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New Jersey Statutes, Title: 32, INTERSTATE AND PORT AUTHORITIES AND COMMISSIONS
Chapter 1:
Section: 32:1-62: Use of moneys; tolls pledged; project self-sustaining
The moneys appropriated by this act shall be applied by the port authority to the construction of the bridges hereinbefore mentioned and purposes incidental thereto and for no other purpose whatsoever. The balance of the money needed for the construction 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 provisions of the laws authorizing and governing the construction and operation of the said bridges. As security for obligations so issued and the moneys so appropriated, the revenues and tolls arising out of the use of the said bridge shall be pledged to the repayment of the entire issue of bonds and other securities for the construction thereof, together with the interest, 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 self-sustaining.
L.1925, c. 37, s. 3, p. 102.
This section added to the Rutgers Database: 2012-09-26 13:37:50.
Older versions of 32:1-62 (if available):
Court decisions that cite this statute:
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