New Jersey § 32:3-12

§ 32:3-12.

The effectuation of its authorized purposes by the commission is and will be in all

respects for the benefit of the people of the Commonwealth of Pennsylvania and the

State of New Jersey, for the increase of their commerce and prosperity and for the

improvement of their health and living conditions; and since the commission will

be performing essential governmental functions in effectuating said purposes, the

commission shall not be required to pay any taxes or assessments upon any property

acquired or used by it for such purposes, and the bonds or other securities or obligations

issued by the commission, their transfer and the income therefrom (including any profits

made on the sale thereof) shall at all times be free from taxation within the Commonwealth

of Pennsylvania and the State of New Jersey. To the end that municipalities may not suffer undue loss of tax revenue by reason

of the acquisition and ownership of property therein by the commission, the commission

is hereby authorized and empowered, in its discretion, to enter into a voluntary agreement

or agreements with any municipality, whereby it will undertake to pay a fair and reasonable

sum or sums to compensate the said municipality for any loss of tax revenue in connection

with any property acquired by the commission after one thousand nine hundred and fifty

other than property acquired for bridge, tunnel or passenger transportation purposes. Any such payment or payments which the commission is hereby authorized and empowered

to make may be made on an annual basis, in which case the payment or payments shall

not be in excess of the amount of the taxes upon the property when last assessed prior

to the time of its acquisition by the commission, or such payment or payments may

be made in a lump sum or sums, or over a stated period of years, as shall be agreed

upon by and between the commission and such municipality. Every municipality wherein the property shall be acquired by the commission is authorized

and empowered to enter into such agreement or agreements with the commission to accept

the payment or payments which the commission is herein authorized and empowered to

make.