§ 12 — No title

New York § 12

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

Text

§ 12. The two said states covenant and agree with each other and with\nthe holders of any bonds or other securities or obligations of the port\nauthority, issued or incurred for bridge or tunnel purposes and as\nsecurity for which there may or shall be pledged the tolls and revenues\nor any part thereof of any vehicular bridge or tunnel (including the\nsaid Holland tunnel and the said Midtown Hudson tunnel), that the two\nsaid states will not, so long as any of such bonds or other obligations\nremain outstanding and unpaid, diminish or impair the power of the port\nauthority to establish, levy and collect tolls and other charges in\nconnection therewith; and that the two said states will not, so long as\nany of such bonds or other obligations remain outstanding and unpaid,\nauthorize the construction of any vehicular bridges or tunnels over or\nunder interstate waters as herein defined within the said port of New\nYork district, by any person or body other than the port authority, in\ncompetition with those whose tolls or other revenues are pledged as\naforesaid; provided that nothing herein contained shall be deemed to\nrefer to the bridge authorized by the act of congress of July eleven,\neighteen hundred ninety, chapter six hundred and sixty-nine, and acts\namendatory thereof and supplemental thereto; and provided further that\nnothing herein contained shall preclude the authorization of the\nconstruction of such competitive tunnels or bridges by other persons or\nbodies if and when adequate provision shall be made by law for the\nprotection of those advancing money upon such obligations.\n