New Jersey § 32:2-23

§ 32:2-23.

Upon the concurrence of the State of New York as provided in section five hereof, 1 the States of New Jersey and New York hereby agree that the moneys in the general

reserve funds of the Port of New York Authority (herein called the Port Authority),

authorized by chapter five of the laws of New Jersey of one thousand nine hundred

and thirty-one 2 and chapter forty-eight of the laws of New York of one thousand nine hundred and

thirty-one, 3 as amended, may be pledged in whole or in part by the Port Authority as security

for or applied by it to the repayment with interest of any moneys which it may raise

upon bonds, notes or other obligations or evidences of indebtedness, issued by it

from time to time to provide funds for the establishment, acquisition or rehabilitation

of a motor bus terminal (by which is meant a terminal consisting of one or more buildings,

structures, improvements, loading or unloading areas, parking areas or other facilities,

necessary, convenient or desirable in the opinion of the Port Authority for the accommodation

of omnibuses and other motor vehicles operated by carriers engaged in the transportation

of passengers, or for the loading, unloading, interchange or transfer of such passengers

or their baggage, or otherwise for the accommodation, use or convenience of such passengers

or such carriers or their employees) or for purposes incidental thereto; and that

the moneys in said general reserve fund may be applied by the Port Authority to the

fulfillment of any other undertakings which it may assume to or for the benefit of

the holders of any of such bonds; and the two said States further agree that the

Port Authority may acquire by condemnation or the right of eminent domain such real

property in each State as it may from time to time deem necessary for or in connection

with the establishment, acquisition and rehabilitation of such motor bus terminal. 1

N.J.S.A. § 32:2-23.5. 2

N.J.S.A. §§ 32:1-141 to 32:1-143. 3

McKinney's Unconsolidated Laws, §§ 7001 to 7003.