New Jersey § 32:1-140

§ 32:1-140.

The States of New Jersey and New York having heretofore advanced sums aggregating

one hundred fifty thousand dollars ($150,000.00) and one hundred forty-nine thousand

nine hundred eighteen dollars and twenty cents ($149,918.20), respectively, to the

Port of New York Authority (herein called the Port Authority) for preliminary studies

upon the interstate vehicular bridges now known as the Outerbridge crossing, the Goethals

bridge and the Bayonne bridge, pursuant to agreements between the two States that

said moneys should be paid back when the construction debt has been amortized, and

said two States having advanced further sums aggregating four million dollars ($4,000,000.00)

each in aid of the construction of said bridges pursuant to agreements between the

two States that said moneys should be paid back out of bridge revenues in specified

annual installments, if and when earned over prior charges, and the revenues from

said bridges having been insufficient to permit any such payments up to the present

time but the Port Authority being in a position to fund its obligations to pay back

said appropriations, now, therefore, upon the concurrence of the State of New York

as provided in section seven hereof, 1 the States of New Jersey and New York hereby agree that the obligations of the Port

Authority to pay back said moneys may be satisfied and discharged by the delivery

to the two States of bonds or moneys, or both, in an aggregate principal amount equal

to said appropriations, as hereinafter provided. 1

N.J.S.A. § 32:1-140.7.