32:1-62 - Use of moneys; tolls pledged; project self-sustaining - New Jersey Statutes

32:1-62.  Use of moneys;  tolls pledged;  project self-sustaining
    The moneys appropriated by this act shall be applied by the port authority to the construction of the bridges hereinbefore mentioned and purposes incidental thereto and for no other purpose whatsoever.  The balance of the money needed for the construction of the said bridges and incidental purposes shall be raised by the port authority on its own obligations secured by the pledge of the revenues and tolls arising out of the use of the said bridges, all in accordance with the provisions of the laws authorizing and governing the  construction and operation of the said bridges.  As security for obligations so  issued and the moneys so appropriated, the revenues and tolls arising out of  the use of the said bridge shall be pledged to the repayment of the entire  issue of bonds and other securities for the construction thereof, together with  the interest, and the repayment of the moneys appropriated by the state;  it  being the declared policy of the state that the said bridges, so far as the  payment of the bonds or other securities issued for the construction thereof, together with the repayment of the moneys advanced by the state, shall in all  respects be self-sustaining.

     L.1925, c. 37, s. 3, p. 102.