32:1-112 - Contract between states and bondholders
32:1-112.Ā Contract between states and bondholders
The state of New York by appropriate legislation concurring herein, the provisions of this act together with the provisions complementary thereto in the act or acts of the legislature of the state of New York, shall constitute aĀ contract or agreement between the two states for the benefit of those lendingĀ money to the port authority for the construction of such bridge and purposesĀ incidental thereto;Ā and the port authority on behalf of the state may includeĀ in the bonds or other evidences of its obligations issued by it for theĀ construction of the said bridge or incidental purposes such part of this act asĀ shall seem proper as and as evidence of the foregoing agreements made by theĀ state with the holders of the said bonds or other obligations, and thereuponĀ the said terms so included shall become a contract between each state and theĀ holders of the said bonds or other obligations.
L.1927, c. 3, s. 6, p. 20.
Ā
The state of New York by appropriate legislation concurring herein, the provisions of this act together with the provisions complementary thereto in the act or acts of the legislature of the state of New York, shall constitute aĀ contract or agreement between the two states for the benefit of those lendingĀ money to the port authority for the construction of such bridge and purposesĀ incidental thereto;Ā and the port authority on behalf of the state may includeĀ in the bonds or other evidences of its obligations issued by it for theĀ construction of the said bridge or incidental purposes such part of this act asĀ shall seem proper as and as evidence of the foregoing agreements made by theĀ state with the holders of the said bonds or other obligations, and thereuponĀ the said terms so included shall become a contract between each state and theĀ holders of the said bonds or other obligations.
L.1927, c. 3, s. 6, p. 20.
Ā