N.J.S.A. 32:1-62 — Use of moneys; tolls pledged; project self-sustaining

32:1-62. Use of moneys; tolls pledged; project self-sustaining The moneys appropriated by this act shall be applied by the port authority to the construction of the bridges hereinbefore mentioned and purposes incidental thereto and for no other purpose whatsoever. The balance of the money needed for the construction of the said bridges and incidental purposes shall be raised by the port authority on its own obligations secured by the pledge of the revenues and tolls arising out of the use of the said bridges, all in accordance with the provisions of the laws authorizing and governing the construction and operation of the said bridges. As security for obligations so issued and the moneys so appropriated, the revenues and tolls arising out of the use of the said bridge shall be pledged to the repayment of the entire issue of bonds and other securities for the construction thereof, together with the interest, and the repayment of the moneys appropriated by the state; it being the declared policy of the state that the said bridges, so far as the payment of the bonds or other securities issued for the construction thereof, together with the repayment of the moneys advanced by the state, shall in all respects be self-sustaining. L.1925, c. 37, s. 3, p. 102.

This is the verbatim text of N.J.S.A. 32:1-62, retrieved from the New Jersey Legislature's public statute corpus. Statutes are amended periodically — for the most current version, check the external source link above. Kyzer is not a law firm and this page is not legal advice.