Document: 431 U.S. 1 97 S.Ct. 1505 52 L.Ed.2d 92 UNITED STATES TRUST COMPANY OF NEW YORK, etc., Appellant,v.State of JERSEY et al. No. 75-1687. Argued Nov. 10, 1976. Decided April 27, 1977. Rehearing Denied June 13, See 975, 2942. Syllabus A 1962 statutory covenant between New Jersey and York limited the ability Port Authority to subsidize rail passenger transportation from revenues reserves pledged as security for consolidated bonds issued by Authority. 1974 statute, together with a concurrent parallel retroactively repealed covenant. Appellant, both trustee for, holder of, bonds, brought suit in Superior Court declaratory relief, claiming that statute impaired obligation States' contract bondholders violation Contract Clause United States Constitution. The dismissed complaint after trial, holding repeal was reasonable exercise Jersey's police power not prohibited Clause. Supreme affirmed. Held: prohibits retroactive Pp. 14-32. (a) outright totally eliminated an important provision thus contract. 17-21. (b) purely financial necessarily compromise reserved powers cannot be contracted away. 21-25. (c) sustained on basis Faitoute Iron & Steel Co. v. City Asbury Park, 316 502, 62 1129, 86 L.Ed. 1629, W. B. Worthen Kavanaugh, 295 56, 55 555, 79 1298, simply because bondholders' rights were destroyed. 26-28. (d) An impairment such is involved this case can only upheld if it necessary serve public purpose, but here neither achieve plan encourage private automobile users shift nor light changed circumstances. Total essential, since could have been implemented less drastic modification covenant, since, without modifying at all, adopted alternative means achieving their twin goals discouraging use improving mass transit. Nor claimed need transportation, energy conservation, environmental protection knowledge concerns. 28-32. 69 N.J. 253, 353 A.2d 514, reversed. Devereux Milburn, City, appellant. Michael I. Sovern, appellees. Mr. Justice BLACKMUN delivered opinion Court. This presents challenge N.J.Laws, c. 25, violative Clause1 That 993, made two had Jersey2 reserves. 2 suit, one instituted appellant Trust Company Jersey, Law Division, Bergen County. Named defendants State its Governor, Attorney General. Plaintiff-appellant sued series Consolidated Bonds, Bonds behalf all holders bonds.3 3 After ruled declared or counterpart Constitution, Art. IV, § 7, P 3. Accordingly, appellant's dismissed. 134 N.J.Super. 124, 338 833 (1975). direct appeal per curiam opinion, affirmed "substantially reasons set forth (trial court's) opinion." 256, 515 (1976). We noted probable jurisdiction. 427 903, 96 3188, 49 1197 (1976).4 4 * BACKGROUND 5 A. Establishment established 1921 bistate compact effectuate "a better co-ordination terminal, other facilities commerce in, about through port York." 151, p. 413; N.Y.Laws, 154, 493. N.J.Stat.Ann. 32:1-1 seq. (1940); N.Y.Unconsol.Laws 6401 (McKinney 1961). compact, Constitution requires, I, cl. 3, received congressional consent. 42 Stat. 174. 6 granted enumerated and, III, "such additional shall conferred upon Legislature either concurred other, Act Acts Congress." are VI. Among them "full authority purchase, construct, lease and/or operate any terminal facility within said district." "Transportation facility" defined, XXII, include "railroads, steam electric, . carriage persons property." 7 conceived financially independent entity, funds primarily derived investors. preamble speaks "encouragement investment capital," given mortgage pledge secure payment investors.5 8 generally E. Bard, (1942). 9 Initial Policy Regarding Mass Transit. Soon Authority's inception, States, again consent Congress, 822, agreed comprehensive entity's development. 1922 9; 43. concerned primarily, solely, freight carriers movement passengers district. plan, however, implemented.6 time "does problem traffic," even though "should considered co-operation development commission." Laws, 104. itself recognized existence service problem. 1924 Annual Report 23; 1928 64-66; App. 574a-575a. 10 In 1927 Legislature, approved directed make plans "supplementary amendatory will provide adequate interstate suburban passengers." 277. followed 1928, bill encountered executive veto.7 trial court observed veto "to intents purposes ended legislative effort involve active role commuter transit next 30 years." N.J.Super., 149, A.2d, 846. 11 C. Fiscal Policy. Four bridges motor vehicles constructed separate revenue each bridge. Revenue initially below expectations, ultimately accounted much strength. legislatures transferred operation successful Holland Tunnel Authority, more than up early bridge deficits. 12 1931 also enacted statutes creating general reserve fund 5; 48. Surplus pooled create irrevocably equal one-tenth par value outstanding bonds. level attained 15 years later, 1946. 13 1952, abandoned practice earmarking specific facility. Bond Resolution present method financing activities; under secured fund.8 14 D. Renewed Interest Meanwhile, struggled Many studies made. situation critical, great costs envisioned, substantial deficits predicted operation. financed study conducted Metropolitan Rapid Transit Commission which 1954. 1958, Assembly Bill 16 introduced Legislature. would take over, improve, York. opposed vigorously legal grounds. retaliated, sense, including new safeguard contracts bondholders. issuance fund, unless first certified "materially impair sound credit standing" 812a. passed. 