| OCR Text |
Show DELAWARE RIVER BASIN COMPACT 169 mittees of the properties of incompetent persons, and other fiduciaries, and all other persons whatsoever who now are or may hereafter be authorized to invest in bonds or other obligations of any signatory State, may properly and legally invest any funds, including capital belonging to them or within their control; and said bonds or other securities or obligations are hereby made securities which may prop- erly and legally be deposited with and received by any State or mu- nicipal officers or agency of any signatory State for any purpose for which the deposit of bonds or other obligations of such State is now or may hereafter be authorized by law. "5. Each of the signatory States hereby pledges to and agrees with the holders of the bonds and notes issued in accordance with the pro- visions of this compact, that such State will not limit or restrict the rights hereby vested in the Commission to maintain, construct, recon- struct, and operate any project as defined in this compact or to es- tablish and collect such rents, fees, receipts or other charges as may be convenient or necessary to produce sufficient revenues to meet the expenses of maintenance and operation thereof and to fulfill the terms of any agreements made with the holders of bonds authorized by this compact or in any way impair the rights or remedies of the hold- ers of such bonds until the bonds, together with interest thereon, are fully paid and discharged. "ARTICLE XIV-CREDIT OF SIGNATORY STATES NOT PLEDGED "Bonds or notes issued under the provisions of this compact shall not be deemed to constitute a debt or liability of any of the signa- tory States or of any political subdivision thereof or a pledge of the faith and credit of any of the signatory States or of any such political subdivision. All such bonds or notes shall contain on the face thereof a statement to the effect that none of the signatory States nor any political subdivision thereof is obligated to pay the same or the in- terest thereon and that neither the faith and credit nor the taxing power of any signatory State or of any political subdivision thereof is pledged to the payment of the principal of or the interest on such bonds. "ARTICLE XV-NON-IMPAIRMENT OF STATE POWERS "1. Nothing in this compact shall be construed as impairing the powers of any signatory State to develop, improve, utilize, control, or conserve the water resources of the upper Delaware River Basin with- in the boundaries of such State; provided, however, that the exercise of such powers by said State shall not conflict with the power of the Commission established by this compact with respect to those water resources authorized to be developed, improved, utilized, controlled, or conserved by such Commission. "2. Nothing in this compact shall be deemed to authorize the taking in any of the signatory States of a supply of water from this Com- mission unless and until all of the laws of the State, in which the proposed taking of such water is located, have been complied with, and the approval of such taking has been secured from the appro- priate agency or agencies of said State having jurisdiction over the taking of water supplies. 94-497-69------12 |
