Chapter 497. Authorizing Maynard D
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Chap. 497: Authorizing Maynard D. Smith, his heirs, successors, and assigns, to construct, maintain, and operate a bridge across the Saint Clair River at or near Port Huron, Michigan. 1929-03-02 497 Chapter 45 Stat. 1483 70 2 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 public Chapter 497.— An Act Authorizing Maynard D.
Smith, his heirs, successors, and assigns, to construct, maintain, and operate a bridge across the Saint Clair River at or near Port Huron, Michigan. March 2, 1929.[[S. 5847](/us/bill/70/s/5847).][[Public, No. 923](/us/pl/70/923).] *Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, * That in order toSaint Clair River.Maynard D. Smith may bridge, between Port Huron, Mich., and Sarnia, Ontario, Canada. facilitate international commerce and improve the postal service, Maynard D.
Smith, of Port Huron, Michigan, his heirs, successors, and assigns, be, and is hereby, authorized to construct, maintain, and operate a bridge and approaches thereto across the Saint Clair River, so far as the United States has jurisdiction over the waters of such river, at a point suitable to the interests of navigation, between a point at or near the city of Port Huron, Saint Clair County, State of Michigan, and a point at or near the city Sarnia, Province of Ontario, Dominion of Canada, in accordance with the provisions ofConstruction. the Act entitled “An Act to regulate the construction of bridges overVol. 34, p. 84. navigable watery,” approved March 23, 1906, subject to the conditions and limitations contained in this Act, and in so far as Maynard D.
Smith, his heirs, successors, or assigns, may act in the Dominion ofSubject to approval of Canada. Canada, subject also to the approval of the proper authorities thereof. Sec. 2. There is hereby conferred upon the said Maynard D.Right to acquire real estate, etc., in Michigan for location, approaches, etc. Smith, his heirs, 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 in the State of Michigan 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 of Michigan, upon making just compensation therefor to beCondemnation proceedings. ascertained and paid according to the laws of such State, and the proceedings therefor shall be the same as in the condemnation or expropriation of property for public purposes in such State.
Sec. 3. The said Maynard D. Smith, his heirs, successors, andTolls authorized. 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 containedVol. 34, p. 85. in the Act of March 23, 1906. Sec. 4. Such bridge shall be constructed in accordance with theStandard specifications required. standard specifications adopted by the American Association of State Highway Officials.
During the construction of such bridge allInspection by State authorities. work thereon shall be subject to inspection and approval by the State highway department of Michigan. 1484 Sec. 5. Limitation on indebtedness. The said Maynard D. Smith, his heirs, successors, and assigns, shall not encumber said bridge by the issue of stocks, bonds, notes, mortgages, debentures, or other evidences of indebtedness in an amount which, including all previous encumbrances, whether retired or still outstanding, shall at any time exceed in the aggregate*Post*, 1485. the cost as reported to and determined by the Secretary of Limitation on all encumbrances.War in accordance with section 8 hereof.
Not less than two-thirds of all encumbrances or securities other than preferred stock issued Sale price of bonds and debentures.against said bridge shall be first mortgage bonds, and not more than one-third may be debentures. None of said bonds issued against said bridge shall be sold for less than 92 per centum of their par value nor bear interest at a fixed rate in excess of 6½ per centum per annum. None of said debentures issued against said bridge shall be sold for less than 90 per centum of their par value nor bear interest at a fixed rate in excess of 7 per centum per annum.
Preferred stock.Any preferred stock issued shall be at par plus accrued dividend, shall represent value, and shall be entitled to accumulative dividends at not to exceed 7 per centum per annum. Sec. 6. Proceeds from tolls.Use for operation, dividends, or interest on obligations. The proceeds from tolls charged for the use of such bridge shall be used: First, to pay the maintenance, repair, and operation costs; second, to pay dividends or interest on outstanding preferred stocks, bonds, notes, mortgages, debentures, or other obligations issued by the said Maynard D.
Smith, his heirs, successors, and Application to use of grantee, retiring obligations, etc.assigns; and, third, 20 per centum of any funds then remaining shall be retained by the said Maynard D. Smith, his heirs, successors, and assigns, and the other 80 per centum thereof shall be applied by said Maynard D. Smith, his heirs, successors, and assigns, in the purchase and retirement in accordance with section 5 hereof of said bonds, debentures, preferred stock, or other outstanding obligations On retiring all bonds, etc., bridge property, etc., in United States to be conveyed to Michigan, etc.legally incurred against said bridge.
At the close of the fiscal year, when all bonds, debentures, preferred stock, or other obligations legally incurred against said bridge shall have been retired in accordance herewith, such bridge and the approaches thereto and all structures, property, property rights, and franchises, so far as the same are located within the United States, shall be conveyed by the said Maynard D. Smith, his heirs, successors, and assigns, without cost or expense, to the State of Michigan or to such municipality or Property in Canada to be conveyed thereto.agency of the State of Michigan as the legislature of said State may designate, and, so far as the same is situated within the Dominion of Canada, shall be conveyed, without cost or expense, to the Dominion of Canada or to such Province, municipality, or agency thereof as the Dominion of Canada may designate; and all right, title, and interest of said Maynard D.