1959, Pub.L. 86-302, 73 575, created York-New Transportation Agency deal "with matters affecting (2) States." 1959 3.1, amended 24; 420, 3.1. 17 Also legislation providing State's election authorized purchase own railroad cars purpose leasing railroads. 25; 638. guaranteed electing State. so elected, N.Y.Const., X, effective January 1, 1962, approximately $100 million Commuter Car 500 air-conditioned eight locomotives used Penn Central Long Island Railroads. 18 Statutory Covenant. 1960 takeover Hudson Manhattan Railroad proposed. privately owned electric system then linking Manhattan, Newark, Hoboken tubes. It reorganization many years, Bankruptcy District left cash sufficient continue operations no capital expenditures. re R. Co., 174 F.Supp. 148 (S.D.N.Y.1959), aff'd sub nom. Spitzer Stichman, 278 F.2d 402 (CA2 1960). special committee Senate formed determine whether "fulfilling duties obligations," 605a. concluded solution bondholder concern "(l)imiting constitutionally protected extent future applied possible beyond original system." Id., 656a. And found "concluded place limitation deficit undertaken promote continued investor confidence Authority." 178, 863-864. 19 result. part authorizing acquire, World Trade Center. relevant read: 20 "The agree affected hereinafter long remain unpaid thereof provided authority, subsidiary corporation incorporated act apply rentals, tolls, fares, fees, charges, reserves, whole whatsoever permitted forth." 8, 6; 209, 6.9 21 "permitted purposes" defined (i) existing, (ii) facilities, (iii) tracks related vehicular bridges, (iv) "self-supporting" or, not, end preceding calendar year contained prescribed amount, revenues, produce excess deficits." 22 deemed amount estimated average annual net income equaled exceeded debt following decade. Though explicit point, bond counsel state subsidy might included computation 23 "Permitted deficits," (iv), mean deficit, service, tubes non-self-sustaining exceed 1% total bonded debt. 24 terms self-evident. Within conditions permitted, perhaps contemplated, involvement position strengthened, linked to, expand with, fund. 25 constitutional attack containing promptly launched. joined defense. proved unsuccessful. Courtesy Sandwich Shop, Inc. N.Y.2d 379, 240 N.Y.S.2d 190 N.E.2d 402, dismissed, 375 78, 84 194, 141 (1963). Kheel 331 118 (S.D.N.Y.1971), aff'd, 457 46 (C.A. 2), cert. denied, 409 983, 93 324, 34 248 (1972). 26 With embracing effective, September assumed ownership operating responsibilities wholly subsidiary, Trans-Hudson Corporation (PATH). Funds realized sale investors accompanied certification required materially standing status fulfill commitments based projection loss PATH off $6.6 1969 1991. At $69 million, projected close deficits" 163, n. 855, 27. 27 fare cents has remained figure despite recommendations increase. 684a-686a. As result continuation low fare, far initial projection. Thus, although grown $173 1973, substantially increasing $17 $24.9 million. accordance stipulation parties, id., 682a-683a, covenant's unable issue self-supporting. 163 26, 855 26.10 28 F. Prospective Repeal Governor Cahill Rockefeller 1970 jointly sought increased participation November 1972 they expansion system. initiation Kennedy Airport construction line Plainfield, N. J., way Newark Airport. anticipated something $300 out cost $650 difference supplied federal grants. proposed inapplicable respect went into effect. program enacted, May thereby rendered inapplicable, effect repealed, subsequent date legislation. 208; 1003, 1973 318.11 29 G. Retroactive soon developed contemplated Governors' plan. unwilling increase commitment response sharp constructing Plainfield extension. grant approved. 717a. previously prevented attitude 1973. 1974, when bills pending retroactively, national crisis developing. On Congress Emergency Petroleum Allocation Act, 87 627, amended, U.S.C. 751 (1970 ed., Supp. V). hardships caused oil shortage "jeopardize normal flow constitute threat health, safety, welfare." 628, 751(a)(3). time, proposals passed legislature signed 993.12 31 1975, announced basic tunnel tolls designed raise $40 annually. 405a-407a, 419a-421a, 528a. was, said, "(t)o (the Authority's) finance vital improvements." 405a. II 32 adopted, nearly century thereafter, few express limitations power. decisions involving evidence our jurisprudence. Over last century, Fourteenth Amendment larger adjudication concerning States. feel largely illuminated Court's decisions. each, claim obligations contracts. 33 Home Building Loan Assn. Blaisdell, 290 398, 54 231, 78 413 (1934), regarded leading modern era interpretation. Minnesota Mortgage Moratorium Law, 1933, during depth Depression severe economic stress, appeared alternative. temporary measure allowed judicial extension redemption; mortgagor who possession period pay rental mortgagee. closely divided Court, Chief Hughes, "emergency may furnish occasion power" "constitutional question presented emergency possessed embraces particular conditions." 426, S.Ct., 235. debates Constitutional Convention little aid Clause, clear: trade promoting stability contractual obligations. 427-428, 235-36. Nevertheless, "continues possess interests people. principle harmonizing prohibition residuum progressive recognition Court." 