certain obligations. to the port authority no such subsequent installments either from raising the appropriation made hereby or from the tunnel moneys shall amounts be paid until the port authority shall have raised on its own obliga- on its own tions and have available for the construction of said bridges an amount of money equal to six times the amount of installments previously paid pursuant to this act, the intent of this proviso being that before payment of any installment hereunder, other than the initial one, money shall have been made available for the construction of said bridges from the obligations of the port authority in an amount at least equal to three times the amount of money paid over to the port authority pursuant to this act and to the legislation complementary hereto of the state of New Jersey.2 conditioned New § 2. No part of the said sums shall be payable unless and until Payments the state of New Jersey shall undertake to make available to the on payport authority an equal sum, the intent hereof being that each ents by state shall cause to be paid over or made available to the port Jersey. authority in not more than five equal annual installments one-half of a total fund of four million dollars ($4,000,000), to be available to the said port authority as an advance for the construction of the said bridges and that the act of the state of New York is conditioned upon the undertaking of the state of New Jersey to provide its half of the said fund within such five year period.2 moneys described. how raised. § 3. The moneys described in this act shall be applied by the Applicaport authority to the construction of the bridges herein before tion of mentioned and purposes incidental thereto and to no other purpose whatsoever. The balance of the money needed for the construc- Balance tion of the said bridges 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 bridges, all in accordance with the provision of the laws authorizing and governing the construction and operation of the said bridges. As security for obligations so issued and the moneys so ap- Security propriated, the revenues and tolls arising out of the use of the said for bridge shall be pledged to the repayment of the entire issue of issued. bonds and other securities for the construction thereof, together with the interests, and the repayment of the moneys appropriated by the state; it being the declared policy of the state that the said bridges, 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 selfsustaining. obligations on revenues bridges. § 4. The obligation for moneys so raised by the port authority Lien of on its own obligations for the construction of the said bridges and obligations purposes incidental thereto shall constitute a lien upon the reve- from nues and tolls therefrom in accordance with the terms and conditions of law upon which such moneys are raised, and any right or claim of the state, including that arising out of this law, shall be subordinated to such lien. The port authority shall, however, Repaypay into the state treasury annually out of the revenues and tolls ment to from each such bridge a sum equal to four per centum per annum See laws of New Jersey, 1925, ch. 37. state. Pledge of protection to those to obliga issued. upon the unpaid balance of the amount actually advanced to the port authority hereunder and applied to the respective bridge, as interest for that year, together with at least two per centum of the principal of such advance until the whole sum so advanced is repaid to the state; provided, that the port authority shall not make such payments until it shall have accumulated and only so long as and for the years in which it holds out of the tolls or revenues of such respective bridge or otherwise a reserve fund equal to ten per centum of its own obligations issued in relation to or for the construction of such bridge, over and above the sums required by the terms of such obligations to be set aside for amortization or a sinking fund, and unless in said year the tolls or revenues from the said bridge after the payment of all expenses for operation and maintenance are sufficient to satisfy the interest and other contractual requirements of said obligations, and provided further, that such payments shall not be made into the state treasury unless there shall be available under the same conditions sufficient money to make payment on similar terms to the state of New Jersey and that if there exists such surplus revenue, but insufficient to make complete payment on such terms or conditions both to the states of New York and New Jersey, then such surplus revenue shall be prorated in accordance with the respective unpaid balances of the advances made under the acts of the two states and such prorated sum shall be paid into the state treasury in place and stead of the amount above provided, to be applied first upon the interest for the current year and the balance, if any, in reduction of principal. The intent hereof is that the port authority shall be required to and shall pay interest to the state upon such advances, and or make payments on account of principal, only for the years when, and to the extent that, there shall be available on the conditions herein provided a surplus from the revenues or tolls for the payment of such interest and or principal. § 5. The state of New York (the state of New Jersey by appropriate legislation3 concurring herein) does pledge to and agree with subscribing those subscribing to the obligation issued by the port authority tions for the construction of the said bridges and incidental purposes that the state will not authorize the construction or maintenance of any other highway crossings for vehicular traffic of the waters of the Arthur kill between the two states in competition with the said bridges, nor will it limit or alter the rights now vested in the port authority to establish and levy such charges and tolls as it may deem convenient or necessary to produce sufficient revenue to meet the expense of maintenance and operation and to fulfill the terms of the obligations assumed by it in relation to such bridges, until the said obligations, together with interest thereon, are fully met and discharged, provided that such crossings shall be considered as competitive with the bridges across the Arthur Kill only if they shall form a highway connection for vehicular traffic between the two states across or under the Arthur kill; and provided further, that nothing herein contained shall preclude the authorization of 3 See laws of New Jersey, 1925, ch. 37. such additional interstate crossings if and when adequate provision shall be made by law for the protection of those advancing money upon the obligations of the port authority for the construction of the bridges mentioned in section one hereof or incidental purposes. of this act tract for holders of § 6. The state of New Jersey by appropriate legislation1 concur- Provisions ring herein, the provisions of this act, together with the provisions to consticomplementary thereto in the acts of the legislature of the state tute conof New Jersey, shall constitute a contract or agreement between benefit of the two states for the benefit of those lending money to the port obligations. 