State Codes and Statutes

Statutes > New-jersey > Title-32 > Section-32-1 > 32-1-63

32:1-63.  Repayment of state advances
    The obligation for moneys so raised by the port authority on its own obligations for the construction of the said bridges and purposes incidental thereto shall constitute a lien upon the revenues and tolls therefrom in accordance with the terms and conditions of law and upon which such moneys are raised, and any right or claim of the state, including that arising out of the appropriation made hereby, shall be subordinated to such lien.  The port authority shall, however, pay into the state treasury annually out of the revenues and tolls from each such bridge, a sum equal to four per cent per annum upon the unpaid balance of the amount actually advanced to the port authority hereunder and applied to the respective bridge, as interest for that year, together with at least two per cent of the principal of such advance until the whole sum so advanced is repaid to the state;  provided, that the port authority shall not make such payments until it shall have accumulated and  only so long as and for the years in which it holds out of the tolls or revenues of such respective bridge or otherwise a reserve fund equal to ten per  cent of its own obligations issued in relation to or for the construction of  such bridge, over and above the sums required by the terms of such obligations  to be set aside for amortization or a sinking fund, and unless in said year the  tolls or revenues from the said bridge after the payment of all expenses for  operation and maintenance are sufficient to satisfy the interest and other  contractual requirements of said obligations;  and provided, further, that such  payment shall not be made into the state treasury unless there shall be  available under the same conditions sufficient money to make payment on similar  terms to the state of New York and that if there exists such surplus revenue  but insufficient to make complete payment on such terms or conditions both to  the states of New York and New Jersey, then such surplus revenue shall be  prorated in accordance with the respective unpaid balances of the advances made  by the two states and such prorated sum shall be paid into the state treasury  in place and stead of the amount above provided, to be applied first upon the interest for the current year and the balance, if any, in reduction of principal.  The intent hereof is that the port authority shall be required to  and shall pay interest to the state upon such advances, and/or make payments on  account of principal, only for the years when, and to the extent that, there  shall be available on the conditions herein provided a surplus from the  revenues or tolls for the payment of such interest and/or principal.

     L.1925, c. 37, s. 4, p. 103.