Chapter 488. Authorizing the Henderson-Ohio River Bridge Company, its successors and assigns, to construct, maintain, and operate a bridge across the Ohio River at or near Henderson, Kentucky
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Chap. 488: Authorizing the Henderson-Ohio River Bridge Company, its successors and assigns, to construct, maintain, and operate a bridge across the Ohio River at or near Henderson, Kentucky. Chapter 488 45 Stat. 485 1928-05-03 United States Government Publishing Office text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Digitization Vendor 2025-01-24 70 1 public Chapter 488.— An Act Authorizing the Henderson-Ohio River Bridge Company, its successors and assigns, to construct, maintain, and operate a bridge across the Ohio River at or near Henderson, Kentucky.
May 3, 1928.[[S. 4046](/us/bill/70/s/4046).][[Public, No. 348](/us/pl/70/348).] *Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,* That in order to Ohio River.Henderson-Ohio River Bridge Company may bridge, at Henderson, Ky.facilitate interstate commerce, improve the postal service, and provide for military and other purposes, the Henderson-Ohio River Bridge Company, its successors and assigns, be and is hereby, authorized to construct, maintain, and operate a bridge and approaches thereto across the Ohio River, at a point suitable to the interests of navigation, at or near Henderson, Henderson County, Kentucky, across said river to a point opposite in Vanderburgh County, Indiana, in accordance with the provisions of the Act Construction.Vol. 34, p. 84.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 Henderson-Ohio River Right to acquire real estate, etc., for location, approaches, etc.Bridge Company, its successors 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 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 proceedings therefor shall be the Condemnation proceedings.same as in the condemnation or expropriation of property for public purposes in such State.
Sec. 3. The Henderson-Ohio River Bridge Company, its successors Tolls authorized.and assigns, is hereby authorized to fix 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 Vol. 34, p. 85.contained in the Act of March 23, 1906. Sec. 4. From the tolls charged for the use of such bridge, the Use of tolls designated.Henderson-Ohio River Bridge Company, its successors and assigns, shall pay all reasonable operating costs, taxes, assessments, insurance, cost of maintenance, repairs, necessary replacements, and interest on the bonds and dividends on the stock issued to procure necessary funds for the construction of such bridge and its approaches and other costs incidental thereto; all other funds received for the use Other funds set aside as sinking fund for retiring bonds, etc.of such bridge, after the payment of the foregoing costs and charges, shall be set aside in the manner hereinafter provided as a sinking fund for retiring the bonds and the stock issued and sold by the 486Henderson-Ohio River Bridge Company, its successors and assigns, for the purpose of providing the funds with which to construct Appointment of trustee for mortgage, etc.said bridge and its approaches.
Any mortgage or deed of trust issued by the Henderson-Ohio River Bridge Company, its successors and assigns, to secure funds for the construction of said bridge and its approaches, shall provide for the appointment of the Kentucky State Highway Commission, or such bank or bank and trust Net revenues for redemption of bonds.Company in Henderson County, Kentucky, as said Commission may designate as trustee, and the net revenues received from the use of such bridge as provided for in this section, shall be paid to the trustee and used for the payment or redemption, at par, as soon as possible, of all bonds issued and sold in connection with the construction Retirement of stock after redemption of bonds.of such bridge; after all such bonds have been paid or retired, the trustee shall continue to act as such and shall apply the net proceeds from the use of such bridge as rapidly as possible to the retirement of the outstanding stock at par issued by the Henderson-Ohio River Bridge Company in connection with the Interest and dividend rates.construction of such bridge.
No bonds or stock issued and sold for the purpose of providing funds for the construction of said bridge, its approaches and appurtenances, shall bear interest or Issue limit.pay dividends at a rate exceeding 7 per centum per annum. Such bonds and stock so issued shall not exceed in the aggregate the total actual cost of constructing such bridge and its approaches and any real estate that may be necessarily required in connection therewith, and organization and financing charges, not exceeding 10 per centum of the actual cost of constructing such bridge and approaches and acquiring such real estate.
Upon payment or redemption of all bonds and stock, bridge to become property of Kentucky. Sec. 5. When all of the bonds and stock issued and sold in connection with the construction of said bridge shall have been paid or redeemed, or shall have been called for payment or redemption, and the funds with which to redeem such as shall not have been presented for redemption shall have been provided, the bridge and Conveyance by Bridge Company.its approaches and appurtenances shall thereupon be and become the property of the State of Kentucky, and the proper officials or agents of the Henderson-Ohio River Bridge Company, its successors and assigns, shall immediately, by proper deed of conveyance, convey, transfer, and assign to the State Highway Commission of the State of Kentucky, the said bridge and its approaches and all real estate, franchises and other property necessarily held in connection therewith.
To be a free bridge.Record of expenditures and receipts.Thereafter such bridge shall be maintained and operated free of tolls. An accurate record of the costs of the bridge, its approaches and appurtenances, the expenditures for maintaining, repairing, and operating the same and for taxes, insurance, betterments, and other necessary charges and of the daily tolls collected, shall be kept and shall be available for the information of all persons interested. Acquisition authorized, after completion, by Kentucky, etc.
Sec. 6. After the completion of such bridge, the State of Kentucky, through its State highway commission, or, with the consent and approval of the State highway commission, the County of Henderson, may, at any time, acquire and take over all right, title, and interest in such bridge and its approaches, and any interest in Condemnation proceedings.real property necessary therefor, by purchase or by condemnation, or expropriation, in accordance with the laws of the State of Kentucky governing the acquisition of private property for public purposes Compensation if acquired by condemnation.by condemnation or expropriation.
If the bridge and its approaches and appurtenances are acquired by condemnation, the amount of damages or compensation to be allowed shall be such an amount as will equal the amount necessary to redeem and retire all the bonds and stock outstanding at the time of such condemnation proceedings. 487 Sec. 7. If such bridge shall at any time be taken over or acquired Tolls under State, etc., operation.by the State of Kentucky, or by Henderson County, as provided by section 6 of this Act, and if tolls are thereafter charged for the use thereof, the rates of toll shall be so adjusted as to provide a fund to Rates applied to operation, sinking fund, etc.repay for the reasonable cost of maintaining, repairing and operating the bridge and its approaches under economic management and to provide a sinking fund sufficient to amortize the amount paid therefor, including the reasonable interest and financing cost, as soon as possible under reasonable charges.
After a sinking fund sufficient Maintenance as free bridge after amortizing cost.for such amortization shall have been so provided, such bridge shall cost, thereafter be maintained and operated free of tolls. Sec. 8. The right to sell, assign, transfer, and mortgage all the Right to sell, etc., conferred.rights, powers, and privileges conferred by this Act is hereby granted to Henderson-Ohio River Bridge Company, its successors 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. 9. The right to alter, amend, or repeal this Act is hereby expressly Amendment.reserved. Approved, May 3, 1928.
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Chapter 488
Authorizing the Henderson-Ohio River Bridge Company, its successors and assigns, to construct, maintain, and operate a bridge across the Ohio River at or near Henderson, Kentucky
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