32:1-141 - Definitions - New Jersey Statutes

32:1-141.  Definitions
    (1) As used in this act:

    (a)  "Port Authority"  means the Port of New York Authority, created by the  Compact of April thirtieth, one thousand nine hundred and twenty-one, between  the States of New Jersey and New York.

    (b)  "Bonds legal for investment"  means bonds or other obligations or securities of the Port Authority, in which savings banks in both of the two said States are now or may hereafter be authorized to invest funds within their  control.

    (c)  "Terminal and/or transportation facilities"  means terminal and/or transportation facilities as used in the said Compact of April thirtieth, one thousand nine hundred and twenty-one.

    (d)  "Surplus revenues"  means, in the case of each terminal or transportation facility, the balance of the revenues therefrom remaining at any  time currently in the hands of the Port Authority after the deduction of the  current expenses of the operation and maintenance thereof, including a proper  proportion of the general expenses of the Port Authority, and after the  deduction of any amounts which the Port Authority may or shall be obligated or  may or shall have obligated itself to pay to or set aside out of the current  revenues therefrom for the benefit of the holders of any bonds legal for  investment, and after the deduction of any amounts currently due to the two  said States on account of any advances made by the two said States to the Port  Authority in aid of the effectuation of such terminal or transportation  facility.

     L.1931, c. 5, s. 1, p. 30.  Amended by L.1945, c. 197, p. 678, s. 2.