of traffic. Accordingly, the two States provided that the construction and operation of such bridges and tunnels authorized by State law, should be unified under the Port Authority. The legislation referred to, however, leaves the Congress of the United States free to exercise its powers with respect to interstate crossings. In 1947 the two States adopted legislation authorizing municipalities in the Port District to cooperate with the Port Authority in the development of marine terminals and empowered them to consent to the use by the Port Authority of any municipally owned marine terminal development, including the right to convey, lease, or otherwise transfer such marine terminal development to the Port Authority. The Port Authority may also acquire privately owned marine terminal properties under the original Compact. The two states also adopted legislation in 1947 declaring that the problem of furnishing proper and adequate air terminal facilities within the Port District is a regional and interstate problem and that it should be the policy of the two states to encourage the integration of air terminals so far as practicable in a unified system. In furtherance of said policy and in partial effectuation of the Comprehensive Plan the Port Authority was authorized to proceed with air terminal development within the Port District. The Authority raises the necessary funds for the construction or acquisition of its facilities upon the basis of its own credit, its reserve funds and its future revenues. In the past such funds have been supplemented in certain cases by state and federal contributions. The Authority has no power to levy taxes or assessments. Its bonds and other obligations are not obligations of the two States or of either of them, and they are not guaranteed by the States (except for any bonds to be issued in connection with New York State's Railroad Car Program, see page 13). In carrying out its program the Authority functions as a public corporation employing sound business principles and practices. A career staff of over 4,400 employees is headed by an Executive Director who is responsible to a twelve man board of commissioners hereinafter described. The revenues of the Authority are derived principally from the toll charges on bridges and tunnels and from landing, dockage, rental and other charges for the use of space and privileges at its air, marine and inland terminals hereinafter described. By reason of statutory provisions and agreements with the holders of its bonds, the purposes for which its various funds, including revenues, can be expended are limited and restricted. In order to determine the moneys which are or will become available to meet the interest upon and principal of any of its obligations, it is necessary to examine the statutes and resolutions affecting the particular issue, the more important of which are listed in Appendix IV. The Authority consists of twelve commissioners, six from each State, appointed by the Governor thereof, with the advice and consent of the Senate. The commissioners serve without remuneration for six year overlapping terms. They are engaged in business or professional activities apart from their offices as Commissioners. In some cases these involve business or professional connections or relations with persons, firms or corporations which do business with or are actual or potential users of the Authority's transportation and terminal facilities. The present Commissioners, and their principal activities, are as follows: Facilities of the Port Authority The locations of the facilities now operated by the Authority are shown on the map of the Port of New York District appearing as the frontispiece of this Official Statement. Bridges and Tunnels The Port Authority operates all the interstate vehicular bridges and tunnels in the Port of New York District. The volume of vehicular traffic upon all Port Authority bridges and tunnels for the years 1943 to 1959, inclusive, is shown in the following chart. Holland Tunnel The Holland Tunnel was constructed and originally operated by other state agencies. In March, 1931, the control, operation, tolls and other revenues were vested in the Port Authority. It provides a traffic link between lower Manhattan and Jersey City. Each of its two tubes has a 20 foot roadway consisting of two traffic lanes. The portal to portal length is about 8,500 feet. The cost of the tunnel, with improvements made to date, approximates $57,850,000. 1959 vehicular traffic totaled about 21,140,000 one-way trips. The States of New York and New Jersey have enacted legislation authorizing the Port Authority to enter into agreements with the New Jersey Turnpike Authority and the New Jersey Highway Department, whereby the Port Authority would contribute to certain costs of interchange improvements to be made to the New Jersey Turnpike in the vicinities of the Holland Tunnel and Newark Airport. Lincoln Tunnel The Lincoln Tunnel, also a Hudson River crossing, has its portals in midtown Manhattan at West 39th Street and in Weehawken, N. J. The roadway of each of the three tubes of the tunnel is 211⁄2 feet wide and their portal to portal length averages about 7,900 feet. The tunnel (first tube) was initially opened to traffic in 1937. The cost of the three tubes, with all approaches and improvements to date, including a peripheral automobile parking lot in North Bergen, N. J., is approximately $182,500,000. Contained in this total is about $94,100,000 representing the cost to date of the recently completed third two-lane tube and the extensive enlargements and improvements of the original approaches. Six lanes of traffic can now flow at one time and the number of lanes in each direction can be varied to accommodate demand. Under construction at the present time are new extensions and approaches which will connect with The Port Authority Bus Terminal (See, "The Port Authority Bus Terminal", p. 12). The Authority has agreed with the City of New York that the Authority will construct certain additional approaches estimated to cost about $7,000,000 when, as and if Lincoln Tunnel traffic volume reaches thirty million vehicles a year and if the City of New York has theretofore acquired the necessary real estate for such approaches. 