New Jersey § 12:11a-1

§ 12:11a-1.

The Legislature hereby finds and declares: a. that overlapping jurisdiction and responsibility for port development is not conducive

to the provision of adequate port facilities in southern New Jersey; that the South

Jersey Port Corporation hereinafter established by this act, should be the sole agency

for the port development which is the purpose of this act; that said corporation

should be vested with powers and responsibilities sufficient to fulfill not only its

port development purposes but its financial obligations to the government and people

of the State of New Jersey; that the Camden Marine Terminals, presently operated

and maintained by the South Jersey Port Commission, are ideally suited to serve as

the basis from which future port development in South Jersey may proceed; that the

acquisition of said Camden Marine Terminals by the South Jersey Port Corporation will

enable said corporation to accomplish the purposes of this act; that the indebtedness

of the South Jersey Port Commission to its creditors and bondholders and to the city

of Camden is properly an obligation of the State of New Jersey and a responsibility

of the State of New Jersey to repay to the extent and in the manner provided herein;

that prior to the disposition of the Camden Marine Terminals the financial obligations

of the South Jersey Port Commission to the city of Camden must be discharged; that

the State has already recognized its responsibility and taken steps to fulfill its

obligation to the city of Camden by virtue of the appropriation of $1.5 million from

the General Treasury of the State of New Jersey to the South Jersey Port Commission,

pursuant to chapter 84 of the Laws of 1967, which sum was applied towards the reduction

of the indebtedness of the commission to the city of Camden. b. In order to facilitate the unification of the ports of the Delaware river, as provided

in subdivision (m) of the Compact creating the Delaware River Port Authority ( R.S.32:3-2 ), it is in the public interest to provide for the transfer of the port facilities

of the corporation to the New Jersey Economic Development Authority so that all or

a portion of them may be operated by a subsidiary corporation of the Delaware River

Port Authority; that the current outstanding bonded indebtedness of the corporation

shall be refunded by the issuance of bonds by the New Jersey Economic Development

Authority in order to facilitate that transfer; that provision be made for the employees

of the corporation who may be employed by the subsidiary corporation; and that other

measures be taken to facilitate the transfer.