§ 32:1-60 — New Jersey appropriation; financing by port authority

New Jersey § 32:1-60

• Jurisdiction: New Jersey
• Title 32: INTERSTATE AND PORT AUTHORITIES AND COMMISSIONS

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In aid of the prompt and economical construction of the bridges which the Port of New York Authority, hereinafter called the "port authority" , has been authorized to construct across the Arthur Kill between Perth Amboy on the New Jersey side and Tottenville on the New York side and between Elizabeth on the New Jersey side and Howland Hook on the New York side (by chapters 125 and 149, respectively, Laws of New Jersey, 1924, and chapters 230 and 186, respectively, Laws of New York, 1924), there is hereby appropriated, subject to the limitations and conditions hereinafter set forth, the sum of two million dollars ($2,000,000.00), or so much thereof as may be requisitioned, out of any moneys in the state treasury not otherwise appropriated. The said sum shall be paid out by the state treasurer on the warrant of the comptroller of the treasury to the said port authority upon requisitions signed by the chairman of the said port authority, in five annual installments of four hundred thousand dollars ($400,000.00) each, the first installment to be available at any time during the fiscal year commencing in one thousand nine hundred and twenty-five, and one other installment to be available during each of the four succeeding fiscal years. If the requisitions made in any one fiscal year shall not in the aggregate equal such installment of four hundred thousand dollars ($400,000.00), the balance not requisitioned shall be available in any subsequent year during or after the said five-year period and in addition to any installment available during each year; provided, however, that after the first installment of the appropriation hereby made has been paid over to the port authority no subsequent installments shall be paid until the port authority shall have raised on its own obligations and have available for the construction of said bridges an amount of money equal to six times the amount of installments previously paid pursuant to this act, the intent of this proviso being that before payment of any installment hereunder, other than the initial one, money shall have been made available for the construction of said bridges from the obligations of the port authority in an amount at least equal to three times the amount of money paid over to the port authority pursuant to this act and to the legislation complementary hereto of the state of New York. L.1925, c. 37, s. 1, p. 101.