New Jersey § acts:saved-32 - (1)

§ acts:saved-32. (1)

1. That in lieu of moneys provided for to be paid to the commonwealth of Pennsylvania

and the city of Philadelphia, and the state of New Jersey, from the sale of bonds

or other obligations by the Delaware River Joint Commission, in accordance with the

provisions of an act of the commonwealth of Pennsylvania, approved the 12th day of

June, one thousand nine hundred and thirty-one (Pamphlet Laws five hundred seventy-five),

entitled “An act providing for joint action by Pennsylvania and New Jersey in the

development of the ports on the lower Delaware river and the improvement of the facilities

for transportation across the river; authorizing the governor for these purposes

to enter into an agreement with New Jersey creating the Delaware River Joint Commission

and specifying the powers and duties thereof, including the power to finance projects

by the issuance of revenue bonds; transferring to the new commission all the powers

of the Delaware River Bridge Joint Commission, and making an appropriation,” and in

accordance with the provisions of a similar act of the state of New Jersey, approved

the thirtieth day of June, one thousand nine hundred and thirty-one, being chapter

three hundred ninety-one of the New Jersey Session Laws of one thousand nine hundred

and thirty-one, and entitled “An act providing for joint action by Pennsylvania and

New Jersey in the development of the ports on the lower Delaware river and the improvement

of the facilities for transportation across the said river; authorizing the New Jersey

Interstate Bridge Commission on behalf of the state of New Jersey for these purposes

to enter into an agreement with the commonwealth of Pennsylvania creating the Delaware

River Joint Commission and specifying the powers and duties thereof, including the

power to finance projects by the issuance of revenue bonds; transferring to the new

commission all the powers of the Delaware River Bridge Joint Commission and making

an appropriation,” and by virtue of which said legislation, said commonwealth of Pennsylvania

and said state of New Jersey have heretofore entered into an agreement; the governor,

auditor general, and state treasurer, acting on behalf of the commonwealth of Pennsylvania,

the mayor, city controller and city treasurer of the city of Philadelphia, acting

on behalf of the said city, and the governor, state treasurer, and state comptroller,

acting on behalf of the said state of New Jersey, are hereby authorized to accept

from the Delaware River Joint Commission, and said commission is hereby authorized

to issue and deliver to said states and said city, bonds or other obligations of a

par value equal to or on account of the amount determined by said commission to be

due respectively the commonwealth of Pennsylvania, the city of Philadelphia, and the

state of New Jersey, for moneys contributed toward the cost of acquiring property

for and constructing the bridge over the Delaware river, between the cities of Philadelphia,

Pennsylvania, and Camden, New Jersey, and the approaches thereto, as provided in said

acts. Said bonds shall bear interest at a rate to be fixed by said commission. Bonds delivered to and accepted by said commonwealth of Pennsylvania shall bear

interest at a rate not less than four per cent (4%). Bonds issued to and accepted by said city of Philadelphia and said state of New

Jersey shall bear interest at a rate not less than four and one-quarter per centum

(4 1 / 4 %). Said bonds shall be issued in accordance with, and under the authority of, said

legislative enactments and said agreement hereinbefore referred to.