§ 32:36-20 — State commitment.

20. State commitment. The state of New Jersey and the state of New York shall provide equal funding for phase one of the Project. To the extent that the Port Authority of New York and New Jersey provides support for debt service obligations incurred by the Commission for phase one, the value of that support will be ascribed one-half each to the state of New York and the state of New Jersey in determining their total funding for the state commitment to phase one. The governor of New Jersey, the governor of New York and the executive director of the Port Authority shall execute a memorandum of understanding detailing the timing and source of funding for their commitment to phase one of the Project, and if agreed to in an amendment to a memorandum, for phase two of the Project or portions thereof. For any toll or fee imposed on an instrumentality of either state, pursuant to a memorandum of understanding executed pursuant to this section, the revenue generated from that toll or fee shall count toward that state's share for purposes of any memorandum of understanding established pursuant to this section. L.2019, c.195, s.20.