Слике страница
PDF
ePub

The Port Authority cannot pledge the credit of either State or of any municipality as a means of securing funds to carry out any of the suggested works. It cannot levy taxes from any source. It must secure capital from investors on securities to be based on the properties it constructs, purchases or leases in carrying out its plans. The soundness of the enterprises must be proved by economic data, therefore the work can be undertaken only when investors have been satisfied that economic justification exists. The cost of service must necessarily provide for operation and maintenance and for interest upon and amortization of the bonds or other securities. Other ports in the United States and Canada have established similar organizations to The Port of New York Authority for the development and administration of their port affairs. Some of them have much greater powers than those vested in The Port of New York Authority by the compact between the States of New York and New Jersey. It is upon such a basis that the great port of Liverpool has been built up and that the Port of London is being entirely reorganized and immensely enlarged. The securities of the Mersey Docks and Harbour Board of Liverpool issued upon the credit of the works to be performed have met a ready market and are favored by investors as are those of the Port of London Authority. The improvements there are and will be here operated in the public interest and when the capital is amortized the improvements will be publicly owned in fee.

Maps and Plans.

There are included in this report, maps illustrating suggestions for prompt relief, suggesting highway routes for motor traffic and pictures of various municipal projects planned or already under construction, the availability and success of some of which will largely depend upon the comprehensive plan.

Conclusion.

In conclusion the Commissioners recommend the adoption by the two States of the comprehensive plan as shown upon map entitled "Comprehensive Plan" with its accompanying detailed description.

We have the honor to remain,

[blocks in formation]

APPENDIX

[25]

« ПретходнаНастави »