Legislation
SECTION 5
No title
Bridges and Tunnels New York/New Jersey 47/31 (BAT) CHAPTER ROOT
§ 5. The control, operation, tolls and other revenues of the said
Holland tunnel and its entrance and exit plazas and of all real and
personal property appurtenant thereto or used in connection therewith,
shall vest in the port authority upon the making of the following
payments by the port authority to each of the said two states:
(a) An amount equal to the moneys contributed by such state toward the
cost of construction of the said Holland tunnel, with interest thereon
at the rate of four and one-quarter percentum per annum from the date or
dates on which such moneys were contributed by such state to the date of
the payment to such state;
(b) Less, however, the share of such state in the net revenues of the
said tunnel to the date of the said payment, and less interest on such
net revenues at the rate of four and one-quarter percentum per annum
from the dates on which the said net revenues were received by such
state to the date of the said payment;
(c) And in the case of the payment to the state of New York, less an
amount equal to the moneys which the said state has agreed to advance to
the port authority (but which have not as yet been advanced to the port
authority) in aid of bridge construction, during the fiscal years
commencing in nineteen hundred thirty-one and nineteen hundred
thirty-two, pursuant to chapter seven hundred and sixty-one of the laws
of New York of nineteen hundred twenty-six and chapter three hundred of
the laws of New York of nineteen hundred twenty-seven and acts
amendatory thereof and supplemental thereto, discounted, however, in the
case of each advance at the rate of four and one-quarter per centum per
annum, from the date of the said payment to the state of New York to the
date upon which such advance is to be available pursuant to the
aforesaid statutes.
In computing interest as aforesaid upon the moneys contributed by each
of the said two states toward the cost of construction of the said
Holland tunnel, such moneys shall be deemed to have been contributed by
such state upon the first day of the month following the month during
which there were presented to the comptroller of such state for audit
and payment, the schedules and vouchers pursuant to which such moneys
were paid. In computing interest as aforesaid upon the net revenues
received by each of the said two states, such net revenues shall be
deemed to have been received by such state upon the date when such
revenues were credited to such state or to the commission of such state
pursuant to paragraph eleven of article fourteen of the compact of
December thirty, nineteen hundred nineteen, between the two said states.
Holland tunnel and its entrance and exit plazas and of all real and
personal property appurtenant thereto or used in connection therewith,
shall vest in the port authority upon the making of the following
payments by the port authority to each of the said two states:
(a) An amount equal to the moneys contributed by such state toward the
cost of construction of the said Holland tunnel, with interest thereon
at the rate of four and one-quarter percentum per annum from the date or
dates on which such moneys were contributed by such state to the date of
the payment to such state;
(b) Less, however, the share of such state in the net revenues of the
said tunnel to the date of the said payment, and less interest on such
net revenues at the rate of four and one-quarter percentum per annum
from the dates on which the said net revenues were received by such
state to the date of the said payment;
(c) And in the case of the payment to the state of New York, less an
amount equal to the moneys which the said state has agreed to advance to
the port authority (but which have not as yet been advanced to the port
authority) in aid of bridge construction, during the fiscal years
commencing in nineteen hundred thirty-one and nineteen hundred
thirty-two, pursuant to chapter seven hundred and sixty-one of the laws
of New York of nineteen hundred twenty-six and chapter three hundred of
the laws of New York of nineteen hundred twenty-seven and acts
amendatory thereof and supplemental thereto, discounted, however, in the
case of each advance at the rate of four and one-quarter per centum per
annum, from the date of the said payment to the state of New York to the
date upon which such advance is to be available pursuant to the
aforesaid statutes.
In computing interest as aforesaid upon the moneys contributed by each
of the said two states toward the cost of construction of the said
Holland tunnel, such moneys shall be deemed to have been contributed by
such state upon the first day of the month following the month during
which there were presented to the comptroller of such state for audit
and payment, the schedules and vouchers pursuant to which such moneys
were paid. In computing interest as aforesaid upon the net revenues
received by each of the said two states, such net revenues shall be
deemed to have been received by such state upon the date when such
revenues were credited to such state or to the commission of such state
pursuant to paragraph eleven of article fourteen of the compact of
December thirty, nineteen hundred nineteen, between the two said states.