4. Creation of the Commission; purposes. a. There is hereby created the Gateway Development Commission, a body corporate and politic established by the state of New Jersey and the state of New York, which shall be deemed to be acting in the public interest and exercising essential government functions in taking action hereunder and which shall be a public authority and a government sponsored authority. The purposes of the Commission shall include the following:
(1)Facilitate the Project;
(2)Coordinate activities of governmental entities, Amtrak, and private entities providing assistance to the Project or otherwise regulating the Project, with a view to achieving full funding, and encourage and enable such parties to participate in the effectuation of the Project;
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4. Creation of the Commission; purposes. a. There is hereby created the Gateway Development Commission, a body corporate and politic established by the state of New Jersey and the state of New York, which shall be deemed to be acting in the public interest and exercising essential government functions in taking action hereunder and which shall be a public authority and a government sponsored authority. The purposes of the Commission shall include the following: (1) Facilitate the Project; (2) Coordinate activities of governmental entities, Amtrak, and private entities providing assistance to the Project or otherwise regulating the Project, with a view to achieving full funding, and encourage and enable such parties to participate in the effectuation of the Project; (3) act as a coordinating agency to arrange for cooperation among the federal government, the state of New Jersey, any local government thereof, the state of New York, any local government thereof, any agency, instrumentality, department, commission, or authority of any one or more of the foregoing, any bi-state agency, Amtrak, any individual or private firm, entity or corporation, or with any one or more of them (including by contract among the parties), for and in connection with the Facilitation of the Project for any of the purposes of this act, and to enter into an agreement or agreements (and from time to time to enter into agreements amending or supplementing the same) with the federal government, the state of New Jersey, any local government thereof, the state of New York, any local government thereof, any agency, instrumentality, department, commission, or authority of any one or more of the foregoing, any bi-state agency, Amtrak, any individual or private firm, entity or corporation, or with any one or more of them, for or relating to such purposes, including but not limited to agreements with respect to financial assistance, loans, grants or any other funding as may be available for the Project. The Commission is hereby intended to qualify for, authorized, and empowered to apply for and accept, financial assistance, loans, grants, or any other funding for such purposes under federal, state, or local laws, and to make application directly to the appropriate officials or agencies for the application for and receipt of federal, state or local assistance, loans, grants or any other funding in aid of any of the purposes of this act; (4) pursue efforts to assist federal or state agencies and other entities to fulfill their goals set forth in federal law or the laws of New York or New Jersey to further passenger rail transportation between states including 49 U.S.C. s.24901 et seq.; (5) take any and all actions authorized by this act which are or may be necessary or appropriate to constitute and maintain itself as an applicant eligible to qualify to apply for and be awarded financial assistance, loans, grants or other funding as may be available for the Project, including that awarded by federal, state, and local governments and the agencies thereof; and (6) facilitate the Project by making and enforcing such rules and regulations; and (a) accepting, collecting, and receiving funds pursuant to the provisions of the memorandum of understanding established pursuant to section 20 of this act, which may include bonded revenues, state appropriations, dedicated revenues, and any other funds or revenues made available pursuant to that memorandum of understanding, and using those funds to provide for the financing, construction or asset management of the project and the payment of, with interest upon, and the amortization and retirement of bonds or other securities or obligations issued or insured for Project purposes, including establishment of prudent reserves, in the same manner that all funds or revenues included in the memorandum of understanding established pursuant to section 20 of this act may be used for such purposes; and (b) establishing, levying, and collecting tolls and fees payable by entities using the Project or any portion thereof, as it may deem necessary or appropriate, provided that any such tolls or fees: (i) shall not be established at a rate greater than the amount determined by the commission to be necessary to meet the expenses of the financing, construction, or asset management of the Project, including the establishment of prudent reserves; (ii) shall be approved by an affirmative vote of the board, in accordance with the voting requirements provided pursuant to this act, at a meeting duly noticed and held, provided that the commission has complied with subparagraph (d) of this paragraph; (iii) may be used to provide for the payment of, with interest upon, and the amortization and retirement of bonds or other securities or obligations issued or insured for Project purposes, including establishment of prudent reserves, in the same manner that all funds or revenues included in the memorandum of understanding established pursuant to section 20 of this act may be used for such purposes; (iv) shall not conflict with applicable federal law and the laws of the state of New York and the state of New Jersey; and (v) that may be directly or indirectly levied or imposed on or payable by the New Jersey Transit Corporation shall be expressly and specifically authorized pursuant to the memorandum of understanding established pursuant to section 20 of this act, or any amendment thereto, and that the revenue from any toll or fee shall count toward the state share of funding pursuant to the memorandum of understanding. (c) The power of the commission to establish, levy, or collect tolls or fees that are payable by the New Jersey Transit Corporation shall be narrowly construed. (d) Not less than thirty days and not more than ninety days prior to any vote or action taken by the board to establish, levy, or collect a toll or fee imposed by the commission or relating to any increase in a toll or fee, the commission shall conduct at least three public hearings in the manner prescribed as follows: (i) Locations for public hearings shall be selected in such a way as to be geographically accessible to a majority of users of the facility or facilities to be impacted by the toll or fee, provided that at least one hearing shall be held in each state. (ii) At least seventy-two hours before the first hearing held pursuant to this section, the commission shall make the following information available to the public, including posting on the commission's official website: (A) a written explanation of why the toll or fee, or any increase in a toll or fee, is necessary; (B) the amount of revenue expected to be generated from the establishment of or increase in the toll or fee; and (C) a detailed explanation of how the revenues raised from the establishment of or increase in the toll or fee is expected to be spent. (iii) Each hearing shall be attended by at least two commissioners from New York and two commissioners from New Jersey in office at the time of the hearing. (iv) The commission shall hold no more than one public hearing in a single day, and each public hearing shall be scheduled to begin after 6:30 p.m., eastern standard time, on a weekday. (v) The commission shall ensure that each of the requirements set forth in this paragraph shall be complied with before placing on the meeting agenda of the board any item or matter establishing, levying, or collecting a toll or fee or relating to an increase in any toll or fee. b. Officers. The officers of the Commission shall include a chief executive officer, a general counsel, a chief financial officer, a chief ethics and compliance officer, and inspector general whom shall be appointed by the Commission. Such officers shall not be required to be established until the Commission is in receipt of necessary federal funding for purposes of facilitating the Project. L.2019, c.195, s.4.