Opinion ID: 1547708
Heading Depth: 1
Heading Rank: 5

Heading: Holland Tunnel.

Text: The Holland Tunnel was constructed by the two states and operated by them until 1930 through Commissions. In that year by concurrent legislation the two states provided that the Holland Tunnel should be conducted and continued as part of the operations of the Authority which are thereby vested with its control, operation and maintenance, the states, however, retaining title. The revenues were to be held by the Authority as agent of the states. The statutes provided that all obligations made or assumed by the Authority in connection with the tunnel should be assumed in its own name and should create no liability of the two states, or either of them. The Authority was authorized to raise funds through the sale of its own bonds, pursuant to which authorization Interstate Bridge and Tunnel Bonds  Series E (one of the two bonds issued involved in this case) were issued in amount of $50,000,000. The proceeds from the sale of these bonds were to repay the states for outlays in connection with the tunnel. The bonds were secured by the tolls from the tunnel. P.L.N.J.1930, c. 247; N.J.S.A. 32:2-27; Laws N.Y.1930, c. 421.