434-435, 239. clauses experience, merely interpreted Framers outlook time. 443, 57 242. most recent decision El Paso Simmons, 379 497, 85 577, 446 (1965). 1941 Texas 5-year reinstatement interest-defaulting purchaser land For prior enactment defaulting purchaser, law, reinstated his written request delinquent interest, third parties intervened. held "it every promise impairs law." 506-507, 583. "has 'sovereign right protect welfare people' " 'we must "wide discretion determining what necessary," ' 508-509, 584, quoting East Savings Bank Hahn, 326 230, 232-233, 66 69, 70, 90 (1945). "the modify affect limit," objects abundantly clear Clause." U.S., 509, 584. 35 Both these cases eschewed rigid application invalidate Yet indicated meaning jurisprudence, illusory. Whether comports current views wise policy, remains therefore attempt instant due III 36 examine limits well regulate those parties. Fletcher Peck, Cranch 87, 137-139, 162 (1810); Dartmouth College Woodward, Wheat. 518, 629 (1819). does prohibit repealing amending generally, enacting effects.13 preliminary matter, requires determination impairing obligation. 37 unnecessary, dwell criteria gives rise obligation.14 found, 183 38, 866 appellees do deny, constituted prospective repeal.15 intent language: ." N.Y.Laws 6. Moreover, chronology above reveals, invoke against repeal. return promise, benefit bargained for: marketability Center acquisition Railroad. doubt properly characterized 38 sharply disagree Appellant claims secondary market became "thin" price fell relation formerly comparable supported court's finding "immediately number months thereafter adversely affected." 180, 865. Appellees respond nevertheless retained "A" rating evaluating services adverse regained market. Findings support well. 179-182, 864-866. fact sure precisely how suffered. Factors unrelated influenced price. addition, reacted fully, yet, repeal, litigation possibility nullified courts. 39 event, valuation resolved compensate repeal.16 provision, superfluous; depletion. modified replaced arguably provision. Its Richmond Corp. Wachovia 300 128-129, 338, 339, 81 552 (1937).17 40 there case: "To authorizes assume greater purposes, permits diminution states' bondholders." 183, 866. 41 Having we turn violated IV Although appears literally proscribe "any" impairment, Blaisdell absolute read literal exactness like mathematical formula." 428, 236. technical step resolving difficult case, reconcile strictures "essential attributes sovereign power," 435, 239, citizens. 434-440, 238-240. 43 valid served protection. 194-195, 873. otherwise legitimate exercises interest always overcome limitation. "Undoubtedly, whatever consistent fair power." 439, 240. scope depends nature relationship challenged law conflicts. 44 broad adopt regulatory measures being impaired, destroyed, Otherwise, able obtain immunity regulation making arrangements. summarized Holmes' well-known dictum: "One whose rights, are, subject restriction, remove them." Water McCarter, 209 349, 357, 529, 531, 828 (1908).18 45 unlimited laws intended existing relationships purpose. 444-445, "adopt policy repudiation debts destruction denial enforce Legislation adjusting contracting character appropriate justifying adoption. 445-447, 242-43.19 customary reviewing social regulation, courts defer judgment necessity reasonableness measure. When contract, reserved-powers doctrine different basis. inquiry concerns enter agreement future. argument "one abridge succeeding legislature." Cranch, 135. often stated bargain away State." Stone Mississippi, 101 814, 817, 1079 (1880).20 irrevocable place, rather impairment. short, require adhere surrenders essential attribute sovereignty. 47 deciding invalid ab initio doctrine, earlier relied distinctions among various eminent domain "contracted away," bind taxing spending powers.21 Such formalistic dispositive, contain element truth. Whatever propriety binding course conduct contexts, questioned. Any theory relinquishment power, money spent repay available purposes. Similarly, exercised repaid. Notwithstanding effects, regularly bound contracts.22 48 involves threshold matter automatically fall away.23 Not financial. example, question; yet surely validly construed never health safety reasons. here, different: promised securing depleted deficit-producing railroads powers. Of course, say restrictions finally resolve case. bar obligations.24 contracts, applying standard, complete deference assessment self-interest stake. governmental entity find extra money, especially taxes raised. If reduce whenever wanted spend all.25 50 repudiation, presumably worthwhile unconstitutional. But extreme inherent destroy it." 190, 870-871. 51 "total destruction" test think misreading 1298 (1935).26 unconstitutional Kavanaugh certainly worthless. More importantly, Cardozo needed "outermost limits" 60, 556, egregious. He expressly actual permissible impermissible impairments drawn narrowly. Thus correct drew negative inference oppressive constitutional. factor reasonableness. sustain alteration municipal 1629 Municipal Finance bankrupt local government placed receivership agency. composition creditors' agency, municipality, 85% creditors. nonconsenting creditors hearing municipality best 504, 1130. 