New Jersey § acts:saved-32 - (14)

§ acts:saved-32. (14)

14. The revenues of each year derived from the operation of the bridges and tunnels constructed

out of the proceeds of the bonds herein authorized, exclusive of the moneys required

to maintain and operate the same by the officials, commission, board or body having

control thereof (which moneys they are hereby authorized to retain for that purpose),

shall be paid and applied annually as follows: First. An amount equal to one full year's interest on the bonds then outstanding

shall be paid to the sinking fund commission and be set apart and held by it for the

payment of interest on the bonds issued hereunder, and such funds are hereby appropriated

for that purpose. Such payment so held for interest shall reduce the appropriation required by section

fifteen, subdivision (a) as therein provided. Second. The balance shall be paid into the sinking fund and shall be applied as herein

provided for sinking fund purposes. The amount so paid in any year so far as may be necessary therefor shall be credited

as a payment on account of the next annual amortization requirement.