32:1-140.1. Funding of obligations of Port of New York Authority to repay advances in aid of construction of Outerbridge crossing, Goethals bridge and Bayonne bridge

The States of New Jersey and New York having heretofore advanced sums aggregating one hundred fifty thousand dollars ($150,000.00) and one hundred forty-nine thousand nine hundred eighteen dollars and twenty cents ($149,918.20), respectively, to the Port of New York Authority (herein called the Port Authority) for preliminary studies upon the interstate vehicular bridges now known as the Outerbridge crossing, the Goethals bridge and the Bayonne bridge, pursuant to agreements between the two States that said moneys should be paid back when the construction debt has been amortized, and said two States having advanced further sums aggregating four million dollars ($4,000,000.00) each in aid of the construction of said bridges pursuant to agreements between the two States that said moneys should be paid back out of bridge revenues in specified annual installments, if and when earned over prior charges, and the revenues from said bridges having been insufficient to permit any such payments up to the present time but the Port Authority being in a position to fund its obligations to pay back said appropriations, now, therefore, upon the concurrence of the State of New York as provided in section seven hereof, the States of New Jersey and New York hereby agree that the obligations of the Port Authority to pay back said moneys may be satisfied and discharged by the delivery to the two States of bonds or moneys, or both, in an aggregate principal amount equal to said appropriations, as hereinafter provided.

L.1946, c. 54, p. 123, s. 1.