32:8-7 - Powers of commission not to be impaired; restriction on additional bridge or tunnel - New-jersey Statutes

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Statutes > New-jersey > Title-32 > Section-32-8 > 32-8-7

32:8-7. Powers of commission not to be impaired; restriction on additional bridge or tunnel
     ARTICLE VI.

     The state of New Jersey and the commonwealth of Pennsylvania hereby covenant and agree with each other and with the holders of any bonds or other obligations of the commission, for which tolls, rents, rates, or other revenues have been pledged, that, so long as any of said bonds or obligations remain outstanding and unpaid (unless adequate provision is otherwise made by law for the protection of those advancing moneys upon such bonds or obligations), the state of New Jersey and the commonwealth of Pennsylvania will not diminish or impair the power of the commission to own, operate and control said properties and facilities, or to establish, levy and collect tolls, rents, rates, and other charges in connection with such properties and facilities.

    The state of New Jersey and the commonwealth of Pennsylvania hereby covenant and agree with each other and with the holders of any bonds or obligations of the commission for which tolls, rents, rates or other revenues shall have been pledged, that the said state and commonwealth will not authorize or permit the construction, operation and maintenance of any additional bridge or tunnel for the transportation of passengers by vehicles over the Delaware river by any other person or body, than the commission, within a distance of ten miles in either direction from any such toll bridges, measured along the boundary line between the said state and the said commonwealth.

State Codes and Statutes

Statutes > New-jersey > Title-32 > Section-32-8 > 32-8-7

32:8-7. Powers of commission not to be impaired; restriction on additional bridge or tunnel
     ARTICLE VI.

     The state of New Jersey and the commonwealth of Pennsylvania hereby covenant and agree with each other and with the holders of any bonds or other obligations of the commission, for which tolls, rents, rates, or other revenues have been pledged, that, so long as any of said bonds or obligations remain outstanding and unpaid (unless adequate provision is otherwise made by law for the protection of those advancing moneys upon such bonds or obligations), the state of New Jersey and the commonwealth of Pennsylvania will not diminish or impair the power of the commission to own, operate and control said properties and facilities, or to establish, levy and collect tolls, rents, rates, and other charges in connection with such properties and facilities.

    The state of New Jersey and the commonwealth of Pennsylvania hereby covenant and agree with each other and with the holders of any bonds or obligations of the commission for which tolls, rents, rates or other revenues shall have been pledged, that the said state and commonwealth will not authorize or permit the construction, operation and maintenance of any additional bridge or tunnel for the transportation of passengers by vehicles over the Delaware river by any other person or body, than the commission, within a distance of ten miles in either direction from any such toll bridges, measured along the boundary line between the said state and the said commonwealth.

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State Codes and Statutes

Statutes > New-jersey > Title-32 > Section-32-8 > 32-8-7

32:8-7. Powers of commission not to be impaired; restriction on additional bridge or tunnel
     ARTICLE VI.

     The state of New Jersey and the commonwealth of Pennsylvania hereby covenant and agree with each other and with the holders of any bonds or other obligations of the commission, for which tolls, rents, rates, or other revenues have been pledged, that, so long as any of said bonds or obligations remain outstanding and unpaid (unless adequate provision is otherwise made by law for the protection of those advancing moneys upon such bonds or obligations), the state of New Jersey and the commonwealth of Pennsylvania will not diminish or impair the power of the commission to own, operate and control said properties and facilities, or to establish, levy and collect tolls, rents, rates, and other charges in connection with such properties and facilities.

    The state of New Jersey and the commonwealth of Pennsylvania hereby covenant and agree with each other and with the holders of any bonds or obligations of the commission for which tolls, rents, rates or other revenues shall have been pledged, that the said state and commonwealth will not authorize or permit the construction, operation and maintenance of any additional bridge or tunnel for the transportation of passengers by vehicles over the Delaware river by any other person or body, than the commission, within a distance of ten miles in either direction from any such toll bridges, measured along the boundary line between the said state and the said commonwealth.