Page:United States Statutes at Large Volume 73.djvu/619

 T3 S T A T. ]

PUBLIC

LAW 86-302-SEPT. 21, 1959 "ARTICLE 4

TLNAXCES AND MISCELLANEOUS

' ' i

"4.1. Power to borrow. The transportation agency shall have onlysuch power to borrow money and issue its negotiable bonds and notes as may hereafter be delegated to it by concurrent legislation. "4.2. State and municipal credit excluded. The transportation agency shall have no power to pledge the credit of either state party to this compact or to impose any obligation upon either state, directly or indirectly, or to pledge the credit or impose any obligation upon any county or municipality, unless and until such power shall be expressly granted by concurrent legislation and, where any county or municipality is involved, with its consent and agreement. "4.3. Advances by the states. Each of the states further covenants and agrees to appropriate the sum of twenty-five thousand dollars for the payment of the current operating expenses of the transportation agency for the period beginning with the date on which this compact is approved by the congress and ending on June thirtieth, nineteen hundred sixty; but each state reserves the right to provide by law from time to time for budgetary and audit controls on the expenditure of such appropriations, and of any other funds coming into the hands of the transportation agency. "4.4. Powers of others. Each and every person, corporation or other entity, county, municipal body, and agency of government of either or both of the two states is empowered to negotiate, enter into agreements with the transportation agency, and perform the same in accordance with the provisions of this compact, of any plan approved hereunder, and of any concurrent legislation enacted hereunder. "4.5. The existence of the metropolitan rapid transit commission created by chapter forty-four of the laws of nineteen hundred fiftyfour of the state of New Jersey and by chapter eight hundred one of the laws of nineteen hundred fifty-four of the state of New York is hereby terminated except for the purpose of winding-up, which shall be completed as expeditiously as possible. All books, records, reports, studies, maps, plans, correspondence, files, and papers of whatever kind whatsoever in the hands of said commission shall be turned over to the transportation agency and any property remaining in the hands of said commission shall be offered to the transportation agency and if not accepted by said agency shall be transferred to the two states. "4.6. Duration. The transportation agency shall continue in existence until June thirtieth, nineteen hundred sixty-one, but the duration of its existence may be continued for such term or terms thereafter as concurrent l^islation may provide. "4.7. Amendments. Amendments and supplements to this compact to implement the purposes thereof may be adopted by concurrent legislation. "4.8. Severability of act. If any part or provision of this act or the application thereof to any person or circumstances be adjudged invalid by any court of competent jurisdiction, such judgment shall be confined in its operation to the part, provision, or application directly involved in the controversy in which such judgment shall have been rendered and shall not affect or impair the validity of the remainder of this compact or the application thereof to other persons or circumstances, and the states hereby declare that they would have entered into this compact or the remainder thereof had the invalidity of such provision or application thereof been apparent."

581

