N.Y. Bridges and Tunnels New York/New Jersey 47/31 § 12: No title

§ 12. The two said states covenant and agree with each other and with

the holders of any bonds or other securities or obligations of the port

authority, issued or incurred for bridge or tunnel purposes and as

security for which there may or shall be pledged the tolls and revenues

or any part thereof of any vehicular bridge or tunnel (including the

said Holland tunnel and the said Midtown Hudson tunnel), that the two

said states will not, so long as any of such bonds or other obligations

remain outstanding and unpaid, diminish or impair the power of the port

authority to establish, levy and collect tolls and other charges in

connection therewith; and that the two said states will not, so long as

any of such bonds or other obligations remain outstanding and unpaid,

authorize the construction of any vehicular bridges or tunnels over or

under interstate waters as herein defined within the said port of New

York district, by any person or body other than the port authority, in

competition with those whose tolls or other revenues are pledged as

aforesaid; provided that nothing herein contained shall be deemed to

refer to the bridge authorized by the act of congress of July eleven,

eighteen hundred ninety, chapter six hundred and sixty-nine, and acts

amendatory thereof and supplemental thereto; and provided further that

nothing herein contained shall preclude the authorization of the

construction of such competitive tunnels or bridges by other persons or

bodies if and when adequate provision shall be made by law for the

protection of those advancing money upon such obligations.