Pennsylvania Act 1933-156 — DELAWARE RIVER BRIDGE BONDS

Act text

DELAWARE RIVER BRIDGE BONDS
                  Act of May 22, 1933, P.L. 892, No. 156              Cl. 36
                                  AN ACT

     Authorizing the Commonwealth, the City of Philadelphia, and the
        State of New Jersey to accept from the Delaware River Joint
        Commission bonds or other obligations, in lieu of moneys, for
        the repayment of the amounts due for moneys advanced in the
        construction of the Delaware River Bridge and its approaches,
        and in the acquisition of property in connection therewith;
        providing for the disposition of such bonds delivered to the
        Commonwealth and the City of Philadelphia; authorizing the
        purchase thereof by custodial funds of the Commonwealth; and
        providing that this act shall become effective upon the
        adoption of reciprocal legislation by the State of New
        Jersey.

        Section 1.  Delaware River bridge bonds; acceptance of bonds
     as reimbursement for moneys contributed
        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," and the similar act of the state
     of new Jersey, 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. 1933, May 22, P.L. 892, Sec. 1.
        Section 2.  Custody of bonds; receipts acknowledging
     reimbursement
        The bonds or obligations so delivered to the Commonwealth of
     Pennsylvania shall be deposited with the State Treasurer, and
     those delivered to the City of Philadelphia with the city
     treasurer, for safe keeping until sold or disposed of as
     hereinafter provided. Those delivered to the State of New Jersey
     shall be deposited with such officer or tribunal as may be
     provided by reciprocal legislation of the State of New Jersey.
     The Commonwealth of Pennsylvania, the City of Philadelphia, and
     the State of New Jersey, through their respective treasurer or
     officer or tribunal receiving such bonds, shall issue their
     receipts to the Delaware River Joint Commission, acknowledging
     the receipt of the full amounts due from said Commission, as
     provided for in 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, and absolving said commission from further liability
     for reimbursement on account of the moneys advanced towards the
     construction of said bridge and its approaches, and the
     acquisition of property in connection therewith. 1933, May 22,
     P.L. 892, Sec. 2.
        Section 3.  Sale of bonds; use for sinking fund purposes
        The Governor, Auditor General, and State Treasurer, acting on
     behalf of the Commonwealth of Pennsylvania, and the mayor, city
     controller, and city treasurer, acting on behalf of the City of
     Philadelphia, are hereby authorized, from time to time, to sell
     such bonds or other obligations, after advertisement or without
     advertisement, at not less than par and accrued interest. Such
     bonds may also be used by the City of Philadelphia for sinking
     fund purposes. The respective boards of the Commonwealth charged
     by law with the investment of the moneys held in and received by
     custodial funds are hereby authorized to purchase any of said
     bonds from the Commonwealth or the City of Philadelphia. Such
     boards are also authorized to sell or transfer bonds or other
     securities, now in the possession of the State Treasurer and
     held for the benefit of such funds, in order that additional
     moneys may be made available for the purchase of such bonds or
     other obligations issued by said commission and acquired as
     aforesaid.  The bonds or obligations delivered to the State of
     New Jersey shall be sold or used for such purposes as may be
     provided by the reciprocal legislation of said state. 1933, May
     22, P.L. 892, Sec. 3.