53 Under Faitoute, securities bearing lower rates later maturity dates. rejected dissenting objections. reason old represented theoretical rights; practical city enough terms. enabled meet effectively. compelled unexpected arrangement discharging city's implied very discharged, impaired." 511, 1134. protecting creditors, evidenced approval. Indeed, plan's 513, 1135. serious occurred Faitoute. No suggested acted benefiting bondholders, contention enhanced impracticable change Brief 97-98, 60% approval adequate. supra. conclude cases. V concern. contend harm greatly outweighed benefit. accept invitation engage utilitarian comparison loss. Contrary Black's fear expressed sole dissent 517, 588, "balanced away" action imposed refuse prefer good admittedly State.27 56 justification offered encouraging automobiles transportation. discourage raising improved service. implement possibly self-supporting already exceeded. reject achievement levels. First, essential; entirely removing railroads.28 Second, transit.29 contend, choosing alternatives discretion. completely free consider alternatives. impose evident moderate equally supra, imposition five-year perpetual redemption "quite clearly necessary" orderly administration school lands program. 515-516, 587. failed demonstrate similarly necessary. 58 surrounding regard instructive. There 19th effects unforeseen unintended originally adopted. speculators windfall benefits. adoption "restrict party gains reasonably expected contract" 515, 587.30 59 By contrast, metropolitan area development, likelihood publicly known. 1922, over half ago, pressures full specifically lead 60 During 12-year perception importance undoubtedly grew conservation. unknown changes degree kind. impact 1962. 61 hold ordered. 63 STEWART took 64 POWELL consideration 65 BURGER, concurring. my view, running afoul Furthermore, show did know known So reading I join it. 67 emphasis, note pointedly that, facts "less modification" pass muster, ante, 30, 28. 68 BRENNAN, whom WHITE MARSHALL join, dissenting. Decisions least powerless limiting successor enact furtherance similar collective polity. lawful stand paramount Today's decision, invalidating Legislature's predecessor's rejects previous understanding remolds potent instrument overseeing determinations legislature. same safe haven property embodied distorts jurisprudence governing interests. understand, accept, revival some coherent constructive view policy. elevation regulator heavy frustration policymaking demonstrably unwise unnecessary. today's therefore, mystery me, respectfully dissent. 70 holds constitutes unreasonable invasion hence formulation standard asserted is, unprecedented troubling. 'intended preserve maintain theories,' 1135, (1942), sketch factual background dispute before discussing casual policies prompted relatively inconsequential burdens resulted belies conclusion unreasonably seeking relieve citizens 71 problems planning increasingly demand regional solutions, provides community readymade, efficient encompassing 1,500 square miles Statue Liberty. notes, outset officials aware dependence financing. Consequently, beginning decade primary vehicle finance, featured devices pursuant so-called "1.3 test," disabled issuing one-year 130% maximum. according procedure "section certification," "shall certify" "will ensuing ten longest term ., whichever longer, 811a-812a 72 existed alongside provisions. Viewed simplest terms, preclude programs shifting focal point creditworthiness activities solvency project. Whereas 1.3 section tests permit expanded enormous revenue-generating potential tunnels aggregately suffice investments effectively foreclosed project individually "self-supporting."1 apparent functional systems capable satisfying requirement. wisely accepting restriction quite irrelevant. What passage conclusively demonstrated barrier rapid region squarely conflicts needs community, persist doing century.2 Urban Assistance 1970, 1601a, "within urban areas, move quickly (has become) urgent problem." Concurrently, Clean Air 1857 seq., advocated curtailment air pollution transportation-control strategies emphasis automobile. northern particular, ambient air-quality levels worst Nation, led regulations premised policy: 74 large-scale automotive reductions use. planning, acquisition, should remain, responsibility. improvements planned people instead automobiles." Fed.Reg. 31389 (1973). 75 Finally, cites 751(a)(3) V), signaled welfare," stimulate further initiatives toward programs. 14. 76 societal demands Legislatures found: 77 "In Governors joint building link John International extending (a control) parts Jersey." 168-169, 833, 858 But, "was economically feasible covenant." 170, 859. signing legislation, stated: "Passed overwhelming bipartisan houses removes bi-state construct competing District, forever states undertaking vitally projects. jeopardize security." Quoted ibid. 80 grounded overturning 'the (that) district.' 172, 860. Approximately amounting resulting assist jeopardizing aside believe, unsatisfactory. explicitly takes core defense repeal: faced growing environmental, energy, problems, worked cross-purposes efforts remedying candidly concedes effectuating "admittedly important." Ante, 29. Instead, analysis focuses related, peripheral, matters. 82 several hypothetical methods whereby hope funding "necessary." 