Section 32:1-111 - Competitive crossings; tolls unimpaired; protection of bondholders

NJ Rev Stat § 32:1-111 (2019) (N/A)

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32:1-111. Competitive crossings; tolls unimpaired; protection of bondholders

The state of New Jersey (the state of New York by appropriate legislation concurring herein) does pledge to and agree with those subscribing to and/or holding any obligations issued by the port authority for the construction of said bridge and incidental purposes that the state will not hereafter authorize the construction or maintenance of any other highway crossings for vehicular traffic over or under the waters of the Kill von Kull, between the two states in competition with the said bridge, and will not 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 bridge until the said obligations, together with interest thereon, are fully met and discharged; provided, that such crossings shall be considered as competitive with said bridge only if they shall form highway connections for vehicular traffic between the two states across or under the Kill von Kull; and provided, further, that nothing herein contained shall preclude the authorization of such additional interstate crossings if and when adequate provisions shall be made by law for the protection of those advancing money upon such obligations.

L.1927, c. 3, s. 5, p. 19.

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Section 32:1-112 - Contract between states and bondholders