Chapter 567. Authorizing the construction of a bridge across the Ohio River approximately midway between the city of Owensboro, Kentucky, and Rockport, Indiana
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CHAP. 567.— An Act Authorizing the construction of a bridge across the Ohio River approximately midway between the city of Owensboro, Kentucky, and Rockport, Indiana.June 12, 1926. [[S. 3967](/us/bill/69/s/3367).] [[Public, No. 379](/us/pl/69/379).] *Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled*,Ohio River.Edward T. Franks may bridge, between Owensboro, Ky., and Rockport, Ind. That the consent of Congress is hereby granted to Edward T.
Franks, his legal representatives, and assigns, to construct, maintain, and operate a bridge and approaches thereto across the Ohio River at a point suitable to the interests of navigation between the city of Owensboro, Daviess County, Kentucky, and Rockport, Spencer County, Indiana,Construction.Vol. 34, p. 84.*Post*, p. 1242. in accordance with the provisions of the Act entitled, “An Act to regulate the construction of bridges over navigable waters,” approved March 23, 1906, and subject to the conditions and limitations contained in this Act.
Sec. 2. There is hereby conferred upon the said Edward T.Right to acquire real estate, etc., for approaches, etc. Franks, his legal representatives, and assigns, 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, operation, and maintenance of such bridge and its approaches and terminals, 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 proceedingsCondemnation proceedings. therefor shall be the same as in the condemnation and expropriation of property in such State.
Sec. 3. The said Edward T. Franks, his legal representatives,Tolls authorized. and assigns, is hereby authorized to Ox and charge tolls for transit over such bridge, and the rates of toll so fixed shall be the legal rates until changed by the Secretary of War under the authority contained in the Act of March 23, 1906.Vol. 34, p. 85. Sec. 4. After the completion of such bridge, as determined byAcquisition authorized by Kentucky, Indiana, etc., after completion. the Secretary of War, either the State of Kentucky, the State of Indiana, any political subdivision of either of such States, 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 either of such States governing the acquisition of private property for public purposes by condemnation.
If at any time after the expiration of twentyCompensation, if acquired by condemnation. years after the completion of such bridge the same is acquired by condemnation, the amount of damages or compensation to be allowed shall not include good will, going value, or prospective revenues or profits, but shall be limited to the sum of
(1)the actual costLimitation. of constructing such bridge and its approaches, less a reasonable 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 constructing the bridge and its approaches and acquiring such interest in real property, and
(4)actual expenditures for necessary improvements. Sec. 5. If such bridge shall be taken over or acquired by theOperation by State, etc., as a toll bridge. States or political subdivisions thereof as provided in section 4 of this Act, and if tolls are charged for the use thereof, the rates of toll shall be so adjusted as to provide a fund sufficient to pay for the cost of maintaining, repairing, and operating the bridge and its approaches, to pay an adequate return on the cost thereof, and to provide a sinking fund sufficient to amortize the amount paid there-for as soon as possible under reasonable charges, but within a 736period of not to exceed twenty years from the date of acquiring the same. After a sinking fund sufficient to pay the cost of acquiringMaintenance as Free bridge, etc., after amortization of costs. the bridge and its approaches shall have been provided, such bridge shall thereafter be maintained and operated free of 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 care, repair, maintenance, and operation of the bridge and its approaches. An accurateRecord of expenditures and receipts. record of the amount paid for acquiring the bridge and its approaches, the expenditures for operating, repairing, and maintaining the same, and of the daily tolls collected shall be kept, and shall be available for the information of all persons interested. Sec. 6. The said Edward T. Franks, his legal representatives, andSworn statement of construction costs, etc., to be filed after completion. assigns, shall within ninety days after the completion of such bridge file with the Secretary of War a sworn itemized statement showing the actual original cost of constructing such bridge and its approaches, the actual cost of acquiring any interest in real property necessary therefor, and the actual financing and promotion costs. The SecretaryInvestigation by Secretary of War. of War may, at any time within three years after the completion of such bridge, investigate the actual cost of constructing the same and for such purpose the said Edward T. Franks, his legal representatives, and assigns shall make available all of its records in connection with the financing and the construction thereof. TheFindings of Secretary conclusive. findings of the Secretary of War as to the actual original cost of the bridge shall be conclusive, subject only to review in a court of equity for fraud or gross mistake. Sec. 7. The right to sell, assign, transfer, and mortgage all theRight to sell, etc., conferred. rights, powers, and privileges conferred by this Act, is hereby granted to the said Edward T. Franks, his legal representatives, and assigns, and any corporation to which or any person to whom such rights, powers, and privileges may be sold, assigned, or transferred, or who shall acquire the same by mortgage foreclosure or otherwise, is hereby authorized and empowered to exercise the same as fully as though conferred herein directly upon such corporation or person. Sec. 8. The right to alter, amend, or repeal this Act is herebyAmendment. expressly reserved. Approved, June 12, 1926.