32:2-23.11 - Power of Port Authority to levy and collect tolls not to be diminished or impaired; construction of other bridges and tunnels prohibited - New Jersey Statutes

32:2-23.11.  Power of Port Authority to levy and collect tolls not to be diminished or impaired;  construction of other bridges and tunnels prohibited
    The 2 States covenant and agree with each other and with the holders of Narrows Bridge bonds as security for which there may or shall be pledged (directly or indirectly, or through the medium of its General Reserve Fund or otherwise) the revenues, or any part thereof, of the Narrows Bridge or any other facility owned or operated by the Port Authority, that the 2 States will not, so long as any of such bonds remain outstanding and unpaid, diminish or impair the power of the Port Authority to establish, levy and collect tolls, rents, charges or other fees in connection with the Narrows Bridge (so long as the Port Authority shall retain title to such bridge) or any such other facility;  and that the 2 said States will not, so long as any of such bonds remain outstanding and unpaid and so long as the Port Authority shall retain title to the Narrows Bridge, authorize the construction of any other vehicular bridges or tunnels (other than bridges or tunnels exclusively for railway rapid  transit purposes) between Staten Island and Long Island by any person or body  other than the Port Authority.

     L.1956, c. 12, p. 43, s. 6.