MODIFICATIONS OF NIAGARA FALLS BRIDGE COMMISSION CHARTER

SEC. 1070. MODIFICATIONS OF NIAGARA FALLS BRIDGE COMMISSION CHARTER (a) Payment of Costs.— (1) In general.— Section 4 of 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 city of Niagara Falls, New York”, approved June 16, 1938, as amended (hereinafter in this section referred to as the “Joint Resolution”), is amended to read as follows: “Sec. 4. The Commission is authorized to issue its obligations to provide funds for the acquisition or construction of bridges (provided the same is authorized by Act or Joint Resolution of Congress of the United States), and the repair, renovation and expansion of the same, working capital and other expenditures and deposits convenient to carrying out the Commission’s purposes. The terms of the obligations shall be determined by resolution of the Commission (subject to such agreements with bondholders as may then exist), including provisions regarding rates of interest (either fixed or variable), contracts for credit support, risk management, liquidity or other financial arrangements, security or provision for payment of the obligations and such contracts (including the general obligation of the Commission and the pledge of all or any particular revenues or proceeds of obligations of the Commission). The obligations shall be sold at public or private sale at such prices above or below par as the Commission shall determine. As used herein ‘bridges’ includes approaches thereto, land, easements and functionally related appurtenances.”. (2) Existing contractual rights.— The amendments made by paragraph (1) shall be subject to the contractual rights of the holders of any of the bonds of the Niagara Falls Bridge Commission which are outstanding as of the date of the enactment of this section. (b) Repayments.— Section 5 of the Joint Resolution is amended— (1) in the first sentence— (A) by striking “a fund” and “a sinking fund” each place such terms appear and inserting “funds”, (B) by striking “herein provided” and inserting “provided by resolution”, (C) by striking “bonds” and inserting “obligations,”, and 105 STAT. 2012 (D) by striking “bridge” and inserting “bridges” each place such term appears, and (2) by striking the second and third sentences and inserting: “After payment or provision for payment of the foregoing uses, the remainder of the tolls shall be applied, as and when the Commission determines, for purposes convenient to the accomplishment of its purposes.”. (c) Treatment of Commission.— The last sentence of section 6 of the Joint Resolution is amended to read as follows: “The Commission shall be deemed for purposes of all Federal law to be a public agency or public authority of the State of New York, notwithstanding any other provision of law.”. (d) Administrative Provisions.— Section 8 of the Joint Resolution is amended in the second sentence thereof by striking out “shall not be entitled to any compensation for their services but” and inserting “shall be entitled to reimbursement for actual expenses incurred in the performance of official duties and to a per diem allowance per member of $150 when rendering services as such member (but not exceeding $10,000 for any member in any fiscal year).”.