29-31. Setting surprising standard,3 fashioning notably fact, except proffered covenant,4 none suggestions compatible antipollution crucial accurately recognizes, rests two-step campaign: inten(d) (1) bridgee service." coordinated strategy arbitrarily casually created, dictated contemporaneous enactments Act,5 stems City's unique geographic situation6 long-standing provisions "reasonable just" expenses diversion subsidies precondition tolls.7 proposals, while interesting speculations, responsive York's real traffic problems,8 intrude deeply complex localized judiciary resolve. 83 Equally unconvincing "were kind." 32. Nowhere told why citizens, confronts issues absolutely unforeseen.9 arbitrary perspective seems peculiarly inappropriate where three summoned major centers fields. record, understand characterization unreasonable. B treatment inadequate, countervailing injury ostensibly suffered barely discernible all. apparently mere "technical impairment" suffices repealer scrutiny invalidation 21. modest statement today attracts intervention understandable. fairly read, record us makes plain occasioned minimal damage Obviously, heart safeguarded periodic repayment principal due. indeed cannot, called validity underlying creditor complains authorities defaulted coupon redeem matured. offer fearing portfolio jeopardized. face judge, who, referring lucrative concluded: "Suffice afforded augmented vast absorb deficits, source significant security, correspondingly increased." 873.10 ignoring unchallenged overall posture, argue respects. securities. 19. acknowledges adduced ambiguous contention, most, temporarily Ibid.11 ultimate significance alleged injury: 88 bottom plaintiff's proofs fails short-term fall-off price, now dissipated insofar repeal." 181-182, (emphasis supplied). 89 Secondly, canceled enjoyed prefers retention removal alone acceptable wooden unfairly diminished security. placing reliance superficial allegation injury, disregard contrary insecurity merit: destroyed record. intact; still barred CBR met, resolutions, wit, expenditures connection 196, 874 supplied).12 91 brief, disregarding detailed findings systematic fashion anything interference realistic establishes infringement pursuit ends. Yet, meager seized resuscitation discarded history delineate reach lawmaking owners. dusts undermines manifestly seek analysis, submit, fundamentally misconceives guarantee. One fundamental premises popular democracy generation representatives desires represent. Crucial assurance legislators undertakings days. philosophy, transactions entered itself. Gunther, 604 (1975); Schwartz, Commentary pt. 2, Rights Property 274 (1965); Wright, 15-16 (1938).13 fully nothing legitimacy relies ebbs flows politics "clean rascals" rascals perpetuate locking 94 Following undertakings, (1810), attempted define consistently processes. central decisions, challenges raised unusual governments. Especially acts variety came clustered rubric "police powers," see Freund, Police Power (1904) preservation natural resources pursued steady intention Constitution's circumscribing 95 theme self-restraint premise retains legislate commonly recognize polity14 inalienable Fertilizing Hyde 659, 1036 (1878), Illinois General fertilizer company 1867 corporate charter run years. invested factory depot designated charter. Five village Park ordinance company's valueless prohibiting offal forbidding confines. nonetheless offended Clause: "We applicable give effectual remedy (to nuisance). belonged Federal They surrender it, now. '. Pure comfortable enjoyment belonging residents) occupancy. 98 (company's) license until revoked; guaranteeing, locality selected, exemption fifty State, however nuisance become 667, 669, 670. 99 Two Clause's subservience reasserted another context. 1867, Mississippi latter chartered lottery "in stipulated sum abolishing lotteries. once unhesitantly 817-818, (1880): 100 'Irrevocable grants franchises supreme State; curtail successors deem proper police' denies (this power) extends morals." Later qualified betterment expanding range Atlantic Coast Line Goldsboro, 232 548, 364, 721 (1914), plaintiff railway lines Pursuant acquired fee rights-of-way activities. company, agreement, enjoys "complete unqualified" owner. 558, 367. brushed ordinances circumscribed railroad's land: 102 "For settled 'contract' clause 'due process' overriding establish order, comfort, community; abdicated away, grant; exercise." 368. 103 perfect conformity important" interests, 29, protection, clean air, facilities. deploying maintenance oppressively capriciously chosen; rather, complies commands laws. Supra, 36-37. necessity, regrettably departs virtually unbroken true property, subordinated areas (Fertilizing (1878); Butchers' Union Crescent 111 746, 652, 585 (1884)); (Hudson (1908); Manigault Springs, 199 473, 127, (1905); cf. Henderson Thompson, 258, 267, 447, 451, 632 (1937); Illinois, 146 387, 452-453, 110, 117-18, 1018 (1892)); (New Orleans Pub. Serv. Orleans, 281 682, 449, 1115 (1930); Erie Public Util. Comm'rs, 254 394, 169, 322 (1921); Denver Denver, 250 241, 450, 958 (1919); supra; Northern Pac. Duluth, 208 583, 341, 630 Chicago, Q. Nebraska ex rel. Omaha, 170 57, 948 (1898); Bristol, 151 437, 269 (1894)). teachings treats lesser sensitivity former Members stressed rights. Even Butler interfere citizens' actions 104 "are (And standard) (u)ndoubtedly city, acting arm wide precautions circumstances." Serv., 686, 450. 