2) the actual cost of
acquiring such interests in real property ; (3) actual financing and promotion costs, not to exceed 10 per centum of the sum of the cost of co nstru cting the b ridge and its approaches and acquiring such interest in real property ; and (4) actual expenditures for necessary im provements . SEC . 5 . If such bridge shall at any time be taken over or acquired etc .,°open under state, by the States or public agencies or political subdivisions thereof, or by either o f them, as provi ded in section 4 of this Act, an d if tolls are thereafter charged for the use thereof, the rates of toll shall be so Rates appli ed to op . 7
eration, sinking fund, adjusted as to provide a fund sufficient to pay for the reasonable etc• cost of ma intain ing, repai ring, and operating the bridge and its app ro ach es under economical management, and to provide a sinking fund sufficient to amortize the amount paid therefor, including reason- able interest and financing cost, as soon as possible under reasonable charges but within a period of not to exceed twenty years from the Maintenance as free date of acquiring the same . After a sinking fund sufficient for such bridge, etc ., after amor- amortization shall have been so provided, such bridge shall there- tizing costs . after b e mainta ined and operate d free o f tolls, or the rates of toll shall thereafter be so adjusted as to provide a fund of not to exceed the amount necessary for the proper maintenance, repair, and opera- tion of the bridge and its approaches under economical management . An accurate record of the amount aid for acquiring the bride Record of etpendi- h
~ tares and receipts . and its approac hes, the actual expendit ures for maintai ning, re pair- ing, and operating the same, and of the daily tolls collected, shall be kept and shall be available for the information of all persons interested . Sworn statement of SEC. 6. E. K . Morse, his heirs, legal representatives, and assigns, construction costs, etc ., shall within ninety days after the completion of such bridge file with tob e en fi led a fter com- the Secretary of War and with the Highway Departments of the States of New Jersey and Pennsylvania, a sworn itemized statement showing the actual original cost of constructing the bridge and its approaches, the actual cost of acquiring any interest in real property neces sary therefor, and the actual financing and prom otion costs . Investigati on by the The Secretary of War may, and upon request of the highway depart- Secretary of war. ment of either of such States shall, at any time within three years after the completion of such bridge, investigate such costs and determine the accuracy and the reasonableness of the costs alleged in the statement of costs so filed, and shall make a finding of the actual and reasonable costs of constructing, financing, and promoting suc h bridge ; for the purpose of such investigation the said E. K. Morse , his heirs , leg al re presen tativ es, a nd ass igns, shal l make available all of his records in connection with the construction, Findings of Secretary financing, and promotion thereof . The findings of the Secretary of conclusive . War as to the reasonable costs of the construction, financing, and promotion of the bridge shall be conclusive for the purposes mentioned in section 4 of this Act, subject only to review in a court of equi ty for f raud or gross mi stake .
Right to sell, etc., SEC. 7 . The right to sell, assign, transfer, and mortgage all the conferred . rights, powers, and pri vileges conferred by this Act is hereby gra nt ed to E . K . Mors e, his heirs, le gal representati ves, and assigns , and any corporation to which or any person to whom such rights, powers, and pri vileges may be s old, ass igned, o r transf erred, o r who shall acquire the same by mortgage foreclosure or otherwise, is her eby auth oriz ed and e mpow ered to exer cise the sam e as ful ly thoug h con ferred here in di rectly upon such corpo ratio n or person . SEc . 8 . The right to alter, amend, or repeal this Act is hereby Amendmen t . express ly reser ved . Approved, March 22, 1928 .
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