N.Y. Bridges and Tunnels New York/New Jersey 47/31 § 11: No title

§ 11. The port authority is hereby authorized to make and enforce such

rules and regulations and to establish, levy and collect such tolls and

other charges in connection with any vehicular bridges and tunnels which

it may now or hereafter be authorized to own, construct, operate or

control (including the said Holland tunnel and the said Midtown Hudson

tunnel), as it may deem necessary, proper or desirable, which said tolls

and charges shall be at least sufficient to meet the expenses of the

construction, operation and maintenance thereof, and to provide for the

payment of, with interest upon, and the amortization and retirement of

bonds or other securities or obligations issued or incurred for bridge

or tunnel purposes. There shall be allocated to the cost of the

construction, operation and maintenance of such bridges and tunnels,

such proportion of the general expenses of the port authority as it

shall deem properly chargeable thereto.

The moneys in the general reserve fund of the port authority

(authorized by chapter five of the laws of New Jersey of nineteen

hundred thirty-one, as amended, and chapter forty-eight of the laws of

New York of nineteen hundred thirty-one, as amended) may be pledged in

whole or in part by the port authority as security for or applied by it

to the repayment with interest of any moneys which it may raise upon

bonds or other securities or obligations issued or incurred from time to

time for any of the purposes of this act or secured in whole or in part

by the pledge of the revenues of the port authority from any bridge or

tunnel or both so issued or incurred and so secured; and the moneys in

said general reserve fund may be applied by the port authority to the

fulfillment of any other undertakings which it may assume to or for the

benefit of the holders of any such bonds, securities or other

obligations.

Subject to prior liens and pledges (and to the obligation of the port

authority to apply revenues to the maintenance of its general reserve

fund in the amount prescribed by the said statutes authorizing said

fund), the revenues of the port authority from facilities established,

constructed, acquired or effectuated through the issuance or sale of

bonds of the port authority secured by a pledge of its general reserve

fund may be pledged in whole or in part as security for or applied by it

to the repayment with interest of any moneys which it may raise upon

bonds or other securities or obligations issued or incurred from time to

time for any of the purposes of this act or secured in whole or in part

by the pledge of the revenues of the port authority from any bridge or

tunnel or both so issued or incurred and so secured, and said revenues

may be applied by the port authority to the fulfillment of any other

undertakings which it may assume to or for the benefit of the holders of

such bonds, securities or other obligations.

In the event that at any time the balance of moneys theretofore paid

into the general reserve fund and not applied therefrom shall exceed an

amount equal to one-tenth of the par value of all bonds legal for

investment, as defined and limited in the said statutes authorizing said

fund, issued by the port authority and currently outstanding at such

time, by reason of the retirement of bonds or other securities or

obligations issued or incurred from time to time for any of the purposes

of this act or secured in whole or in part by the pledge of the revenues

of the port authority from any bridge or tunnel or both so issued or

incurred and so secured, the par value of which had theretofore been

included in the computation of said one-tenth, then the port authority

may pledge or apply such excess for and only for the purposes for which

it is authorized by the said statutes authorizing said fund to pledge

the moneys in the general reserve fund and such pledge may be made in

advance of the time when such excess may occur.