This text of New York § 5 (No title) is published on Counsel Stack Legal Research, covering New York primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
§ 5. The control, operation, tolls and other revenues of the said\nHolland tunnel and its entrance and exit plazas and of all real and\npersonal property appurtenant thereto or used in connection therewith,\nshall vest in the port authority upon the making of the following\npayments by the port authority to each of the said two states:\n (a) An amount equal to the moneys contributed by such state toward the\ncost of construction of the said Holland tunnel, with interest thereon\nat the rate of four and one-quarter percentum per annum from the date or\ndates on which such moneys were contributed by such state to the date of\nthe payment to such state;\n (b) Less, however, the share of such state in the net revenues of the\nsaid tunnel to the date of the said payment, and less interest o
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§ 5. The control, operation, tolls and other revenues of the said\nHolland tunnel and its entrance and exit plazas and of all real and\npersonal property appurtenant thereto or used in connection therewith,\nshall vest in the port authority upon the making of the following\npayments by the port authority to each of the said two states:\n (a) An amount equal to the moneys contributed by such state toward the\ncost of construction of the said Holland tunnel, with interest thereon\nat the rate of four and one-quarter percentum per annum from the date or\ndates on which such moneys were contributed by such state to the date of\nthe payment to such state;\n (b) Less, however, the share of such state in the net revenues of the\nsaid tunnel to the date of the said payment, and less interest on such\nnet revenues at the rate of four and one-quarter percentum per annum\nfrom the dates on which the said net revenues were received by such\nstate to the date of the said payment;\n (c) And in the case of the payment to the state of New York, less an\namount equal to the moneys which the said state has agreed to advance to\nthe port authority (but which have not as yet been advanced to the port\nauthority) in aid of bridge construction, during the fiscal years\ncommencing in nineteen hundred thirty-one and nineteen hundred\nthirty-two, pursuant to chapter seven hundred and sixty-one of the laws\nof New York of nineteen hundred twenty-six and chapter three hundred of\nthe laws of New York of nineteen hundred twenty-seven and acts\namendatory thereof and supplemental thereto, discounted, however, in the\ncase of each advance at the rate of four and one-quarter per centum per\nannum, from the date of the said payment to the state of New York to the\ndate upon which such advance is to be available pursuant to the\naforesaid statutes.\n In computing interest as aforesaid upon the moneys contributed by each\nof the said two states toward the cost of construction of the said\nHolland tunnel, such moneys shall be deemed to have been contributed by\nsuch state upon the first day of the month following the month during\nwhich there were presented to the comptroller of such state for audit\nand payment, the schedules and vouchers pursuant to which such moneys\nwere paid. In computing interest as aforesaid upon the net revenues\nreceived by each of the said two states, such net revenues shall be\ndeemed to have been received by such state upon the date when such\nrevenues were credited to such state or to the commission of such state\npursuant to paragraph eleven of article fourteen of the compact of\nDecember thirty, nineteen hundred nineteen, between the two said states.\n