Fidelity Union Trust Co. v. New Jersey Highway Authority

The opinion of the Court was delivered by

SCHREIBER, J.

We are called upon to consider in this case the impact on holders of New Jersey Highway Authority bonds of an amendment to the New Jersey Highway Authority Act, N.J.S.A. 27:12B-1 et seq. (Act), which confers upon the Governor and either the state treasurer or the comptroller of the treasury the right in effect to veto toll adjustments, their written approvals being required before tolls may be modified, L. 1973, c. 370, § 1 (amending N.J.S.A. 27:12B-4). The asserted invalidity of the amendment is primarily ascribed to the clauses in the…