32:1-65. Contract between states and bondholders
156 words·~1 min read·
/nj/title-32/chapter-1/32-1-65A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The state of New York by appropriate legislation concurring herein, the provisions of this act together with the provisions complementary thereto in the acts of the legislature of the state of New York, shall constitute a contract or agreement between the two states for the benefit of those lending money to the port authority for the construction of such bridges, and the said port authority on behalf of the state may include in the bonds or other evidences of its obligations issued by it for the construction of the said bridges or incidental purposes such part of this act as shall seem proper as and as evidence of the foregoing agreements made by the state with the holders of the said bonds or other obligations, and thereupon the said terms so included shall become a contract between the state and the holders of the said bonds or other obligations.
L.1925, c. 37, s. 6, p. 105.