32:1-97. Construction costs; pledge of tolls; project self-sustaining
192 words·~1 min read·
/nj/title-32/chapter-1/32-1-97A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The said bridge shall be built and paid for in whole or in part out of moneys to be raised by the port authority on bonds or other securities or obligations issued or incurred by it pursuant to Article six of the said compact or treaty. The said bonds or other securities and any other obligations which the port authority may incur shall be issued and incurred upon such terms and conditions as the port authority may deem proper, subject, however, to the limitations of this act.
As security therefor the revenues and tolls arising out of the use of the bridge shall be pledged for the repayment of the entire issue of the bonds and other securities issued for the construction thereof, and the approaches and highway connections, and for the repayment of any moneys advanced by the state, together with interest; it being the declared policy of the state that the said bridge so far as the payment of the bonds or other securities issued, and repayment of moneys advanced by the state for the construction thereof, shall in all respects be self-sustaining.
L.1925, c. 97, s. 4, p. 304.