32:1-140.2 - Delivery of bonds or money - New Jersey Statutes

32:1-140.2.  Delivery of bonds or money
    Bonds, or moneys, or both, in an aggregate principal amount of two million fifty thousand dollars ($2,050,000.00) shall be delivered to each State within three months after the date on which this act and the concurrent act of the State of New York take effect.  Within fifteen months after the date on which this act and the concurrent act of the State of New York take effect, an additional two million one hundred thousand dollars ($2,100,000.00) in aggregate principal amount of bonds, or moneys, or both, shall be delivered to the State of New Jersey and an additional two million ninety-nine thousand nine  hundred eighteen dollars and twenty cents ($2,099,918.20) in aggregate principal amount of bonds or moneys, or both, shall be delivered to the State of New York;  provided, that if, in the opinion of the commissioners of the Port Authority, financial conditions are such as to make it desirable to postpone such delivery, then delivery of said additional amounts shall be postponed in whole or in part until such time, not later than five years from the effective date of this act, as in the judgment of said commissioners financial conditions permit such delivery.

    The Port Authority shall determine whether payments made pursuant to this act and the concurrent act of the State of New York shall be made by the delivery of bonds or of moneys, or both, and, if both, in what proportions. The moneys may, at the option of the Port Authority, be paid in cash or by check.  Delivery of bonds or moneys to the State of New Jersey shall be made by  delivering or tendering delivery thereof to the State Treasurer at his office  at Trenton during regular business hours. Delivery of bonds or moneys to the  State of New York shall be made by delivering or tendering delivery thereof to  the Comptroller of the State of New York at his office at Albany during regular  business hours.

     L.1946, c. 54, p. 124, s. 2.