Chapter 392. Authorizing the construction, maintenance, and operation of a bridge across the Saint Louis River between the cities of Superior, Wisconsin, and Duluth, Minnesota
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CHAP. 392.— An Act Authorizing the construction, maintenance, and operation of a bridge across the Saint Louis River between the cities of Superior, Wisconsin, and Duluth, Minnesota. March 2, 1925.[[S. 4325](/us/bill/68/s/4325).][[Public, No. 523](/us/pl/68/523).] *Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, * That the consent Saint Louis River.Twin Ports Bridge Company may bridge, Superior, Wis., to Duluth, Minn.of Congress is hereby granted to the Twin Ports Bridge Company, a Wisconsin corporation, its successors and assigns, to construct, maintain, and operate a bridge and approaches thereto, across the Saint Louis River at a point suitable to the interests of navigation, from Belknap Street, or within one-half mile north or south thereof, in the city of Superior, Wisconsin, to Le Seur Street, or the vicinity thereof, in the city of Duluth, Minnesota, in accordance with the Construction.Vol. 34, p. 84.provisions of the Act entitled “An Act to regulate the construction of bridges over navigable waters,” approved March 23, 1906.
Sec. 2. The cities of Duluth, Minnesota, and Superior, Wisconsin, Duluth and Superior may purchase, after completion.may jointly, or either may, with the consent of the other, at any time after ten years after the completion of said bridge, purchase the same. The purchase price shall be the reasonable value of said bridge, including approaches, right of way, and accessory works. In such value the bridge shall be considered as having the license to continue, but such license or franchise right shall not be considered to have a value of exceeding $1,000, and nothing shall be allowed for going concern value.
The item of cost of financing the construction shall be considered, but it is not intended that any specific sum of money therein expended must be added to the purchase price otherwise determined. Such value shall be determined by such Determination of value, etc.board of arbitration as may be selected by the corporation and said cities and in the event of disagreement then upon request of either the bridge company or the cities by the Secretary of War. When such determination is made it shall be filed with the city clerks of the respective cities of Duluth, Minnesota, and Superior, Wisconsin.
The said bridge company shall file with the Secretary of War and the city clerks of the cities of Duluth and Superior within six months after the completion of said bridge and works an accurate report verified by its treasurer, of the expenditures made by the company in such construction and purchase of right of way and accessories and cost of financing construction, and likewise shall file with the Secretary of War and the city clerks of such cities within said time after the expenditure thereof, verified report of any additional improvements afterwards made thereon.
The books of said company shall be open to audit by either city at any time upon demand of proper officials. In the event of any incumbrances upon said bridge property, the Payment to creditors.amount thereof, with accrued interest, but not to exceed the purchase price, shall be first paid direct to the owners or holders thereof and applied upon the purchase price: *Provided*, That if the amount of *Proviso*.1096Incumbrances extinguished when purchase price paid. such incumbrances exceeds the purchase price, then the payment of such purchase price to the owners or holders of such incumbrances shall fully extinguish the same, and same shall be paid in order of their priority of lien.
Conveyance to purchaser, etc. Upon payment of said purchase price, within four months after the filing with said city clerks of the determination thereof, the said Twin Ports Bridge Company, its successors and assigns, shall execute and deliver a conveyance of said bridge to the purchaser or purchasers and assign all rights and grants hereunder. The limitation herein as to the four months shall not bar subsequent purchase under the provisions of this Act. Sec. 3. Amendment. The right to alter, amend, or repeal this Act is hereby expressly reserved.
Approved, March 2, 1925.