32:1-86. Use of moneys; tolls pledged; project self-sustaining; tolls

259 words·~1 min read·/nj/title-32/chapter-1/32-1-86

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

The moneys appropriated by this act shall be applied by the port authority to the construction of the bridge hereinbefore mentioned and purposes incidental thereto and to no other purpose whatsoever. The balance of the money needed for the construction of the said bridge and incidental purposes shall be raised by the port authority on its own obligations secured by the pledge of the revenues and tolls arising out of the use of the said bridge, all in accordance with the provisions of the laws authorizing and governing the construction and operation of the said bridge.

As security for obligations so issued and the moneys so appropriated, the revenues and tolls arising out of the use of the said bridge shall be pledged to the repayment of the entire issue of bonds and other securities for the construction thereof, together with the interest, and the repayment of the moneys appropriated by the state; it being the declared policy of the state that the said bridge, so far as the payment of the bonds or other securities issued for the construction thereof, together with the repayment of the moneys advanced by the state, shall in all respects be self-sustaining; and the port authority shall charge and maintain revenues and tolls for the use of the said bridge until all bonds and other securities issued for the construction thereof shall have been paid, and until the moneys so as aforesaid advanced by the states of New Jersey and New York shall have been repaid.

L.1926, c. 6, s. 3, p. 23.