Chapter 760. Authorizing Royce Kershaw, his heirs, legal representatives, and assigns, to construct, maintain, and operate a bridge across the Coosa River at or near Gilberts Ferry, about eight miles southwest of Gadsden, in Etowah County, Alabama
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CHAP. 760.— An Act Authorizing Royce Kershaw, his heirs, legal representatives, and assigns, to construct, maintain, and operate a bridge across the Coosa River at or near Gilberts Ferry, about eight miles southwest of Gadsden, in Etowah County, Alabama. June 30, 1930.[[H. R. 10461](/us/bill/71/hr/10461).][[Public, No. 480](/us/pl/71/480).] *Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled*, That in order toCoosa River.Royce Kershaw, etc. may bridge, at Gilberts Ferry, Ala. promote interstate commerce, improve the postal service, and provide for military and other purposes, Royce Kershaw, his heirs, legal representatives, and assigns, be and is hereby authorized to construct, maintain, and operate a bridge and approaches thereto across the Coosa River, at a point suitable to the interests of navigation, at or near Gilberts Ferry, about eight miles southwest of Gadsden, in Etowah County, Alabama, in accordance with the provisions of theConstruction.Vol. 34, p. 84.
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. After the completion of such bridge, as determined by theUpon completion Alabama, etc., may acquire all rights, etc. Secretary of War, either the State of Alabama, any political subdivision thereof 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,836 by purchase or by condemnation or expropriation, in accordance with the laws of such State governing the acquisition of private propertyDamages allowed If acquired by condemnation proceedings, etc. for public purposes by condemnation or expropriation.
If at any time after the expiration of ten years after the completion of such bridge the same is acquired by condemnation or expropriation, the amount of damages or compensation to be allowed shall not include good will going value, or prospective revenues or profits, but shallCost of construction, etc. be limited to the sum of
(1)the actual cost of constructing such bridge and its approaches, less a reasonable deduction for actualOf interests in real property.Financing, etc., costs. depreciation in value;
(2)the actual cost of acquiring such interests in real property;
(3)actual financing and promotion cost, not to exceed 10 per centum of the sum of the cost of constructing the bridgeExpenditures for improvements. and its approaches and acquiring such interests in real property; and
(4)actual expenditures for necessary improvements. Sec. 3. Tolls under State, etc., operation applied to maintenance, sinking fund, etc. If such bridge shall at any time be taken over or acquired by the State of Alabama, or by any municipality or other political subdivision or public agency thereof, under the provisions of section 2 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 sufficient to pay for the reasonable cost of maintaining, repairing, and operating the bridge and its approaches under economical management and to provide a sinking fund sufficient to amortize the amount paid therefor, including reasonable interest and financing cost, as soon as possible under reasonable charges, but within a period ofMaintenance as free bridge after costs amortized.Tolls adjusted to provide for maintenance costs, authorized. not to exceed ten years from the date of acquiring the same. After a sinking fund sufficient for such amortization shall have been so Provided, such bridge shall thereafter be maintained and operated ree 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 maintenance, repair, and the operation of the bridge and its approaches under economical management. An accurate record of the amount paid for acquiring the bridge and itsRecord of expenditures and receipts. approaches, the actual expenditures for maintaining, repairing, and operating the same, and of the daily tolls collected shall be kept and shall be available for the information of all persons interested. Sec. 4. Statement of costs to be filed with Secretary of War. The said Royce Kershaw, his heirs, legal representatives, and 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 Alabama, 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 property necessaryInvestigation of. therefor, and the actual financing and promotion costs. The Secretary of War may, and at the request of the highway department of the State of Alabama shall, at any time within three years after the completion of such bridge, investigate such costs and determine the accuracy and the reasonableness of the costs alleged in the statement of costs so filed, and shall make a finding of the actual and reasonable cost of constructing, financing, and promoting such bridge;Records to be available. for the purpose of such investigation the said Royce Kershaw, his heirs, legal representatives, and assigns, shall make available all of the records in connection with the construction, financing,Findings conclusive. and promotion thereof. The findings of the Secretary of War as to the reasonable costs of the construction, financing, and promotion of the bridge shall be conclusive for the purposes mentioned in section 2 of tins Act, subject only to review in a court of equity for fraud or gross mistake. Sec. 5. Rights to sell, assign, etc., conferred. The right to sell, assign, transfer, and mortgage all the rights, powers, and privileges conferred by this Act is hereby granted to Royce Kershaw, his heirs, legal representatives, and837 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. 6. The right to alter, amend, or repeal this Act is herebyAmendment. expressly reserved. Approved, June 30, 1930.