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In lieu of the moneys provided for to be paid to the Commonwealth of Pennsylvania and the City of Philadelphia from the sale of bonds or other obligations by the Delaware River Joint Commission, in accordance with the provisions of the act, approved the twelfth day of June, one thousand nine hundred and thirty-one (Pamphlet Laws, five hundred seventy-five), entitled “An act providing for joint action by Pennsylvania and New Jersey in the development of the ports on the lower Delaware River, and the improvement of the facilities for transportation across the river; authorizing the Governor, for these purposes, to enter into an agreement with New Jersey; creating The Delaware River Joint Commission and specifying the powers and duties thereof, including the power to finance projects by the issuance of revenue bonds; transferring to the new commission all the powers of the Delaware River Bridge Joint Commission; and making an appropriation,” 1 and the similar act of the State of New Jersey, 2 by which the said states have heretofore entered into an agreement, the Governor, Auditor General, and State Treasurer, acting on behalf of the Commonwealth of Pennsylvania, the mayor, city controller, and city treasurer of the City of Philadelphia, acting on behalf of the said city, and the proper officers designated by reciprocal legislation of the State of New Jersey, acting on behalf of said state, are hereby authorized to accept from the Delaware River Joint Commission, which commission is hereby authorized to issue and deliver to said states and city, bonds or other obligations of a par value equal to the amount determined by said commission to be due, respectively, the Commonwealth of Pennsylvania, the City of Philadelphia, and the State of New Jersey for moneys contributed towards the cost of acquiring property for and constructing the bridge over the Delaware River between the cities of Philadelphia and Camden, and the approaches thereto, as provided in said acts. Said bonds shall bear interest at a rate to be fixed by said commission, but not less than four per centum (4%), and shall be issued in accordance with and under the authority of said act approved the twelfth day of June, one thousand nine hundred and thirty-one (Pamphlet Laws, five hundred seventy-five), and similar legislation of the State of New Jersey.
Cite this article: FindLaw.com - Pennsylvania Statutes Title 36 P.S. Highways and Bridges § 3506. Delaware river bridge bonds; acceptance of bonds as reimbursement for moneys contributed - last updated January 01, 2019 | https://codes.findlaw.com/pa/title-36-ps-highways-and-bridges/pa-st-sect-36-3506.html
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