Page:United States Statutes at Large Volume 63 Part 1.djvu/969

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63 STAT.] 81ST CONG., 1ST SESS.-CH. 758-OCT. 26, 1949 corporate and politic and which shall have the following powers and duties: "1. To plan, construct, maintain and operate a bridge and approaches thereto across the Mississippi River at or near Caruthers- ville, Missouri, at a point deemed by the commission as most suit- able to the interests of the citizens of the States of Tennessee and Missouri in accordance with the provisions of an act of the Seventy- ninth Congress, Second Session, of the United States entitled "The General Bridge Act of 1946"; "2. To purchase, maintain and, in its discretion, to operate all or any ferries across the Mississippi River within twenty-five miles of the site selected for the bridge; "3. To contract, to sue and be sued in its own name; to purchase or otherwise acquire, hold and dispose of real and personal property; "4. To acquire by proper condemnation proceedings such real prop- erty as may be necessary for e construction and operation of the bridge and the approaches thereto; "5. To issue bonds on the security of the revenues derived from the operation of the bridge and ferriesfor thayment of the rcostid of th paeee bridge, its approaches, ferry or ferries, and the necessary lands, ease- ments and appurtenances thereto including interest during construc- tion and all necessary engineering, legal, architectural, traffic survey- ing and other necessary expenses. Such bonds shall be the negotiable bonds of the commission, the income of which shall be tax free. The principal and interest of the bonds, and any premiums to be paid for their retirement before maturity, shall be paid solely from the revenues derived from the bridge and ferries; "6. To establish and charge tolls for transit over such bridge and ferries in accordance with the provisions of this compact; "7. To perform all other necessary and incidental functions. ARTICLE II "The rates of tolls to be charged for transit over such bridge and ferries shall be so adjusted as to provide a fund sufficient to pay for the reasonable cost of maintenance, repairs and operation (including the approaches to the bridge) under economical management, and also to provide a sinking fund sufficient tot pay the principal and interest of the outstanding bonds. All tolls and other revenues derived from facilities of the commission are hereby pledged to such uses. ARTICLE III "The commission shall keep an accurate record of the cost of the bridge and of other expenses and of the daily revenues collected and shall report annually to the governor of each state setting forth in detail the operation and transactions conducted by it pursuantto this agreement and any legislation thereunder. ARTICLE IV "When the bonds have been retired, the part of the bridge within the state of Tennessee shall be conveyed to the State of Tennessee, and that part within the state of Missouri to the state of Missouri, and the high contracting parties to this compact do hereby agree that thereafter the bridge shall be free of tolls and shall be properly maintained, operated and repaired by the two states as may be agreed upon. ARTICLE V "The commission shall consist of ten members, five of whom shall be qualified electors of the state of Tennessee and shall reside in Dyer 931 60 Stat. 847. 33U.S.C.§§525 533; Supp. II, § 529.