N.Y. Bridges and Tunnels New York/New Jersey 47/31 § 5: No title

§ 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.