1959 vehicular traffic totaled about 26,925,000 one-way trips. George Washington Bridge The George Washington Bridge, originally opened for traffic in 1931, is an eight-lane suspension bridge over the Hudson River joining upper Manhattan and Fort Lee, N. J. The length of the river span of the bridge is approximately 3,500 feet, the length of the principal bridge structure between anchorages is 4,760 feet, and the width is 124 feet. The cost of the bridge, with improvements made to date, including amounts expended for the second deck as described below, has reached approximately $113,000,000. Vehicular traffic in 1959 totaled about 38,450,000 one-way trips. The Authority is now in the process of constructing a second deck to the George Washington Bridge. This improvement will provide six additional traffic lanes, and in conjunction therewith there will be constructed a new highway across northern Manhattan. It is contemplated that the Authority will provide about $25,000,000 toward the cost of proposed new and/or improved approach highways to be built by the New Jersey State Highway Department in relation to the Bridge and located in Bergen County, New Jersey. The Port Authority also proposes to construct a bus passenger facility in the Washington Heights section of Manhattan as part of the George Washington Bridge improvement. The presently estimated total cost of providing the improvements described in this paragraph is about $183,000,000. Bayonne Bridge This bridge, opened in 1931, over the Kill van Kull, connects Bayonne, N. J., and Port Richmond, Staten Island, N. Y. It is a steel arch structure, 74 feet wide, the length of the arch span being 1,675 feet, and the total length of the bridge and approaches being about 8,100 feet. The approximate cost of construction was $13,000,000. 1959 vehicular traffic totaled about 2,435,000 one-way trips. Goethals Bridge The Goethals Bridge, opened in 1928, furnishes a highway connection over the Arthur Kill between Elizabeth, N. J., and Howland Hook, Staten Island, N. Y. It is a cantilever structure, the main span of which is 672 feet and the total length from plaza to plaza is about 8,775 feet. The approximate cost of construction was $7,500,000. Vehicular traffic in 1959 totaled about 3,750,000 one-way trips. Outerbridge Crossing The Outerbridge Crossing, similar in design to the Goethals Bridge and opened at the same time, spans the Arthur Kill between Perth Amboy, N. J., and Tottenville, Staten Island, N. Y. The main span of the bridge is 750 feet in length and the length from plaza to plaza totals about 10,000 feet. The cost of construction was approximately $10,000,000. Vehicular traffic in 1959 totaled about 2,270,000 one-way trips. Air Terminals The Port Authority operates the four largest air terminals and the only heliport for commercial aviation in the Port of New York District. The following chart depicts the number of passengers embarking or disembarking at all Port Authority airports for the years 1948 to 1959. La Guardia Airport is located at Flushing Bay in the Borough of Queens, New York City, on the north shore of Long Island. It is about 550 acres in area. Opened under New York City operation on December 3, 1939, it was leased, together with New York International Airport, to the Port Authority by the City of New York for a term beginning on June 1, 1947 and ending when all Port Authority obligations issued in connection with the two air terminals have been paid, but in any event not later than May 31, 1997. La Guardia Airport has two runways in use which are 200 feet wide, and 6,000 and 5,000 feet long, respectively. This Airport has ten active hangars. The Port Authority's capital investment in La Guardia Airport (over and above the City's investment) was about $16,400,000 at the end of 1959. The Authority has commenced a redevelopment program for La Guardia Airport estimated to cost in excess of $50,000,000. The redevelopment, to be carried out in a series of planned stages, would include a large new passenger terminal, an increase in aircraft gate positions by 50%, a new control tower, the rehabilitation of one runway, the construction of a new runway, and work upon associated taxiways and aprons. The redevelopment program was adopted upon reaching agreement with the airline lessees using the airport for an increase in certain rates of charges over those established in the original leases and for the use of the new construction. Plane movements during 1959 were at the rate of almost one landing or take-off every 2 minutes-about 230,000 movements during the year and about 5,410,000 passengers arrived or departed. New York International Airport New York International Airport (formerly known as Idlewild Airport) was leased, together with La Guardia Airport, to the Port Authority by the City of New York. Opened on July 1, 1948, this Airport is located on Jamaica Bay in the Borough of Queens, New York City, in southern Long Island. It is about 5,000 acres in area. The Port Authority had invested about $262,800,000 in this Airport at December 31, 1959. Five runways are now in use ranging in length from approximately 8,000 feet to 14,600 feet. At the present time fifteen hangars are in operation at the Airport. Two additional hangars are under construction, the presently estimated final cost of which is about $10,800,000. The Port Authority is constructing a new passenger terminal development at this Airport. This development includes an International Arrival Building with two adjacent Airline Wing Buildings and will also include several individual Airline Terminals, with roadways, taxiways and aprons all within a 655-acre landscaped oval. The development is planned to accommodate 140 aircraft at one time. The presently estimated cost of the ultimate project is about $150,000,000. The International Arrival Building and the Airline Wing Buildings were placed in operation during December 1957. At the close of 1959 two of the individual unit terminals have been completed and placed in operation and four others are under construction. Plane movements during 1959 totaled about 214,000, and approximately 6,990,000 passengers arrived at or departed from this airport. Newark Airport Newark Airport now consists of about 2,300 acres along the Newark-Elizabeth boundary, which include about 800 acres in the City of Elizabeth. This air terminal was opened under City of Newark operation in October 1928, and was subsequently leased to the Port Authority by the City, together with Port Newark marine terminal, for a term beginning March 22, 1948 and ending when all Port Authority obligations issued in connection with the two terminals have been paid, but in any event not later than March 22, 1998. There are two active runways in use. One is 7,000 feet long and 200 feet wide and the other is 6,850 feet long and 150 feet wide. There are now seven hangars at the airport. The Port Authority has recently completed a new cargo handling center at a cost of about $3,500,000 and a new control tower costing about $1,750,000. Certain proposed construction in connection with New Jersey Turnpike extensions has been referred to above on page 6. |