Volume 49 · 1472
Public Law 74–504
Granting the consent of Congress to the States of New York and Vermont to enter into an agreement amending the agreement between such States consented to by Congress in Public Resolution Numbered 9, Seventieth Congress, relating to the creation of the Lake Champlain Bridge Commission.
Approved June 4, 1936
Statutory text
JOINT RESOLUTION
Granting the consent of Congress to the States of New York and Vermont to enter into an agreement amending the agreement between such States consented to by Congress in Public Resolution Numbered 9, Seventieth Congress, relating to the creation of the Lake Champlain Bridge Commission.
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled,
That the consent of Congress is hereby granted to the States of New York and Vermont to enter into the amendatory agreement executed on April 1, 1936, by the commissioners duly appointed on the part of such States, amending the original agreement entered into by such States for the creation ofthe Lake Champlain Bridge Commission, which
Vol. 45, p. 120.
original agreement was consented to by Congress by Public Resolution Numbered 9, Seventieth Congress, approved February 16, 1928, and every part and article of such amendatory agreement is
Proviso.
Federal jurisdiction not impaired.
hereby ratified, approved, and confirmed: Providing, That nothing therein contained shall be construed as impairing or in any manner affecting any right or jurisdiction of the United States in and over the region which forms the subject of such amendatory agreement; which amendatory agreement is as follows:
Agreement.
Whereas, The states of New York and Vermont heretofore and on the 11th day of May, 1927, entered into an agreement or compact, duly authorized by law, creating the Lake Champlain bridge commission, and Whereas, The legislatures of said states have authorized their respective commissioners to enter into an agreement of compact amending said existing agreement or compact. Now, therefore, The said states of New York and Vermont do hereby enter into the following agreement, to wit:
The agreement heretofore made between the state of New York and the state of Vermont pursuant to chapter three hundred and twenty-one of the laws of nineteen twenty-seven of the state of New York, entitled: “An act authorizing designated authorities in behalf of the state of New York to enter into an agreement or compact with designated authorities of the state of Vermont for the creation of the Lake Champlain bridge commission, the establishment of the Lake Champlain bridge commission, and the defining of the powers and duties of such commission and making an appropriation for such purposes” and number one hundred thirty-nine of the acts of nineteen twenty-seven of the state of Vermont entitled: “An act ratifying a proposed agreement or compact between the state of Vermont and the state of New York relating to the creation of the Lake Champlain bridge commission and providing for carrying out the provisions of said agreement or compact,” as the same was amended by the agreement or compact entered into the 30th day of March, 1935, by and under the authority of Chapter 201 of the Laws of 1933, as amended by Chapter 355 of the Laws of 1935 of the State of New York, and by and under the authority of No. 209 of the Acts of the General Assembly of the State of Vermont of 1935, entitled “An Act authorizing an agreement or compact between the State of Vermont and the State of New York to amend the existing agreement or compact between said States creating the Lake Champlain Bridge Commission, in relation to the construction of a new bridge across Lake Champlain, the issuance of bonds by said Commission, and providing for the payment of said bonds,” approved by the Governor February 27, 1935, as amended by No. 210 of the Acts of 1935 of the General Assembly of the State of Vermont, approved by the Governor March 21, 1935, is hereby amended by adding thereto the following articles:
article xxxvi
The Lake Chainplain bridge commission shall have power and is hereby authorized to issue its negotiable bonds in addition to those issued prior to March first, nineteen hundred thirty-three, for the purpose of refunding its bonds issued before said date, provided, however, that the aggregate principal amount of such bonds so issued to pay off and refund its bonds issued before said date shall not exceed the aggregate principal amount of the bonds so retired.
article xxxvii
Such commission shall have power and is hereby authorized to call for payment and to pay its bonds issued before March first, nineteen hundred thirty-three, in accordance with the terms under which said bonds were issued and for such purposes to use any funds which it has or shall have in reserves and sinking fund and investments at the time said bonds are called for payment, notwithstanding any provision heretofore set forth in this or any previous compact or agreement.
article xxxviii
The bonds issued under authority of article XXXVI shall be authorized by resolution of such commission and shall bear such date or dates, mature at such time or times, not exceeding fifty years from their respective dates, bear interest at such rate or rates, not exceeding five per centum per annum payable semi-annually, be in such denominations, be in such form, either coupon or registered, carry such registration privileges, be executed in such manner, be payable in such medium of payment, at such place or places, and be subject to such terms of redemption as such resolution or resolutions may provide. Said bonds may be sold at public or private sale for such price or prices as such commission shall determine, provided that the interest cost to maturity of the money received for any issue of said bonds shall not exceed five per centum per annum.
2.
Neither the members of such commission nor any person executing said bonds shall be liable personally on said bonds or be subject to any personal liability or accountability by reason of the issuance thereof.
3.
The bonds issued under the authority of article XXXVI shall constitute a first lien upon the property, tolls and revenues pledged to secure the bonds issued by such commission prior to March first, nineteen hundred thirty-three, and subject to the terms of any agreement made or to be made with holders of bonds issued by such commission under article XXVI of the amendments to this compact shall be a lien upon the tolls and revenues of the bridge referred to as the Rouses Point Bridge, and in accordance with subdivision four of article XXVI of the amendments to this compact any of such tolls and revenues which would otherwise have been payable into the state treasuries of the two states may be pledged tothe payment of said bonds.
4.
Said bonds shall not be a debt of the state of New York or of the state of Vermont and neither state shall be liable thereon, nor shall they be payable out of any funds other than those of such commission.
5.
Said bonds shall be exempt from taxation and are hereby made securities in which all public officers and bodies of each state and of its municipal subdivisions, all insurance companies and associations, all savings banks and savings institutions, including savings and loan associations, executors, administrators, guardians, trustees,
Agreement—Continued.
and all other fiduciaries in each state may properly and legally invest the funds within their control.
6.
Such commission shall have power out of any funds available therefor to purchase any bonds issued by it at a price not more than the redemption price thereof at the time of such purchase with accrued interest.
article xxxix
Such commission shall have the power to apply to the congress of the United States or any department of the United States for consent or approval of this compact as amended, but in the absence of such consent by congress and until the same shall have been secured, this compact, as amended, shall be binding upon the state of New York when ratified by it and the state of Vermont when ratified by it without the consent of congress to cooperate for the purposes enumerated in this agreement and in the manner herein provided and for all purposes that it legally may be.
In Witness Whereof, by and under the authority of Chapters 73 and 219 of the Laws of 1936, of the State of New York, and by and under the authority of Public Act No. 19 of the Acts and. Resolves passed by the General Assembly of the State of Vermont at the Special Session 1935–1936, approved by the Governor December 14, 1935, we have signed this compact or agreement, in duplicate, this 1st day of April, 1936.
Sec. 2.
The right to alter, amend, or repeal this joint resolution is hereby expressly reserved.
Approved, June 4, 1936.