Page:United States Statutes at Large Volume 65.djvu/732

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Mortgages, etc.

Sale of bonds, etc.

Delivery of deeds to State of Texas, etc.

PUBLIC LAW 242—OCT. 30, 1951

[65 STAT.

signing such bonds or whose facsimile signatures may be upon the coupons or any thereof, shall have ceased to be such officer or officers at the time when such bonds shall actually be delivered. The Authority may enter into any mortgages, deeds of trust, indentures, or other agreements with any bank or trust company or other person or persons in the United States having power to enter into the same, as security for the bonds, and may transfer, convey, mortgage, or pledge any or all of the property or properties of the Authority thereunder, including the income and revenues to be derived therefrom. Such mortgage, deed of trust, indenture, or other agreement may contain such provisions as may be customary in such instruments, or as the Authority may authorize, including, but without limitation, provisions as to: (a) The terms and provisions of the bonds or the resolution providing for the issuance of same; (b) the construction, operation, maintenance, repair, and insurance of the properties of the Authority and its duties with reference thereto; (c) the application of funds and the safeguarding of funds on hand and on deposit; (d) rights and remedies of such trustee and the holders of the bonds; and (e) possession of the properties covered by such mortgage, deed of trust, indenture, or other agreement. All bonds issued pursuant to the provisions hereof which shall be secured by a mortgage, deed of trust, indenture, or other agreement, wherein a trustee is nominated, shall, before issuance, be duly authenticated by such trustee, and when any such bonds are duly authorized, issued, and delivered to any purchaser or purchasers, after having been duly authenticated by the said trustee, they shall thereupon become and be incontestable. The bonds of the Authority may be sold in such manner, at such time or times, and at such price or prices as it may determine. The cost of the bridges, causeways, and approaches shall be deemed to include interest during construction and for not exceeding twelve months thereafter, and all engineering, legal, architectural, traffic-surveying, and other expenses incident to the construction of such bridges, causeways, and approaches, and the acquisition of the necessary property and appurtenances therefor, and incidental to the financing thereof, including the cost of acquiring existing franchises, rights, plans, and works of and relating to such bridges, causeways, and approaches now owned by any person, firm, or corporation and the cost of purchasing all or any part of the shares of stock of any such corporation, only if, in the judgment of the Authority, such purchases shall be found expedient. If the proceeds of the bonds issued shall exceed the cost as finally determined, the excess shall be placed in the bond sinking funds herein provided for. SEC. 8. After payment of the bonds and interest thereon and discharge of any and all other obligations of the Authority, or after a sinking fund fully sufficient for such payment and its discharge shall have been provided and shall be held for that purpose the Authority shall be authorized to deliver deeds or other suitable instruments of conveyance of the interest of the Authority in and to its bridges, causeways, and approaches, that part within the State of Texas, to the State of Texas, the county of Jefferson, State of Texas, or any other agency of the State of Texas authorized to accept the same (hereinafter referred to as the Texas interest), and that part within the State of Louisiana, to the State of Louisiana, Cameron Parish, State of Louisiana, or any agency of the State of Louisiana authorized to accept the same (hereinafter referred to as the Louisiana interest), under the condition that such bridges, causeways, and approaches shall thereafter be free of tolls and shall be properly maintained and operated by the Texas interest and the Louisiana interest, as may be agreed upon; but if either the Texas interest or the