New Jersey § 32:1-63

§ 32:1-63.

The obligation for moneys so raised by the port authority on its own obligations for

the construction of the said bridges and purposes incidental thereto shall constitute

a lien upon the revenues and tolls therefrom in accordance with the terms and conditions

of law and upon which such moneys are raised, and any right or claim of the state,

including that arising out of the appropriation made hereby, shall be subordinated

to such lien. The port authority shall, however, pay into the state treasury annually out of the

revenues and tolls from each such bridge, a sum equal to four per cent per annum upon

the unpaid balance of the amount actually advanced to the port authority hereunder

and applied to the respective bridge, as interest for that year, together with at

least two per cent of the principal of such advance until the whole sum so advanced

is repaid to the state; provided, that the port authority shall not make such payments

until it shall have accumulated and only so long as and for the years in which it

holds out of the tolls or revenues of such respective bridge or otherwise a reserve

fund equal to ten per cent of its own obligations issued in relation to or for the

construction of such bridge, over and above the sums required by the terms of such

obligations to be set aside for amortization or a sinking fund, and unless in said

year the tolls or revenues from the said bridge after the payment of all expenses

for operation and maintenance are sufficient to satisfy the interest and other contractual

requirements of said obligations; and provided, further, that such payment shall

not be made into the state treasury unless there shall be available under the same

conditions sufficient money to make payment on similar terms to the state of New York

and that if there exists such surplus revenue but insufficient to make complete payment

on such terms or conditions both to the states of New York and New Jersey, then such

surplus revenue shall be prorated in accordance with the respective unpaid balances

of the advances made by the two states and such prorated sum shall be paid into the

state treasury in place and stead of the amount above provided, to be applied first

upon the interest for the current year and the balance, if any, in reduction of principal. The intent hereof is that the port authority shall be required to and shall pay

interest to the state upon such advances, and/or make payments on account of principal,

only for the years when, and to the extent that, there shall be available on the conditions

herein provided a surplus from the revenues or tolls for the payment of such interest

and/or principal.