105 passing nod n.20, imposes substantive restraints deems inconsistent broader harmonized simple expedient labeling "purely financial," forfeiture "an Jersey's) sovereignty," 23. analytical distinction foundation unhelpful.15 intrusive resorting preserving healthy directly proscribing exercising area. day usefully differences. Cf. Bldg. 438, 240, (1934). 106 aided forestall intentionally withhold on, Von Hoffman Quincy, Wall. 535, 403 (1867), Louisiana Hubert 215 40, 144 (1909); Wolff 358, 395 (1881), indebtedness. Beyond dispute, come embarking motivated desire escape injure others recklessly pursue "studied indifference mortgagee 557, (1935). regard, creates straw man characterizes choice facing adopting new, expansive "would all." 26. disadvantaging spirit oppression, prerogatives. welfare, infringing "plainly arbitrary," 244, end: 107 addressed taken end." 108 stands head, 45, formulates strictly applies novel unduly harsh legislators:16 purpose." 25. spontaneous assured frustrating litigant alike,17 attempts issue. 109 Cardozo's (1935), prime exposition view. relief depressed governments, Arkansas remedies remedial scheme "without remedy" minimum 61/2 government's suspended. 61, 557. invalidated remedies. so, concluding cut excessively bonds: "(W)ith studied has) quality rational investor. "So viewed is) seen unnecessary incidents attractiveness collateral 62, 110 wanting material respects: persuasive discussion, damaging position. Rather, "vital interest(s)," "(t)he events satisfied met corresponding remotely proscribed Kavanaugh: 'acceptable investment,' record." 874. erred formulation. manages refuge open enunciated represent 'outermost limits' authority. This, slender thread hang belated later. And, opening closed Frankfurter Speaking unanimous he employed precise seven earlier, reorganize Park. here: extended reduced rate. suggesting, today, amend alter 112 "(w)here respective corporations acts, subject-matter affects public." 514 1136, Nebraska, 72, 519. 113 satisfies standards should, concluded, terminate litigation. refinement, repeat, hardly justify deploy unyielding policing interpretation plainly odds principles articulated subsequently reconfirmed abolished landowners nonpayment substituting place. Unlike Simmons tangible virtue land-sale contract; indeed, "impairment" permanently lost Texas' "self-interest (was) stake," beneficiary Simmons' curtailed reinstatement. difficulty sustaining clouds title arising 583 (citations omitted): 114 amounted restatement '(n)ot control processes, continues abrogating effect." .' 'Once necessary." markedly deferential philosophy. willingness uphold "technical" showing "necessity" 29-31, particularly distressing, devise abstract concrete actually decided "lesser alternative" taxation substitute overly restrictive n.29. Nothing, abstraction conjecture engaged appropriation monies buy back polluting ensure ; cases, modifications countenanced, instruct business. concerned, availability render (decisionmaker's) invalid." Knebel Hein, 429 288, 294, 549, 553, 485 (1977). "may finds part." Whalen Roe, 589, 597, 869, 875, 115 token, unforeseeability key "reasonable" contends, 32, almost repudiated. Surely convincingly surprise polluted transported factory, unforeseeable lottery, 814. "not unknown," debtor municipality's condition falter foreseeability risk inheres process selecting instances construe prevent confronting believe warranted. province contest judgments" duly decision-makers. 297, 116 remark Term, offers "abstraction(s) substance," National League Cities Usery, 426 860, 2465, 2478, 245 (1976) (dissenting opinion). Given fit strength prove rare phenomenon, turning particularized appraisal worth remembering sacrosanct All rooted certain "expectations" sanctity one's ownership. Compare 19-21, n.17, J. Bentham, Theory (1911 ed.). doctrines akin directing protections Hence command Fifth "private (shall not) use, just compensation" "remains Constitution." 16. heyday associated Lochner York, 198 539, 937 (1905), discarded, (1977), treated liberty Due Process indistinguishable 603-604 Hale, Harv.L.Rev. 852, 890-891 (1944). times, embrace coherent, unified provisions, latitude States') Goldblatt Hempstead, 369 590, 592, 987, 989, 130 (1962), results violations Pittsburgh Alco Parking Corp., 417 369, 2291, 132 (1974); Sproles Binford, 286 374, 388-389, 581, 585, 1167 (1932); Miller Schoene, 276 272, 279-280, 246, 247, 568 (1928); Williamson Lee Optical 348 483, 488, 461, 464, 563 (1955). signals review policies, owners circumstances happen losers. 117 want suggesting blithely proceed down path repudiating obligations, otherwise. Their credibility obviously highly dependent discipline, one, few, any, jurisdictions choose "so foolish(ly) kill goose lays golden eggs them," 410, 171. final adequately policed political processes marketplace itself.18 played one. 52-53. learned ago actively Brethren prepared bear institutional costs. Because dangers intolerable, "No Obligation Contracts U.S.Const., 1. name 416; 496. Jersey," July 1972. 69; 531. Fortieth Forty-first Series aggregate $200 filed, $96 account, custodian, fiduciary capacities. $1,600 outstanding. filed brief amicus curiae. County 1974. 