Public Law 83–166

That the joint resolution entitled “Joint resolution creating the Niagara Falls Bridge Commission and authorizing said Commission and its successors to construct, maintain, and operate a bridge across the Niagara River at or near the

52 Stat. 767.

city of Niagara Falls, New York”, approved June 16, 1938, as amended, is hereby amended by inserting after section 10 the following new section:

“Sec. 10A.

In addition to the powers herein conferred upon the Commission, it. is authorized, subject to the contractual rights of the holders of any of its outstanding bonds, to exercise the following powers:

“(1)“(1)

For the purpose of acquiring, rebuilding, reconstructing, or

Issuance of bonds.

repairing existing bridges and, when hereafter authorized by Act or joint resolution of the Congress of the United States, constructing new bridges across the Niagara River, at or north of the city of Niagara Falls, and for the purpose of refunding bonds of the Commission heretofore or hereafter issued, the Commission may issue bonds payable solely from the revenues of all bridges now or hereafter operated by the Commission. The provisions of section 4 of this joint resolution so far as practicable shall apply to the issuance and sale of such bonds.

#

“(2)“(2)

The Commission may, in the resolution authorizing the issuance of bonds under the authority of this section, covenant with the holders of such bonds that, subject to the rights of the holders of any bonds of the Commission then outstanding, it will fix rates or tolls for the use of the bridges operated by it and adjust such tolls from time to time so as to provide a fund sufficient to pay the reasonable cost of maintaining, repairing, and operating its bridges and the approaches thereto under economical management, and to provide a sinking fund sufficient to pay the principal and interest of such bonds as the same shall fall due and the redemption or purchase price of all or any thereof redeemed or repurchased before maturity and, subject to the rights of the holders of any bonds of the Commission issued under the provisions of other sections of this joint resolution, all tolls and revenues from said bridges are hereby pledged to such uses and to the application thereof in the manner provided in the resolution authorizing the issuance of such bonds.

#

“(3)“(3)

Whenever the Commission shall have issued bonds under the authority of this section, title to all bridges, the revenues of which shall be pledged for the payment of the principal and interest of such bonds, shall remain in the Commission, notwithstanding any other provision of this joint resolution, until payment of such bonds and the interest thereon or until a sinking fund sufficient for such payment shall have been provided and shall be held for that purpose, whereupon title to such bridges shall be conveyed to the State of New York and to the Canadian interests in the manner provided in section 6 hereof.

#

“(4)“(4)

Whenever the Commission shall determine that any bridge

Replacement of bridges.

operated by it should be replaced by a new structure in order to facilitate the movement of international commerce at the approximate location of the bridge to be replaced, it may construct, maintain, and operate such new bridge and approaches thereto across the Niagara River, at a point north of the city of Niagara Falls, approximately at the location of the bridge to be replaced, and upon the completion of the new bridge the Commission may with the approval of the proper authorities in the Government of Canada close the old bridge to traffic or may continue to maintain and operate it. The net revenues of such new bridge shall be subject to the same pledges, if any, previously made of the net revenues of the bridge replaced by it. Such new bridge shall be constructed in accordance with the provisions of an Act entitled ‘An Act to regulate the construction of bridges over

34 Stat. 84; 33 USC 491–498.

navigable waters’, approved March 23, 1906, and subject to all applicable provisions, conditions, and limitations contained in this joint resolution and to the approval of the proper authorities in the Government of Canada.”

#

#