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. bridges. mental § 7. The construction, maintenance and operation of said Purpose of bridges is in all respects for the benefit of the people of the two states, for the increase of their commerce and prosperity, and for the improvement of their health and living conditions, and the port authority shall be regarded as performing a governmental Governfunction in undertaking the said construction, maintenance and function. operation and in carrying out the provisions of law relating to Exemption the said bridges and shall be required to pay no taxes or assess- taxation. ments upon any of the property acquired by it for the construction, operation and maintenance of such bridges. from tions legal § 8. The obligations which may be issued by the port authority Obligafor the construction of the bridges mentioned in section one hereof investor for the purposes incidental thereto are hereby made securities ments. in which all public officers and bodies of this state and of its municipal subdivisions, all insurance companies and associations, all savings banks and savings institutions, including savings and loan associations, executors, administrators, guardians, trustees and all other fiduciaries in the state may properly and legally invest the funds within their control. herein § 9. Any powers herein granted to the port authority shall be Powers regarded as in aid of and supplemental to and in no case as a granted limitation upon any of the powers vested in it by the states of suppieNew Jersey and New York and or by congress. mental, constitu § 10. If any term or provision of this act shall be declared Partial ununconstitutional or ineffective in whole or in part by a court of tionality. competent jurisdiction, then to the extent that it is not unconstitutional or ineffective such term or provision shall be enforced and effectuated; nor shall such determination be deemed to invalidate the remaining terms or provisions hereof. § 11. This act shall take effect immediately. 4 See laws of New Jersey, 1925, ch. 37. Construc tion, maintenance and operation of bridge authorized. Approval of plan of ap munici CHAPTER 211 AN ACT relating to the construction, operation and maintenance of a certain bridge across the Hudson river by the port of New York authority, pursuant to the port compact or treaty dated April thirtieth, nineteen hundred and twenty-one, and consented to by the congress of the United States, and the comprehensive plan adopted by the states of New Jersey and New York, consented to and which the port of New York authority was authorized and empowered to carry out and effectuate by the congress of the United States, and making an appropriation for the preliminary work thereon. Became a law April 1, 1925, with the approval of the Governor. Passed, three-fifths being present. The People of the State of New York, represented in Senate and Assembly, do enact as follows: Section 1. In partial effectuation of the comprehensive plan for the development of the port of New York, and of section four thereof, adopted by the states of New Jersey and New York, by chapter nine, laws of New Jersey, nineteen hundred and twentytwo, and chapter forty-three, laws of New York, nineteen hundred and twenty-two, which was consented to and which the port of New York authority was authorized and empowered to carry out and effectuate by the congress of the United States by public resolution number sixty-six, sixty-seventh congress, house joint resolution three hundred and thirty-seven, and of the port compact or treaty between the two states dated April thirtieth, nineteen hundred and twenty-one, authorized and approved by chapter one hundred and fifty-one, laws of New Jersey, nineteen hundred and twenty-one, and chapter one hundred and fifty-four, laws of New York, nineteen hundred and twenty-one, and consented to by the congress of the United States by public resolution number seventeen, sixty-seventh congress, senate joint resolution eightyeight, the port of New York authority (hereinafter called the port authority) is authorized and empowered to construct, operate, maintain and own a bridge, with the necessary approaches thereto, across the Hudson river, from points between One Hundred and Seventieth street and One Hundred and Eighty-Fifth street, borough of Manhattan, New York city, and points approximately opposite thereto in the borough of Fort Lee, Bergen county, New Jersey. § 2. The plan of the approaches at either end of the bridge shall be subject to the approval of the respective governors of the proaches by states of New York and New Jersey and of the respective municipalities in which they shall be located. Except as so limited the port authority shall determine the site, size, type and method of construction of bridge and approaches and all matters pertaining thereto. palities. Port authority to determine site, etc, Rules and regulations; charges and tolls. § 3. The port authority is authorized to make and enforce such rules and regulations and to establish and levy such charges and tolls as it may deem convenient or necessary for the operation and maintenance of the said bridge and to insure at least sufficient revenue to meet the expenses of the construction, operation and maintenance thereof, and to make provision for the payment of the interest upon and amortization and retirement of such bonds or other securities or obligations as it may issue or incur for the purposes of this act, as hereinafter provided. There shall be allocated Allocato the cost of construction, operation and maintenance of the construcbridge such proportion of the general expenses of the port tion, etc. authority as it shall deem properly chargeable thereto. tion for bonds or revenues as § 4. The said bridge shall be built and paid for in whole or in Issue of part out of moneys to be raised by the port authority on bonds or other seother securities or obligations issued or incurred by it pursuant to curities. E 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 Pledge of arising out of the use of the bridge shall be pledged for the repay- security. ment 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 selfsustaining. tion of § 5. If, for any of the purposes hereunder, the port authority Acquisi shall find it necessary or convenient for it to acquire any real real property as herein defined, in this state, then the port authority property. may find and determine that such property is required for a public use, and upon such due determination, the said property shall be and shall be deemed to be required for such a public use; and with the exceptions hereinafter specifically noted the said determination or fact shall not be affected by the fact that such property has theretofore been taken for, or is then devoted to, a public use; but the public use in the hands or under the control of the port authority shall be deemed superior to the public use in the hands of any other person, association or corporation. If the port authority is unable to agree for the acquirement of any such property, or if the owner thereof shall be incapable of disposing of the same, or if, after diligent search and inquiry, the name and residence of any such owner cannot be ascertained, or if any such property has been acquired or attempted to be acquired and title or other rights therein have been found to be invalid or defective, the port authority may acquire such property by condemnation under and pursuant to the provisions of this act. property of § 6. Anything in this act to the contrary notwithstanding, no Acquisi property now or hereafter vested in or held by the city of New tion of York shall be taken by the port authority, without the authority munici or consent of such city, nor shall anything herein impair or invalidate in any way any bonded indebtedness of the state, or such city, nor impair the provisions of law regulating the payment into pality. |