New Jersey § 32:1-144

§ 32:1-144.

To the end that counties, cities, boroughs, villages, towns, townships and other municipalities

in the Port of New York District, may not suffer undue loss of taxes and assessments

by reason of the acquisition and ownership of property therein by the Port of New

York Authority (hereinafter called the port authority), the port authority is hereby

authorized and empowered, in its discretion, to enter into a voluntary agreement or

agreements with any county, city, borough, village, town, township or other municipality

in said port district, whereby it will undertake to pay a fair and reasonable sum

or sums annually in connection with any marine or inland terminal property owned by

it, not in excess of the sum last paid as taxes upon such property prior to the time

of its acquisition by the port authority. Such payment or payments which the port authority is hereby authorized and empowered

to make, shall be in such amount or amounts and shall be payable at such time or times

and under such terms and conditions as shall be agreed upon by and between the port

authority and such county, city, village, borough, town, township or other municipality

concerned.