Page:United States Statutes at Large Volume 47 Part 1.djvu/340

 316 72d CONGRESS. SESS. I. CH. 258. JUNE 14,19 32 . " ARTICLE X pon ds made securi- " The bonds or other securities or obligations which may be issued ties of State. by the co mmiss ion fo r any of its autho rized purpo ses, a nd as securi ty for which there may be pledged the tolls, rents, rates, and other rev enues, or a ny par t ther eof, o f any prope rties or fac ilitie s owne d, operated, or controlled by the commission (including the aforesaid existing bridge across the Delaware River and the aforesaid facilities for the tran spor tatio n of pass enge rs a cross the said bri dge), are hereby made securities in which all State and municipal officers and bodies of the Commonwealth of Pennsylvania and State of New Jersey, all banks, bankers, trust companies, savings banks, saving and loan a ssocia tions, inve stment compa nies, and o ther p ersons carry - ing on a banking business, all insurance companies, insurance asso- ciations, and other persons carrying on an insurance business, and all administrators, executors, guuardians, trustees, and other fidu- ciaries, and all other persons whatsoever, who are now or hereafter may be authorized to invest in bonds or other obligations of the Commonwealth of Pennsylvania or of the State of New Jersey, may prop erly a nd leg ally invest any f unds, inclu ding c apital belon ging t o them or within their control ; and said bonds or other securities or obligations are hereby made securities which may properly and legally be deposited with and received by any State or municipal officer or agency of the Commonwealth of Pennsylvania or the State of New Jersey for any purpose for which the deposit of bonds or other obligations, either of the Commonwealth or of the State, is now or may hereafter be authorized. " ARTICLE XI Purposes of construe- Lion . Commission reports. "The effectuation of its authorized purposes by the commission is and will be in all respects for the benefit of the people of the Commonwealth of Pennsylvania and the State of New Jersey, for the increase of their commerce and prosperity, and for the improve- ment of their health and living conditions, and since the commission will be performing essential governmental functions in effectuating said purposes, the commission shall not be required to pay any taxes or assessments upon any property, acquired or used by it for such purposes, and the bonds or other securities or obligations issued by the commission, their transfer, and the income thereof (includ- ing any profits made on the sale thereof) shall, at all times, be free from taxation within the Commonwealth of Pennsylvania and the State of New Jersey. "ARTICLE XII t~ The commission shall make annual reports to the Governors and Legislatures of the Commonwealth of Pennsylvania and the State of New Jersey, setting forth in detail its operations and trans- acti ons, and may make such add ition al r eport s, f rom t ime to t ime, to the governors and legislatures as it may deem desirable . "Whenever the commission, after investigation and study, shall have concluded plans, with estimates of cost, and means of financing any new project, other than those described in article 1, subdivi- sion (b) hereof, for transportation across or under the Delaware Rive r wi thin the area here inbe fore desc ribed, an y new pro ject for the improvement of the Delaware Rivers port facilities, or any