HARRY W. NICE, GOVERNOR. 757

ments shall include only such items of cost and expense as may
be determined by the Authority to have been reasonably nec-
essary or proper for the creation and development of the
bridge, and shall not include any capitalization of franchise
value or anticipated profits and shall likewise be subject to
the limitations of any agreement with the Federal Emer-
gency Administrator of Public Works or any other Federal
Agency.

91. The Authority shall, upon its appointment and organi-
zation as provided in this Act, obtain an inventory of the
property owned by the Claiborne-Annapolis Ferry Company
and make a study of the financial results of its operations. In
such study, the Authority may use and shall be entitled to rely
upon the report of any reputable certified public accountant.
If the Authority, after such investigation, shall find that the
operating income of the Ferry, exclusive of subsidies, after giv-
ing effect to such reduction in expenses of operation and
administration as the Authority believes reasonably practica-
ble, and before taxes and depreciation would have been, for
the year 1934, and would have been also for the average over
the five year period 1930 to 1934, inclusive, sufficient to have
paid the annual debt service requirements on One Million Two
Hundred Thousand Dollars ($1, 200, 000) principal amount
three per cent (3%) Fifteen Year "Ferry" Bonds, including
both the interest thereon at said rate of three per centum
(3%) per annum and annual installments of principal as such
installments fall due, then the Authority shall offer One Mil-
lion, Two Hundred Thousand Dollars ($1, 200, 000) in principal
amount of Fifteen Year Three Per Cent (3%) "Ferry" Bonds,
secured as in this Act provided, for the real property, ease-
ments, franchises (except its corporate franchise), docks,
wharves, terminals, ferry boats, other vessels, motor vehicles,
furniture, equipment and supplies of the said Claiborne-An-
napolis Ferry Company. In the event that the offer by the
Authority is accepted by the Ferry Company, any agreement
for the transfer of the ferry property to the Authority shall
provide for the delivery of said property free and clear of
all liens and encumbrances, and for the proper maintenance
of the property from the date of the agreement to the time
of transfer. In the event that, prior to the date of transfer,
any of such property, allowing for normal wear and tear and
for depletion of supplies or equipment incident to operation,
has been destroyed or disposed of, then the Claiborne-An-
napolis Ferry Company shall at the time of transfer, pay
over to the Authority the value of any such property, as
shown by the books and records of the Company. The Au-
thority is further directed to make all other reasonable and