§ 32:3-7 — Control and operation of bridge; amount and method of payments to New Jersey, Pennsylvania and Philadelphia

New Jersey § 32:3-7

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

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ARTICLE VI. The control, operation, tolls and other revenues of the aforesaid existing bridge across the Delaware river between the city of Philadelphia and the city of Camden, and of all real and personal property appurtenant thereto or used in connection therewith, shall vest in the commission on the first day of July, one thousand nine hundred and thirty-one, and the terms of the members of the aforesaid Pennsylvania commission and the aforesaid New Jersey Interstate Bridge Commission shall cease and terminate on that date. On or before the thirtieth day of June, one thousand nine hundred and thirty-two, or as soon thereafter as practicable, the commission shall pay to the commonwealth of Pennsylvania, the state of New Jersey and the city of Philadelphia the following sums out of moneys raised by said commission on its bonds or other obligations: a. An amount equal to the moneys contributed by the commonwealth of Pennsylvania toward the cost of acquiring property for and constructing said bridge and the approaches thereto, and expenditures incident thereto, with interest at the rate of four per cent per annum, such interest to be computed from the dates on which installments of such funds were paid to the Delaware River Bridge Joint Commission by the said commonwealth of Pennsylvania as shown by the records of its state treasurer less, however, the amount returned to the commonwealth of Pennsylvania from the net revenues of the bridge between July 1, 1926 and June 30, 1931, and less interest at the rate of four per cent per annum upon such amount computed from the dates of repayment to the commonwealth of Pennsylvania. b. An amount equal to the moneys contributed by the state of New Jersey toward the cost of acquiring property for and constructing said bridge and the approaches thereto, and expenditures incident thereto, with interest theretofore actually paid by the state of New Jersey or accrued upon the bonds issued by said state to borrow money to pay its share of the cost of acquiring property for, and construction of, said bridge and the approaches thereto, and all expenditures incident thereto, less, however, the amount returned to the state of New Jersey from the net revenues of the bridge between July 1, 1926 and June 30, 1931, and less interest at the rate of four and one-fourth per cent per annum upon such amount computed from the dates of repayment to the state of New Jersey. c. An amount equal to the moneys contributed by the city of Philadelphia toward the cost of acquiring property for and constructing said bridge and the approaches thereto, and expenditures incident thereto, with interest theretofore actually paid by the city of Philadelphia or accrued upon the bonds issued by said city to borrow money to pay its share of the cost of acquiring property for and construction of, said bridge and approaches thereto, and all expenditures incident thereto, less, however, the amount returned to the city of Philadelphia from the net revenues of the bridge between July 1, 1926 and June 30, 1931, and less interest at the rate of four and one-fourth per cent per annum upon such amount computed from the dates of repayment to the city of Philadelphia. d. As soon as is practicable subsequently to July 1, 1931, the commission shall determine with the commonwealth of Pennsylvania, the state of New Jersey and the city of Philadelphia the net amounts due to each, respectively, as of the first day of July, one thousand nine hundred and thirty-one, and from that date until the date of payment, interest shall be paid by the commission to the commonwealth of Pennsylvania at the rate of four per cent per annum, and to the state of New Jersey and to the city of Philadelphia at the rate of four and one-fourth per cent per annum. e. The amount payable by the commission to the commonwealth of Pennsylvania as aforesaid shall be paid to the state treasurer of the commonwealth of Pennsylvania upon a voucher signed and audited by said state treasurer who is hereby authorized to consummate the said transaction. The amount payable to the state of New Jersey shall be paid to the comptroller of said state upon a voucher signed and audited by said comptroller who is hereby authorized to consummate the said transaction. The amount payable to the city of Philadelphia shall be paid to the treasurer of the said city upon a voucher signed and audited by said treasurer who is hereby authorized to consummate the said transaction. Upon the receipt of the proper payment each of said officials shall certify to the Delaware River Joint Commission that all moneys payable by the Delaware River Joint Commission to the commonwealth, state or city, as the case may be, have been duly paid. f. Nothing herein contained shall be construed to affect, diminish or impair the rights and obligations created by, or to repeal any of, the provisions of chapter three hundred and fifty-two of the Laws of New Jersey of one thousand nine hundred and twenty and chapter two hundred and sixty-two of the Laws of New Jersey of one thousand nine hundred and twenty-four, and chapter three hundred and thirty-six of the Laws of New Jersey of one thousand nine hundred and twenty-six and chapter thirty-three of the Laws of New Jersey of one thousand nine hundred and twenty-seven and chapter sixty-four of the Laws of New Jersey of one thousand nine hundred and twenty-eight. g. Of the money paid to the state of New Jersey under the provisions of this agreement there shall be paid to the sinking fund commission created by the provisions of the foregoing statutes (chapter 352 of the Laws of New Jersey of 1920 and chapter 262 of the Laws of New Jersey of 1924) such sum or sums as said sinking fund commission may deem necessary to meet the then existing indebtedness and obligations set forth in said statutes, together with such interest and other charges as may be due or may grow due. The amount thus to be paid to the sinking fund commission shall be arrived at and determined by said sinking fund commission within ninety days after payment is made to the state of New Jersey pursuant to the provisions of this agreement. The moneys to be paid to and received by said sinking fund commission are hereby appropriated by the state of New Jersey and are to be used for sinking fund purposes according to law. h. No failure on the part of the commission to make the aforesaid payments to the commonwealth of Pennsylvania, to the state of New Jersey or to the city of Philadelphia shall affect, diminish or impair the rights of the holders of any bonds or other securities or obligations of said commission as security for which the tolls and other revenues of the said bridge may be pledged.