Chapter 21. To amend section 5 of an Act entitled “An Act authorizing Maynard D
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CHAP. 21.— An Act To amend section 5 of an Act entitled “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,” approved March 2, 1929, and being Public Act Numbered 923 of the Seventieth Congress. June 14, 1929.[[H. R. 3600](/us/bill/71/hr/3600).][[Public, No. 9](/us/pl/71/9).] *Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled*, Saint Clair River.Bridge authorized across, at Port Huron, Mich.Vol. 45, p. 1484, amended.
That section 5 of an Act entitled “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,” approved March 2, 1929, being Public Act Numbered 923 of the Seventieth Congress, be, and the same is hereby, amended so as to read as follows: " “Sec. 5. Issue of bonds, etc., for real estate, construction, etc. The said Maynard D. Smith, his heirs, successors, and assigns, from time to time may issue bonds, notes, debentures, or other evidences of indebtedness and preferred stock in such principal amount or amounts, and may sell or otherwise dispose of the same at such price or prices, as shall have been approved by the Michigan Public Utilities Commission in order to provide funds for the acquisition of real estate and other property or any interest therein needed for the construction of such bridge and its approaches, to provide funds for the construction of such bridge and its approaches, interest Mode of payment.during construction, and the costs of financing; and may secure payment of all or any part of said bonds, notes, debentures, or other evidences of indebtedness by mortgage or other lien upon all or any part of said real estate and other property, including said bridge and its approaches and the franchises and rights to operate and maintain Redemption of indebtedness.the same, together with the tolls therefrom.
All or any of said bonds, notes, debentures, or other evidences of indebtedness and shares of preferred stock shall be subject to redemption at any time or from time to time upon such notice and with such premium, if Class of securities.any, as may be provided therein. Not less than two-thirds of all encumbrances or securities other than preferred stock issued against said bridge shall be first-mortgage bonds, and not more than one-third Interest rates.may be debentures. None of said bonds issued against said bridge shall bear interest at a fixed rate in excess of 6½ per centum per annum on the principal amount thereof.
None of said debentures issued against said bridge shall bear interest at a fixed rate in excess of 7 per centum per annum on the principal amount thereof. Any preferred stock issued shall be at par, shall represent value, and may be entitled to accumulative dividends at not to exceed 7 per centum per annum.” " Approved, June 14, 1929.