Smith, his heirs, successors, and assigns, therein Disposal of revenues thereafter.shall then cease and determine. After said outstanding obligations of the said Maynard D. Smith have been retired, said 80 per centum of the net earnings shall be held by said Maynard D. Smith, and half thereof shall be turned over to the State of Michigan, or its designated municipality or agency, and half to the Dominion of Rates of toll to provide for operation.Canada, or its designated municipality or agency, at the same time as the bridge is turned over.
The rates of toll, if any, 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 Acquisition authorized by Michigan and Canada, etc., after completion.bridge and its approaches under economical management. If said bridge shall not have become the property of the State of Michigan and the Dominion of Canada, or such agencies as may be authorized by them, in accordance with the provisions of this section, within twenty years after the date that it is completed and formally opened to traffic, the said State of Michigan and the Dominion of Canada, or such agencies as may be authorized by them, shall have the additional right at any time thereafter to acquire said bridge by 1485purchase and retirement, at par plus accrued interest or dividends, of the legally authorized obligations then outstanding against same.
Sec. 7. The said Maynard D. Smith, his heirs, successors, andRecord of expenditures and receipts. assigns, shall keep an accurate record of the cost of the bridge and its approaches, the expenditures for operating, repairing, and maintaining the bridge, the daily traffic, and the tolls collected, and shallAnnual itemized statements to highway-departments of Michigan and Canada. annually submit to the State highway department of Michigan and to the department of public highways of the Province of Ontario a sworn itemized statement showing the traffic, the tolls collected, the maintenance, repair, and operation costs, the net earnings, interest, and dividend payments, and the stock, bonds, notes, mortgages, debentures, or other obligations retired during the precedingAccess to records, etc. fiscal year.
The State highway department of Michigan and the department of public highways of Ontario shall have access at any time to all records, files, and books of the said Maynard D. Smith, his heirs, successors, and assigns. The mayor of the city of PortMayors of Port Huron, Mich., and Sarnia, Canada, to attend meetings of directors of operating company. Huron, State of Michigan, and the mayor of the city of Sarnia, Province of Ontario, Dominion of Canada, ex officio, shall be entitled to receive notice of and attend meetings of the board of directors of any company or corporation now existing or hereafter organized and having the control and operation of said bridge.
Sec. 8. The said Maynard D. Smith, his heirs, successors, andSworn statement of construction cost, etc., to be filed after completion. assigns, shall within ninety days after the completion of such bridge file with the Secretary of War and with the highway department of the State of Michigan 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 or other property; interest during construction; and the actual financing costs, not to exceed 10 per centum of the total of said items.
The Secretary ofExamination by Secretary of War. War may, and upon request of the highway department of the State of Michigan shall, at any time within three years after the completion of such bridge, investigate such costs and determine the accuracy of the costs alleged in the statement of costs so filed, and shall make a finding of the actual costs of constructing and financing such bridge; for the purpose of such investigation the said Maynard D. Smith, his heirs, successors, and assigns, shall make available all of its records in connection with the construction and financing thereof.
The findings of the Secretary of War as toFindings of Secretary conclusive. the costs of the construction and financing of the bridge shall be conclusive for all purposes mentioned in this Act, subject only to review in a court of equity for fraud or gross mistake. A reportSemiannual reports of maintenance, etc., to highway departments. of the maintenance, repair, and operation costs of said bridge shall be submitted by the said Maynard D. Smith, his heirs, successors, and assigns, at the end of each six-month period to the State highway department of Michigan and to the department of public highways of the Province of Ontario, Dominion of Canada.
If any classAction on expenses not approved. of expenditures therein is disapproved by said highway departments, or either of them, such class of expenditures shall not thereafter, without approval, be an obligation payable out of the proceeds of tolls collected for the use of such bridge. ReconstructionSubmission of reconstruction and betterment costs for approval, etc. or betterment costs in excess of $10,000 in any fiscal year must be submitted to and be approved as necessary and reasonable by the State highway department of Michigan and the department of public highways of the Province of Ontario prior to incurring the expenditures therefor, and all betterment and reconstruction costs, duly approved if such approval is required, and actually made, may be added to the cost of the bridge, as determined by the Secretary of War in accordance with the provisions of this section, and in order to meet the cost thereof additional obligations or encumbrances not in excess of the amount approved for such reconstruction and 1486betterments actually made plus necessary financing costs, not exceeding 10 per centum, may be issued against said bridge.
Sec. 9. Right to sell, etc., conferred. The right to sell, assign, transfer, and mortgage all the rights, powers, and privileges conferred by this Act is hereby granted to the said Maynard D. Smith, his heirs, 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, subject to the terms and conditions of this Act, as fully as though conferred herein directly upon such corporation or person.
Sec. 10. Amendment. The right to alter, amend, or repeal this Act is hereby expressly reserved. Approved, March 2, 1929.
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