New Jersey § 32:2-23

§ 32:2-23.

Subject to contracts with bondholders and to the availability of adequate and secure

revenues as determined by the Port Authority of New York and New Jersey, the authorization

given to the authority by P.L.1979, c. 33 ( C. 32:2-23.27 et seq. ) to provide capital funds for passenger mass transportation capital projects through

the issuance of consolidated bonds is hereby amended to authorize the authority to

provide such capital funds through the issuance of consolidated bonds or the provision

of its revenues and reserves and to increase the total of such capital funds by an

additional sum or sums not to exceed $200,000,000.00, to be approved by the Governors

of the States of New York and New Jersey based upon a certification by the authority

that the issuance of its consolidated bonds or the provision of its revenues or reserves

in the amount of each such additional sum will not, during the ensuing 10 years, in

the light of the authority's estimated expenditures in connection with each such additional

sum, materially impair the sound credit standing of the authority or the investment

status of its consolidated bonds or the ability of the authority to fulfill any of

its commitments, including those which require that it maintain its revenues and reserve

funds in an amount adequate to permit it to discharge debt service on outstanding

debt obligations, its other undertakings to the holders of consolidated bonds and

its service obligations. The additional $200,000,000.00 or portion thereof certified as aforesaid shall be

spent equally in the two states for the acquisition, development and financing of

buses and ancillary bus facilities.