New Jersey Statutes Title 32. Interstate and Port Authorities and Commissions 32 § 1-118

The state of New York by appropriate legislation concurring herein, the states of New Jersey and New York hereby declare and agree that the vehicular traffic moving across the interstate waters within the Port of New York District, created by the compact of April thirtieth, one thousand nine hundred and twenty-one, between the said states  1 (which said phrase “interstate waters” as used in this act shall include the portion of the Hudson river within the said Port of New York District north of the New Jersey state line), constitutes a general movement of traffic which follows the most accessible and practicable routes, and that the users of each bridge or tunnel over or under the said waters benefit by the existence of every other bridge or tunnel since all such bridges and tunnels as a group facilitate the movement of such traffic and relieve congestion at each of the several bridges and tunnels. Accordingly, the two said states, in the interest of the users of such bridges and tunnels and the general public, hereby agree that the construction, maintenance, operation and control of all such bridges and tunnels, heretofore or hereafter authorized by the two said states, shall be unified under the Port of New York Authority (hereinafter called the port authority), to the end that the tolls and other revenues therefrom shall be applied so far as practicable to the costs of the construction, maintenance and operation of said bridges and tunnels as a group and economies in operation effected, it being the policy of the two said states that such bridges and tunnels shall as a group be in all respects self-sustaining.