New Jersey § 32:3-7

§ 32:3-7.

The control, operation, tolls and other revenues of the aforesaid existing bridge

across the Delaware river between the city of Philadelphia and the city of Camden,

and of all real and personal property appurtenant thereto or used in connection therewith,

shall vest in the commission on the first day of July, one thousand nine hundred and

thirty-one, and the terms of the members of the aforesaid Pennsylvania commission

and the aforesaid New Jersey Interstate Bridge Commission shall cease and terminate

on that date. On or before the thirtieth day of June, one thousand nine hundred and thirty-two,

or as soon thereafter as practicable, the commission shall pay to the commonwealth

of Pennsylvania, the state of New Jersey and the city of Philadelphia the following

sums out of moneys raised by said commission on its bonds or other obligations: a. An amount equal to the moneys contributed by the commonwealth of Pennsylvania toward

the cost of acquiring property for and constructing said bridge and the approaches

thereto, and expenditures incident thereto, with interest at the rate of four per

cent per annum, such interest to be computed from the dates on which installments

of such funds were paid to the Delaware River Bridge Joint Commission by the said

commonwealth of Pennsylvania as shown by the records of its state treasurer less,

however, the amount returned to the commonwealth of Pennsylvania from the net revenues

of the bridge between July 1, 1926 and June 30, 1931, and less interest at the rate

of four per cent per annum upon such amount computed from the dates of repayment to

the commonwealth of Pennsylvania. b. An amount equal to the moneys contributed by the state of New Jersey toward the

cost of acquiring property for and constructing said bridge and the approaches thereto,

and expenditures incident thereto, with interest theretofore actually paid by the

state of New Jersey or accrued upon the bonds issued by said state to borrow money

to pay its share of the cost of acquiring property for, and construction of, said

bridge and the approaches thereto, and all expenditures incident thereto, less, however,

the amount returned to the state of New Jersey from the net revenues of the bridge

between July 1, 1926 and June 30, 1931, and less interest at the rate of four and

one-fourth per cent per annum upon such amount computed from the dates of repayment

to the state of New Jersey. c. An amount equal to the moneys contributed by the city of Philadelphia toward the

cost of acquiring property for and constructing said bridge and the approaches thereto,

and expenditures incident thereto, with interest theretofore actually paid by the

city of Philadelphia or accrued upon the bonds issued by said city to borrow money

to pay its share of the cost of acquiring property for and construction of, said bridge

and approaches thereto, and all expenditures incident thereto, less, however, the

amount returned to the city of Philadelphia from the net revenues of the bridge between

July 1, 1926 and June 30, 1931, and less interest at the rate of four and one-fourth

per cent per annum upon such amount computed from the dates of repayment to the city

of Philadelphia. d. As soon as is practicable subsequently to July 1, 1931, the commission shall determine

with the commonwealth of Pennsylvania, the state of New Jersey and the city of Philadelphia

the net amounts due to each, respectively, as of the first day of July, one thousand

nine hundred and thirty-one, and from that date until the date of payment, interest

shall be paid by the commission to the commonwealth of Pennsylvania at the rate of

four per cent per annum, and to the state of New Jersey and to the city of Philadelphia

at the rate of four and one-fourth per cent per annum. e. The amount payable by the commission to the commonwealth of Pennsylvania as aforesaid

shall be paid to the state treasurer of the commonwealth of Pennsylvania upon a voucher

signed and audited by said state treasurer who is hereby authorized to consummate

the said transaction. The amount payable to the state of New Jersey shall be paid to the comptroller of

said state upon a voucher signed and audited by said comptroller who is hereby authorized

to consummate the said transaction. The amount payable to the city of Philadelphia shall be paid to the treasurer of

the said city upon a voucher signed and audited by said treasurer who is hereby authorized

to consummate the said transaction. Upon the receipt of the proper payment each of said officials shall certify to the

Delaware River Joint Commission that all moneys payable by the Delaware River Joint

Commission to the commonwealth, state or city, as the case may be, have been duly

paid. f. Nothing herein contained shall be construed to affect, diminish or impair the rights

and obligations created by, or to repeal any of, the provisions of chapter three hundred

and fifty-two of the Laws of New Jersey of one thousand nine hundred and twenty 1 and chapter two hundred and sixty-two of the Laws of New Jersey of one thousand nine

hundred and twenty-four, 2 and chapter three hundred and thirty-six of the Laws of New Jersey of one thousand

nine hundred and twenty-six 3 and chapter thirty-three of the Laws of New Jersey of one thousand nine hundred and

twenty-seven 4 and chapter sixty-four of the Laws of New Jersey of one thousand nine hundred and

twenty-eight. 5 g. Of the money paid to the state of New Jersey under the provisions of this agreement

there shall be paid to the sinking fund commission created by the provisions of the

foregoing statutes (chapter 352 of the Laws of New Jersey of 1920 and chapter 262

of the Laws of New Jersey of 1924) such sum or sums as said sinking fund commission

may deem necessary to meet the then existing indebtedness and obligations set forth

in said statutes, together with such interest and other charges as may be due or may

grow due. The amount thus to be paid to the sinking fund commission shall be arrived at and

determined by said sinking fund commission within ninety days after payment is made

to the state of New Jersey pursuant to the provisions of this agreement. The moneys to be paid to and received by said sinking fund commission are hereby

appropriated by the state of New Jersey and are to be used for sinking fund purposes

according to law. h. No failure on the part of the commission to make the aforesaid payments to the

commonwealth of Pennsylvania, to the state of New Jersey or to the city of Philadelphia

shall affect, diminish or impair the rights of the holders of any bonds or other securities

or obligations of said commission as security for which the tolls and other revenues

of the said bridge may be pledged. 1

N.J.S.A. § 32:7-1. 2

N.J.S.A. § 32:7-2. 3

N.J.S.A. § 12:11-1 et seq. (repealed; see, now, N.J.S.A. § 12:11A-1 et seq.) 4

N.J.S.A. § 12:11-15 et seq. (repealed; see, now, N.J.S.A. § 12:11A-6). 5

N.J.S.A. § 12:11-26 et seq. (repealed; see, now, N.J.S.A. § 12:11A-6).