Page:United States Statutes at Large Volume 63 Part 1.djvu/636

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598 PUBLIC LAWS-CH. 416 -AUG. 10, 1949 [63 STAT. 58 stat. 846. approved December 21, 1944, authorizing the City of Clinton Bridge Commission to acquire, construct, maintain, and operate a bridge or bridges, including approaches thereto, across the Mississippi River at or near the cities of Clinton, Iowa, and Fulton, Illinois, be, and the Time limitation. same is hereby, revived and reenacted: Provided, That this Act shall be null and void insofar as it authorizes the construction of a bridge or bridges unless the actual construction thereof be commenced within three years and completed within five years from the date of approval 58 stat. 847. hereof: And provided further, That section 5 of said Act, approved December 21, 1944, is hereby amended to read as follows: ond issue to pro- "SEC. 5 . The commission and its successors and assigns are hereby authorized to provide for the payment of the cost of such bridge, or bridges as may be acquired, reconstructed, or constructed, as herein provided, and approaches (including the approach highways, which, in the judgment of the commission, it is necessary or advisable to con- struct or cause to be constructed to provide suitable and adequate connection with existing improved highways) and the necessary land easements and appurtenances thereto, by an issue or issues of nego- Interest. tiable serial bonds of the commission, bearing interest, payable semi- annually, at the rate of not more than 6 per centum per annum, the principal and interest of which bonds shall be payable solely from the funds provided in accordance with this Act, and such payments may be further secured by mortgage of the bridge or bridges. All such bonds may be registered as to principal alone or both principal and interest, shall be payable as to principal within not to exceed twenty-five years from the date thereof, shall be in such denominations, shall be executed in such manner, and shall be payable in such medium and at such place or places as the commission may determine, and the face amount thereof shall be so calculated as to produce, at the price of their sale, the cost of the bridge or bridges, acquired or con- structed, and approaches and the land easements, and appurtenances used in connection therewith, when added to any other funds made bRedemption of available to the commission for the use of said purposes. The com- mission may reserve the right to redeem any or all of said bonds before maturity in such manner and at such price or prices not exceeding 105 and accured interest as may be fixed by the commission Refunding bonds. prior to the issuance of the bonds. The commission when it deems it advisable may issue refunding bonds to refinance any outstanding bonds at maturity or before maturity when called for redemption: Provided, That such refunding bonds shall mature within not to exceed twenty years from the date thereof and shall not exceed in principal amount the principal amount of outstanding bonds replaced Trust agreements. by such refunding bonds. Tie commission may enter into an agreement with any bank or trust company in the United States as trustee having the power to make such agreement, setting forth the duties of the commission in respect to the acquisition, construction, mainte- nance, operation, repair, and insurance of the bridge or bridges, the conservation and application of all funds, the security for the payment of the bonds, the safeguarding of money on hand or on deposit, and the rights and remedies of said trustee and the holders of the bonds, restricting the individual right of action of the bondholders as is customary in trust agreements respecting bonds of corporations. Such trust agreement may contain such provisions for protecting and enforcing the rights and remedies of the trustee and the bondholders as may be reasonable and proper and not inconsistent with the law. Sale of bonds. "Said bonds may be sold at not less than par after public advertise- ment for bids to be opened publicly at the time and place stated in such advertisement and at the price bid which will yield the greatest return to the commission for the bonds to be sold. Such advertise-