New Jersey § 32:2-23

§ 32:2-23.

The states of New York and New Jersey hereby find and determine that: a. The efficient, economical and convenient mass transportation of persons to, from

and within the Port of New York District as defined in the compact between the two

states dated April 30, 1921 (hereinafter called the “port district”) is vital and

essential to the preservation and economic well-being of the northern New Jersey-New

York metropolitan area; b. In order to deter the economic deterioration of the northern New Jersey-New York

metropolitan area adequate facilities for the mass transportation of persons must

be provided and buses are and will remain of extreme importance in such transportation; c. The provision of mass transportation including bus transportation in urban areas

has become financially burdensome and may result in the additional curtailment of

significant portions of this essential public service; d. The economic viability of the existing facilities operated by the port authority

of New York and New Jersey (hereinafter called the “port authority”) is dependent

upon the effective and efficient functioning of the transportation network of the

northern New Jersey-New York metropolitan area and access to and proper utilization

of such port authority facilities would be adversely affected if users of bus transportation

were to find such transportation unavailable or significantly curtailed; e. Buses serving regional bus routes and feeder bus routes and ancillary bus facilities

constitute an essential part of the mass commuter facilities of the port district; f. The continued availability of bus transportation requires substantial replacement

of and additions to the number of buses presently in use in the northern New Jersey-New

York metropolitan area; g. The port authority which was created by agreement of the two states as their joint

agent for the development of transportation and terminal facilities and other facilities

of commerce of the port district and for the promotion and protection of the commerce

of their port, is a proper agency to provide such buses to each of the two states

and such provision of buses by the port authority is in the interest of the continued

viability of the facilities of the port authority, and is in the public interest; h. The operation of the facilities of the port authority, including but not limited

to the port authority bus terminal at 41st street and Eighth avenue in New York county

in the city and state of New York and the extension thereto currently under construction

(hereinafter called the “bus terminal”), the George Washington bridge bus station

and the provision of buses and ancillary bus facilities pursuant to this act involve

the exercise of public and essential governmental functions which must be performed

by the two states or any municipality, public authority, agency, or commission of

either or both states; i. The revision to the port authority bridge and tunnel toll schedules which was effective

May 5, 1975, is expected to result in additional revenues to the port authority sufficient

to support the financing with consolidated bonds of the port authority of approximately

$400,000,000.00 for passenger mass transportation capital projects (hereinafter called

“passenger facilities”), approximately $160,000,000.00 thereof being allocated to

the extension to the bus terminal, with the remaining $240,000,000.00 to be allocated

on the basis of $120,000,000.00 in each state for passenger facilities, including

but not limited to the acquisition, development and financing of buses and related

facilities, as determined by each such state and the port authority acting pursuant

to legislative authorization and commitments to the holders of port authority obligations;

and j. The port authority's function as a regional agency of the two states makes it appropriate

that line haul regional bus route passenger facilities be equipped pursuant to this

act with buses and ancillary bus facilities and that the need for development and

equipment of such routes be satisfied on a priority basis.