Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-03-24

struction costs. Essential provisions Of
the bill are as follows:
Privately owned toll bridges would be
subject to approval by the State high
way departments during and after con-
struction, would have to be maintained
in manner satisfactory to the depart
ments. and have annual expenditures
for maintenance. repair and operation
approved by the departments.
Would Require Approval.
Collection of tolls would be Illegal un-
less such approval was obtained, and
toll charges would have to be lust and
reasonable. subject to periodical ap-
prevail and revision by the authorities
of the State concerned. or in the case
of interstate crossings. by the Secretary
of War If the States failed or refused to
agree.
Toll revenue would be applied as fol-
lows: First. to pay reasonable mairte-
nance. repair and operation costs; sec
ond to pay return not exceeding
per cent of the finally determined cost,
and, third, any funds then remaining
would be divided equally one-half to be
retained by the bridge owners and the
other half to go to the State treasury
for sinking fund for acquisition of the
bridge, with authority for the State
highway department to use the fund
at any time for purchasing or retiring
outstanding obligations of the bridge
In the case of bridge with heavy
traffic. the third clause would permit a
return greater than per cent. but Mr..
Cochran has explained he felt this
necessary to prevent too hard fight
against the bill.
States and their political subdivisions
would be empowered to build and oper-
. 70 al tlridroc ,xtto 1f1
sonably applicable to such project
were insufficient, but tolls would be
removed when proceeds reimbursed the
government for the cost. including in
terest and financing charges. but ex-
Guiding the sum of any Federal aid.
If State or unit thereof could not
finance bridge, the Highway Depart
ment could issue a permit, upon adver-
tisement, to the applicant offering the
most advantageous terms from the pub
lie standpoint but the Secretary of War ,
would withhold approval of any pri-
vately owned toll bridge until the high
way department of the State concerned
certified that it could not finance the
structure.
Condemnation Provided.
The States or their political sub
divisions could acquire private toll
bridges by purchase or condemnation,
with the same provision as in all recent
congressional bridge franchises-that.
If acquired by condemnation after 10
years following completion, the compen-
sation or damages shall not include
good will, going value or prospective
profits and shall not exceed actual cost.
less depreciation and plus betterments,
and actual financing and promotion
costs up to 10 per cent of the original
physical cost. If the governments thus
acquiring bridges kept up the tolls they
would have to fix rates to amortize the
cost within 25 years.
Watering the securities by issues
exceeding the approved cost would be
forbidden. Permits for erection of e.
bridges could not be sold, assigned or :
transferred voluntarily without written
approval of the State highway depart
ments. and agreements TO dispose of
them prior to completion of the bridges.
II lacking such approval. would be void
This is designed to prevent SPECULATION