New Jersey § acts:saved-32 - (47)

§ acts:saved-32. (47)

1. In addition to the powers heretofore conferred by law upon the New Jersey Interstate

Bridge and Tunnel Commission, the said commission shall also have the full and complete

power and authority to enter into contracts and agreements with the Pennsylvania commission,

or such commission, agency, board or department as may be designated by the commonwealth

of Pennsylvania and any city thereof, for charging tolls for the use, by vehicles,

of the Delaware river bridge between the cities of Camden, New Jersey, and Philadelphia,

Pennsylvania, said tolls to be at such rates as shall be agreed upon between the New

Jersey commission and the Pennsylvania commission. Such contract or agreement shall contain such provisions as to the New Jersey commission

may seem wise, but shall specifically provide: (a) That tolls shall continue to be collected for the use of the said bridge by vehicles

until such time as the state of New Jersey, the commonwealth of Pennsylvania and the

city of Philadelphia shall each have been fully reimbursed for the moneys expended

by them, respectively, to pay the cost of said bridge and the approaches thereto. For the purpose of determining the cost of said bridge interest at the rate of four

per cent per annum on the amount expended by the commonwealth of Pennsylvania and

not repaid to the said commonwealth, and interest paid by the state of New Jersey

and the city of Philadelphia on bonds issued to borrow moneys to pay in whole or in

part the respective shares of said state and said city of the cost of said bridge

shall be included. (b) That until each of the said state of New Jersey, commonwealth of Pennsylvania

and city of Philadelphia shall have been reimbursed as hereinbefore provided, all

expenses for the maintenance, repair and operation of said bridge shall be paid out

of the proceeds of tolls collected under said contract. (c) That from time to time the proceeds of the collection of tolls under said contract

in excess of the requirements for maintenance, repairs and operation and any other

revenue derived from the operation of said bridge including revenue received under

leases or contracts with public service corporations, companies, firms or individuals

for the operation of busses over said bridge or the installation, maintenance, use

and operation of railways, railroads or other transportation facilities, or telegraph,

telephone, electric light or power or other public service facilities over said bridge

shall be distributed one-half to the state of New Jersey, one-quarter to the commonwealth

of Pennsylvania and one-quarter to the city of Philadelphia until such time as either

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

shall have been reimbursed in full as herein above provided. Thereafter such tolls and other revenue shall be equally divided between the two

remaining participants therein, until one of them shall have been reimbursed in full

and thereafter the remaining participant shall receive all of such tolls and other

revenue until it shall have been reimbursed in full. (d) That as soon as the state of New Jersey, the commonwealth of Pennsylvania and

the city of Philadelphia shall have been reimbursed in full as hereinabove provided

the use of the said bridge shall become and shall thereafter remain free to private

vehicles. (e) That payments made under said contract to the state of New Jersey shall be made

to the state treasurer, and payments to the commonwealth of Pennsylvania and to the

city of Philadelphia shall be made into such fund or funds or to such persons as the

legislature of the commonwealth of Pennsylvania and the council of the city of Philadelphia

shall, respectively, require.