Chapter 88. Authorizing Pensacola Bridge Corporation (a Florida corporation), its successors and assigns, to construct, maintain, and operate a bridge across Santa Rosa Sound, in the State of Florida, at or near Grassy Point in Santa Rosa County, Florida
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CHAP. 88.— An Act Authorizing Pensacola Bridge Corporation (a Florida corporation), its successors and assigns, to construct, maintain, and operate a bridge across Santa Rosa Sound, in the State of Florida, at or near Grassy Point in Santa Rosa County, Florida. January 31, 1931.[[H. R. 14679](/us/bill/71/hr/14679).][[Public, No. 601](/us/pl/71/601).] *Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled*, Santa Rosa Sound, Fla.Pensacola Bridge Corporation may bridge, at Grassy Point.
That in order to promote interstate commerce, improve the postal service, and provide for military and other purposes, Pensacola Bridge Corporation (a Florida corporation), its successors and assigns, be, and is hereby, authorized to construct, maintain, and operate a bridge and approaches thereto across the Santa Rosa Sound, in the State of 1057Florida, in accordance with the plans and location of the Boards ofPlans and location. County Commissioners of Escambia and Santa Rosa, Florida, approved by the Secretary of War December 5, 1928, at a point suitable to the interests of navigation, at or near Grassy Point in Santa Rosa County, Florida, and in accordance with the provisions of the Act entitled “An Act to regulate the construction of bridgesConstruction.Vol. 34, p. 84. 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, Florida, etc., may acquire all rights, etc. Secretary of War, either the State of Florida, 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, by purchase or by condemnation or expropriation, in accordance with the laws of such State governing the acquisition of private property for public purposes by condemnation or expropriation.
If at any time after the expiration of five years after the completion of such bridge the same is acquired by condemnationDamages, etc., allowed if acquired by condemnation proceedings. or expropriation, 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 cost ofCost of construction, etc. constructing such bridge and its approaches, less a reasonable deduction for actual depreciation in value;
(2)the actual cost of acquiringInterests in realty. such interests in real property;
(3)actual financing and promotionFinancing, etc., costs. cost, not to exceed 10 per centum of the sum of the cost of constructing the bridge and its approaches and acquiring such interestsExpenditures for improvements. in real property; and
(4)actual expenditures for necessary improvements. Sec. 3. If such bridge shall at any time be taken over or acquiredTolls under State, etc., operation. by the State of Florida, 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 operatingApplied to maintenance, and sinking fund. 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 of not to exceed twenty years from the date of acquiring the same. After aOperation as free bridge after amortization. sinking fund sufficient for such amortization shall have been so provided, such bridge shall thereafter be maintained and operated free of tolls, or the rates of toll shall thereafter be so adjusted as toTolls to be adjusted to provide maintenance fund. provide a fund of not to exceed the amount necessary for the proper maintenance, repair, and operation of the bridge and its approaches under economical management. An accurate record of the amountRecord of expenditures and receipts. paid for acquiring the bridge and its 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. Pensacola Bridge Corporation (a Florida corporation),Statement of costs to be filed with Secretary of War. its successors 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 Florida, 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 necessary therefor, and the actual financing and promotion costs. The Secretary of War may, and at the request of 1058the Highway Department of the State of Florida shall, at any time Investigation of.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 the costs so filed, and shall make a finding of the actual and reasonable costs of constructing, financing, and promoting such bridge; for the purpose of such investigation the said Pensacola Bridge Corporation (a Florida Records to be available.corporation), its successors and assigns, shall make available all of its records in connection with the construction, financing, and Findings conclusive.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 this Act, subject only to review in a court of equity for fraud or gross mistake. Sec. 5. Right 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 Pensacola Bridge Corporation (a Florida corporation), 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. 6. Amendment. The right to alter, amend, or repeal this Act is hereby expressly reserved. Approved, January 31, 1931.