09128/74. "Under Compact levy withheld From exception advanced loans states, solely borrowed repaid operations. concepts emerged realization created: first, projects self-supporting, i. e., cover requirements; second, agency control, covenants operations." 139-140, 841 steps integrity. See, 1925 declarations authorize competitive district limit charges 37, 210, 5. organized "as coordinating agency," 5, whereas description emphasize presence profound 2-5. commission recommended creation responsibility 134-139, 838-841. Alfred Smith said: "(I)t disappointment me opposition progress working distribution main object am stick expense connected 573a-574a. "made fiscal possible." 7. disagreement prospects producing Appellees' assertion self-supporting-facility concept "initially emerged," stated, 140, 841, 1931," establishment "ceased attached 143, 843. (omitted quoted text), promises fees services. prospectively. formula, procedures obtaining 16(b) Resolution. 802a-809a. commissioned First Boston 1971 surcharge going proposal historic favorable vote 696a-699a. win approval, partly requisite unwieldy. 191a-192a. introductory appended recited: newly act, maintaining quo March legislation) act." 707a. Earlier signed, entirety. 1003. complementary amendment text, conform statute. Wilson repealer, observed: "It reluctance approve overturns solemn extraordinary controversy (sic ) speedy resolution questions decide constitutionality, them, unanimously members so." 774a. phrase contains attainder post facto law. Marshall's reference forbidden categories 138-139, punishment. Cummings Missouri, 277, 322-326, 356 (1867); Calder Bull, Dall. 386, 390-391, 648 (1798). retrospective civil consequences "harsh oppressive." Welch Henry, 305 134, 147, 121, 125, (1938). Usery Turner Elkhorn Mining 428 14-20, 2882, 2891-2894, 752 general, language evince enforceable Dodge Board Education, 302 74, 78-79, 98, 100, (1937), Indiana Anderson Brand, 303 95, 104-105, 447-448, 685 enforcement forming aegis. 17, infra. II, 621, 663-670 Between sold $1,260 Bonds. Series, trustee, Ogden Saunders, 213, 606 (1827). third-party beneficiaries testimony indirectly (in $1 billion) retired foreseeable 1105a. indirect supports however. (some $72 million) 56a-57a. form compensation paid. Contributors Pennsylvania Hospital Philadelphia, 20, 35, 124 (1917); 533-534, (1965) (Black, dissenting). per- taining enforcement. "This subsist performed, referred terms.' 429-430, 237, 550, (1867). Wheat., 259-260, 297-298, (opinions Washington JJ.). presumes reached. unconstitutional, pre-existing reached treating manner distinct abolish imprisonment elimination Penniman's Case, 714, 602 (1881); Mason Haile, 370, 660 (1827); Sturges Crowninshield, 122, 200-201, 529 absolute. Impairment Green Biddle, 75-76, 84-85, 547 (1823). Bronson Kinzie, How. 311, 315-318, 143 (1843); Wall., 552-554, 403. remedy/obligation distinction, violating 9, 582-83; 429-435, 236-39. outdated formalism, approximating expectations rely enforcing unlikely expect static. likely upset agreement. respect, disruption expectations. Accord: Stephenson 287 251, 276, 181, 188, 288 480, 130, (1905). 437-438, 239-40. subsumed duration. Subsequent struck limited. Thomas, 292 432-434, 816, 818-819, 1344 (1934) (relief "time, circumstances, need"); Treigle Acme Homestead Assn., 297 189, 195, 408, 575 (1936) (no measure). requirements. Veix Sixth Ward 310 39-40, 792, 795, 1061 (1940) (emergency temporary); (1945) (approving 10th moratorium). Undoubtedly duration factors assessed revocation 25-year lottery. Other g., Pierce Oil Hope, 498, 501, 173, 381 367, (1914); Douglas Kentucky, 168 502-505, 199, 204-05, 553 (1897). 436-437, Wilson, 164, (1812), permanent tax repudiated, sympathetic construction. 179-194 West River Bridge Dix, 507, 535 (1848). U. S., 23-24, 35-36. old. (1935); Pilsbury, 278, 1090 (1882). rate interest. Murray Charleston, 432, 443-446, 760 (1878). borrow restrict 175-178, 42-43, 365-368, 554-555, Fisk Jefferson Jury, 131, 329, 587 (1885) (contract officer). Wood Lovett, 313 362, 1404 (1941); truth cities, sovereignties. ordinary individuals. persons. Hence, pay, reservation payment, exercised. deny absurdity." 445, 760. (1942); 203, (1880). reasons, dual gold clauses. "There interdict repudiate substance engagements confers." Perry 294 330, 350-351, 912 Norman Baltimore O. 304-305, 407, 414, 885 Lynch 571, 580, 840, 844, 1434 (need excuse obligations); Note, Constitutionality Wage Freeze Debt Moratorium: Resurrection 125 U.Pa.L.Rev. 167, 188-191 assessments scheme. Without classifying remedial, "(took) investor." repudiated abrogation Kavanaugh. suggests, post, 41-44, careful unwarranted small. reason, magnitude barriers abrogate compensation. 16, divert transit, exclude imposed. nullity historically formula computing abandoning objective calling abatement Administrator Environmental Protection encouraged "close examination" as, inter alia, "State VMT (vehicle traveled) transit" realignment toll structures "elimination discounts" "possibly peak commuting times carpools." gasoline parking, commuters decreased 1946, 526. benefits deficiency procedures. These values mortgagees recover entitlement. Gelfert Bank, 221, 233-235, 898, 899, 1299 Honeyman Jacobs, 306 542-543, 702, 703-04, 972 (1939); 130-131, 340, (1937). enable Reserve Fund While notes "permitted, transit," 11, restricts small percentage claims. formula. 