32:1-64 - Competitive crossings; tolls unimpaired; protection of bondholders - New Jersey Statutes

32:1-64.  Competitive crossings;  tolls unimpaired;  protection of bondholders
    The state of New Jersey (the state of New York by appropriate legislation concurring herein) does pledge to and agree with those subscribing to the obligations issued by the port authority for the construction of the said bridges and incidental purposes that the state will not authorize the construction or maintenance of any other highway crossings for vehicular traffic on the waters of the Arthur Kill, between the two states in competition  with the said bridges, nor will it limit or alter the rights now vested in the  port authority to establish and levy such charges and tolls as it may deem  convenient or necessary to produce sufficient revenue to meet the expense of  maintenance and operation and to fulfill the terms of the obligations assumed  by it in relation to such bridges until the said obligations, together with  interest thereon, are fully met and discharged; provided that such crossings  shall be considered as competitive with the bridges across the Arthur Kill only  if they shall form a highway connection for vehicular traffic between the two  states across or under the Arthur Kill; and provided further, that nothing  herein contained shall preclude the authorization of such additional interstate crossings if and when adequate provision shall be made by law for the protection of those advancing money upon the obligations of the port authority  for the construction of the bridges mentioned in paragraph one hereof or  incidental purposes.

     L.1925, c. 37, s. 5, p. 104.