Page:United States Statutes at Large Volume 49 Part 1.djvu/1108

 74 TH CONGRESS. SESS. I. CH. 833 . AUGUST 30, 1935 . fo r the tr ansporta tion of passenge rs by ve hicles o ver the Delaware River by any other person or body, than the commission, within a distance of ten miles in either direction from any such toll bridge, measured along the boundary line between the said Commonwealth and the said State. ARTICLE VII The bonds or obligations which may be issued by the commission Commission's bonds for any of its authorized purposes, and as security for which tolls, made Sta te s ecuri ties. rents, rates, and other revenues shall have been pledged, are hereby made securities in which all State and municipal officers and bodies of the Commonwealth of Pennsylvania and the State of New Jersey, and all banks, bankers, trust companies, savings banks, savings and loan associations, investment companies, and other persons carrying on aa banking business, or insurance companies, insurance asso- ci ations, and othe r person s carryi ng on an insuran ce busin ess, and all administrators, executors, guardians, trustees, and other fiduciaries, and all o ther person s what soever, who now or may herea fter b e authorized to invest in bonds or other obligations of the Common- wealth of Pennsylvania or of the State of New Jersey, may prop- er ly and l egally i nvest fu nds, inc luding c apital b elonging to them or within their control ; and said bonds or other obligations are he reby mad e securi ties whi ch may p roperly and lega lly be d eposited with and received by any State or municipal officer, or agency of the Commo nweal th of Pennsy lvania and the St ate 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 VIII The ef fectuati on of it s author ized pur poses by the com mission is and will be in all respects for the benefit of the people of the Com- monwealth of Pennsylvania and the State of New Jersey, and for the increase of their commerce and prosperity, and since the com- mission 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 purposes authorized by this agreement ; and the bonds or obligations issued by the commission, their transfer, and the income therefrom, including any profits made on the sale thereof, shall, at all times, be. free from taxation within the Commonwealth of Penn- sylvania and the State of New Jersey. ARTICLE IX The commission shall make annual reports to the Governors and Legislatures of the Commonwealth of Pennsylvania and the State of New Je rsey, setting forth in deta il its operat ions and trans actions, and may make such additional reports, fr om time to time, to the Governors and legislatures as it may deem advisable. Whenever the commission, after investigation and study, shall have concluded plans, with estimates of cost, and means of financing any new toll bridge across the Delaware River, as hereinbefore provided, it shall make to the legislatures of each State, at the next sessions thereo f, a det ailed re port, de aling wi th the c ontempla ted proj ect ; but such project may, nevertheless, be proceeded with if the legisla- tures of said States, o r either of t hem, are not in session. 1063 Effectuation of pu r- poses. Annual reports to be made.