692a. hands decades 1960's 1970's. deployment retired. trust advises 2007." 24, prospectively 15. e. infra, 59, 17. puzzled really intends seriously footnote's closing reminder impairments" defects subsidization increases formalism. Friends Earth Carey, 1977); 165 1976); EPA, 499 1118 1974). entering leaving tunnels, unusually convenient usage addition promising base. diverted Faced accumulation capital, Highway Administrator, 503 526, evidently obligated disallow Act. Delaware Tiemann, 531 699 (CA3 1976). Department Transportation, San Francisco), costs, travel." 726a-727a. qualify just," supporting revenues. Ibid. stark contrast outlined coordination inadequate community's needs. leaves access potentially tapped Part B, single-minded leads perverse constellation care citizenry relegated (1965), purchasers 31. stake Simmons. ordering objectives compel deserving recognition. "Between 1961 $68,000,000 $137,000,000, $582,732,000 requirements Through figures $161,283,000 $649,750,000, respectively." 195 43, 873 earned surplus unhampered overwhelmingly impressive growth. anomalous aspects recognizing damages, fix "just compensation," compensable monetary found. sidestepping damages question, ibid., mandating burden unwanted relieving creditor-appellant suggests mandate issues, told, condemn However, conclusions, entitle recovery. soundness reflected ratings surveys, Moody's Standard Poor's, carried ("A") (retroactive) 1974." 179, 864. scholar extensive research Convention, perceived agreements. discussed individuals." "(a) search unearth statements contracts." Professor Wright anti-federalists, member ever meaning" "their interpretations denied denials challenged." Parallel freeing allegedly legislators. ambiguity gap "(I)n public, passes implication." Charles Warren Bridge, Pet. 546, 773 (1837). "Every contract). Nothing conceded unmistakable implication clear. affirmative shown. Silence negation, fatal claim. 666, Along lines, noteworthy raises doubts township's Hourigan North Township, N.J.L. 172 193, 196 highest declared: interdiction vested promotion common weal, individuals affected. ramifications lives, morals, comfort people, ordinarily with." purchased conditionally action. ambiguities. Senator Farley, chaired inquired noted: "(W)e appreciate issues. Likewise, you (Commissioner Clancy Authority) lawyer five, ten, twenty hence." 89a subjectively believed unimpeachable hesitancies Marshall "doubt (appellant's) claim." 666. difficulties, question-begging categorize inviolable powers, vis-a-vis conception sovereignty simplistic unpersuasive. 23, principle, "taxing unlike domain, lie outside rule, 24. Before supposed tax, employees wage derive immune Commerce thought plenary nature. reasoned minimum-wage falls "States qua 847, 2472, rightfully unease developing marked consistency intuitive appeal. resting dubious sovereignty, contracts" notwithstanding fail untenable. (1812) (Contract precludes exemption) overruled, uniformly avoided adherence reasoning holding. Clyde Gilchrist, 262 94, 883 (1923); Seton Hall South Orange, 242 54, (1916); Rochester Rochester, 205 236, 469, 784 (1907); Wisconsin M. Powers, 191 107, 229 (1903); Morgan Louisiana, 217, 860 (1876). appreciate, operative branded "financial." adjudging constitutionality State," College, 106, tolerates society generally. contemplates stricter issue, points multiheaded 25-26. previously, supra historical rationale inclusion citation n.25, rewriting history. Gold Cases, constitution- ality tender currency 'by 10,000 dollars 25.8 grains gold, .9 fine,' 347, 433, dollar acquired. complained inflation devalued conversion. Government defended ground obstructed Congress' "regulate Value" accordingly, argued recovery, permitting parties" exchange rate, 350, Government's governed provisions: "borrow Money States," questioned," Amdt. 14, 4. differential collision Government, purport suggest counterpart, review, formulations, direction take, relative weight right. words "necessary" fused meaning, judges experience contexts. Reasonableness signified relaxed regime inquiry. Dandridge Williams, 397 471, 485, 1153, 1161, 491 (1970) ("If classification 'reasonable basis,' offend Constitution"). Contrariwise, traditionally penetrating mode review. Shapiro 394 618, 634, 1322, 1331, 600 (1969) "necessary compelling interest"). test, represents hybrid merge polar extremes intervention, Foreword: Search Evolving Doctrine Changing Court: Model Newer Equal Protection, (1972), synthesis. Plainly, apt considerable confusion wielding schizophrenic instrument. might, sense purpose," fortiori "reasonable." discover meanings "Necessary" comport notion instance, bears uses tool involved. inquire narrower regulations." Struve, Less-Restrictive-Alternative Principle Economic Process, 1463 (1967). concludes hypothesize objectives, importance, nn. n.28. approach, deferred correctly decided. 59. "reasonableness" better. longer policymakers. ask surprise, 31-32. Again, constrictive test. 59-60. appellant, combined holdings marketplace. myriad sophisticated investors, banks, analysts oversee affairs municipalities appear credit. enters treat abusively, exact "justice" quicker surer offer. paradigm "discrete" "insular" appealing

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