N.Y. Bridges and Tunnels New York/New Jersey 47/31 § 22: No title

§ 22. Nothing herein contained shall be construed to affect, diminish

or impair the rights and obligations created by, or to repeal any of the

provisions of chapter three hundred and fifty-two of the laws of New

Jersey of nineteen hundred twenty and chapter two hundred and sixty-two

of the laws of New Jersey of nineteen hundred twenty-four.

If, however, any loss shall be suffered by or accrue to the said

sinking fund, and if, after the making of the payment by the port

authority to the state of New Jersey as hereinbefore provided, the

moneys in the said sinking fund shall at any time be or become less than

an amount equal to the principal amount of the then currently

outstanding New Jersey Camden bridge-Holland tunnel bonds, or if the

income and interest currently received from or currently accruing upon

the moneys in the said sinking fund shall be or become insufficient to

pay the interest currently accruing upon or currently payable in

connection with the aforesaid New Jersey Camden bridge-Holland tunnel

bonds, the state of New Jersey represents and agrees that it will make

good such deficits out of sources other than revenues from the said

Holland tunnel.

The said payment by the port authority to the state of New Jersey

constitutes repayment for all moneys contributed by the said state

toward the cost of construction of the said Holland tunnel, including

the moneys diverted and appropriated by chapter three hundred and

nineteen of the laws of New Jersey of nineteen hundred twenty-six and

chapter fifty-eight of the laws of New Jersey of nineteen hundred

twenty-seven from the road fund, created by chapter fifteen of the laws

of New Jersey of nineteen hundred seventeen. The requirement of chapter

fifty-eight of the laws of New Jersey of nineteen hundred twenty-seven

that the said moneys diverted and appropriated by the said statutes of

the state of New Jersey shall be returned and credited to the said road

fund, with interest, shall be and shall be deemed to be satisfied and

discharged so far as it relates to the revenues arising from the

operation of the said Holland tunnel.

The provisions of this section shall constitute a covenant and

agreement by the state of New York with the state of New Jersey, the

port authority and the holders of any bonds or other obligations of the

port authority, as security for which the tolls and revenues of said

Holland tunnel may be pledged.