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Current as of January 01, 2024 | Updated by Findlaw Staff
5. If either state exercise its option under this article it shall render annual accountings to the defaulting state, and when the amount so expended by reason of the default, with interest thereon at six per centum per annum shall have been fully paid, the defaulting state shall be restored to an interest and participation in the management of the tunnel or tunnels on a parity with the other state; provided, however, that the state completing the tunnel or tunnels shall have the right to determine the schedule of tolls during the continuance of any default and until a new schedule of tolls shall have been agreed upon by both states, which tolls shall be the same at all entrances to the tunnel or tunnels, and provided, further, that any contract or contracts made by the state not in default during the continuance thereof shall be binding and effective, as though both states had been parties thereto.
Cite this article: FindLaw.com - New Jersey Acts Saved from Repeal ACTS SAVED 32 § 2-27(80) - last updated January 01, 2024 | https://codes.findlaw.com/nj/acts-saved-from-repeal/nj-st-sect-acts-saved-32-2-27-80/
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