32:1-84. New Jersey appropriation; financing by port authority

In aid of the prompt and economical construction of the bridge which the Port of New York Authority, hereinafter called the "port authority," has been authorized to construct across the Hudson river, between Fort Lee on the New Jersey side and Fort Washington on the New York side (by chapter 41, Laws of New Jersey, 1925, and chapter 211, Laws of New York, 1925) there is hereby appropriated, subject to the limitations and conditions hereinafter set forth, the sum of five million dollars ($5,000,000), or so much thereof as may be requisitioned, out of any moneys in the state treasury not otherwise appropriated. The said sum shall be paid out by the state treasurer on the warrant of the comptroller of the treasury to the said port authority upon requisitions signed by the chairman of the said port authority, in five annual installments of one million dollars ($1,000,000) each, the first installment to be available at any time during the fiscal year commencing in one thousand nine hundred and twenty-seven, and one other installment to be available at any time during each of the four succeeding fiscal years; provided, however, the state of New York shall, by appropriate legislation, agree and obligate itself to provide for the payment of five million dollars, either in installments of one million dollars, payable over the period and in the manner aforesaid, or by providing funds which shall be available to the port authority contemporaneously with the amounts available hereunder in equal annual amounts or earlier; but nothing herein contained shall preclude the state of New York from exercising the option of providing such funds either by appropriations and/or out of any bond issue or issues authorized under the constitution of the state of New York and/or by transfer of moneys subject to the control of the legislature of that state. If the requisitions made in any one fiscal year shall not in the aggregate equal such installment of one million dollars ($1,000,000), the balance not requisitioned shall be available in any subsequent year during or after the said five-year period and in addition to any installment available during each year; provided, however, that after the first installment of the appropriation hereby made has been paid over to the port authority no subsequent installments shall be paid until the port authority shall have raised on its own obligations and have available for the construction of said bridge 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 the bridge 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 York.

L.1926, c. 6, s. 1, p. 21.