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New Jersey Statutes Title 32. Interstate and Port Authorities and Commissions 32 § 2-26

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Whereas, By chapter six of the laws of one thousand nine hundred and twenty-six, the state of New Jersey  1 made an appropriation to the Port of New York Authority (hereinafter called the authority) in aid of the construction of the George Washington bridge, of which a balance is due and unpaid;  and

Whereas, Under date of June twenty-fourth, one thousand nine hundred and thirty, the state of New Jersey, acting by its state highway commission, entered into an agreement with the authority for the effectuation of the New Jersey approach to said bridge, whereby the state agreed to perform certain construction work in connection with said approach and the authority agreed to pay the state therefor, and pursuant to which certain moneys will become due and payable to the state from the authority when the traffic over said bridge amounts to ten million (10,000,000) vehicles per year, subject, however, to the deduction of certain moneys advanced by the authority to the state under said agreement;  and

Whereas, Pursuant to Article XV of the compact between the state of New Jersey and the state of New York creating the authority,  2 certain moneys are due and payable from the state to the authority ending during the fiscal year, 1933-1934;  and

Whereas, The authority has offered to pay the state five hundred thousand dollars ($500,000.00) and to release and discharge the state from all of its claims for the payment of the moneys due it from the state as aforesaid, in consideration of the release of the authority by the state of all of the state's claims for moneys due it from the authority as aforesaid;  now, therefore,

Upon the payment of the sum of five hundred thousand dollars by the port authority to the state of New Jersey, pursuant to this section, the state and the authority shall each be and be deemed to be released and discharged of and from all action and actions, cause and causes of action, damages, claims and demands whatsoever of the other arising out of, under or in connection with the aforesaid agreement, dated June twenty-fourth, one thousand nine hundred and thirty, between the state and the authority, and in addition thereto, the state shall be and be deemed to be released and discharged of and from all action and actions, cause and causes of action, damages, claims and demands whatsoever of the authority arising out of, under or in connection with the appropriations made by chapter six, of the laws of one thousand nine hundred and twenty-six, and arising out of, under or in connection with any appropriations made or to be made to the authority pursuant to Article XV of the aforesaid compact between the states of New York and New Jersey.

1  N.J.S.A. §§ 32:1-84 to 32:1-93.
2  N.J.S.A. § 32:1-16.

Cite this article: FindLaw.com - New Jersey Statutes Title 32. Interstate and Port Authorities and Commissions 32 § 2-26 - last updated February 19, 2021 | https://codes.findlaw.com/nj/title-32-interstate-and-port-authorities-and-commissions/nj-st-sect-32-2-26.html


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