§ 11 — No title

New York § 11

• Jurisdiction: New York
• Law BAT: Bridges and Tunnels New York/New Jersey 47/31

Text

§ 11. The port authority is hereby authorized to make and enforce such\nrules and regulations and to establish, levy and collect such tolls and\nother charges in connection with any vehicular bridges and tunnels which\nit may now or hereafter be authorized to own, construct, operate or\ncontrol (including the said Holland tunnel and the said Midtown Hudson\ntunnel), as it may deem necessary, proper or desirable, which said tolls\nand charges shall be at least sufficient to meet the expenses of the\nconstruction, operation and maintenance thereof, and to provide for the\npayment of, with interest upon, and the amortization and retirement of\nbonds or other securities or obligations issued or incurred for bridge\nor tunnel purposes. There shall be allocated to the cost of the\nconstruction, operation and maintenance of such bridges and tunnels,\nsuch proportion of the general expenses of the port authority as it\nshall deem properly chargeable thereto.\n The moneys in the general reserve fund of the port authority\n(authorized by chapter five of the laws of New Jersey of nineteen\nhundred thirty-one, as amended, and chapter forty-eight of the laws of\nNew York of nineteen hundred thirty-one, as amended) may be pledged in\nwhole or in part by the port authority as security for or applied by it\nto the repayment with interest of any moneys which it may raise upon\nbonds or other securities or obligations issued or incurred from time to\ntime for any of the purposes of this act or secured in whole or in part\nby the pledge of the revenues of the port authority from any bridge or\ntunnel or both so issued or incurred and so secured; and the moneys in\nsaid general reserve fund may be applied by the port authority to the\nfulfillment of any other undertakings which it may assume to or for the\nbenefit of the holders of any such bonds, securities or other\nobligations.\n Subject to prior liens and pledges (and to the obligation of the port\nauthority to apply revenues to the maintenance of its general reserve\nfund in the amount prescribed by the said statutes authorizing said\nfund), the revenues of the port authority from facilities established,\nconstructed, acquired or effectuated through the issuance or sale of\nbonds of the port authority secured by a pledge of its general reserve\nfund may be pledged in whole or in part as security for or applied by it\nto the repayment with interest of any moneys which it may raise upon\nbonds or other securities or obligations issued or incurred from time to\ntime for any of the purposes of this act or secured in whole or in part\nby the pledge of the revenues of the port authority from any bridge or\ntunnel or both so issued or incurred and so secured, and said revenues\nmay be applied by the port authority to the fulfillment of any other\nundertakings which it may assume to or for the benefit of the holders of\nsuch bonds, securities or other obligations.\n In the event that at any time the balance of moneys theretofore paid\ninto the general reserve fund and not applied therefrom shall exceed an\namount equal to one-tenth of the par value of all bonds legal for\ninvestment, as defined and limited in the said statutes authorizing said\nfund, issued by the port authority and currently outstanding at such\ntime, by reason of the retirement of bonds or other securities or\nobligations issued or incurred from time to time for any of the purposes\nof this act or secured in whole or in part by the pledge of the revenues\nof the port authority from any bridge or tunnel or both so issued or\nincurred and so secured, the par value of which had theretofore been\nincluded in the computation of said one-tenth, then the port authority\nmay pledge or apply such excess for and only for the purposes for which\nit is authorized by the said statutes authorizing said fund to pledge\nthe moneys in the general reserve fund and such pledge may be made in\nadvance of the time when such excess may occur.\n