S T A T E   O F   N E W   Y O R K
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                                  5998

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                              June 18, 2015
                               ___________

Introduced  by  Sen. LANZA -- (at request of the Governor) -- read twice
  and ordered printed, and when printed to be committed to the Committee
  on Rules

AN ACT to amend chapter 154 of the laws of 1921  relating  to  the  port
  authority  of  New  York and New Jersey, in relation to port authority
  organization, open meetings, public hearings, financial reporting  and
  handling of property

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Short title. This act shall be known and may  be  cited  as
the "port authority of New York and New Jersey transparency and account-
ability act of 2015".
  S  2. Article 4 of section 1 of chapter 154 of the laws of 1921 relat-
ing to the port authority of New York and  New  Jersey,  as  amended  by
chapter 419 of the laws of 1930, is amended to read as follows:
                               ARTICLE IV
  1.  COMMISSIONERS.  The port authority shall consist of twelve commis-
sioners, six resident voters from the state of New York, at  least  four
of  whom shall be resident voters of the city of New York, and six resi-
dent voters from the state of New Jersey, at least four of whom shall be
resident voters within the New Jersey portion of the district,  the  New
York  members  to  be chosen by the state of New York and the New Jersey
members by the state of New Jersey in the manner and for the terms fixed
and determined from time to  time  by  the  legislature  of  each  state
respectively,  except  as  herein  provided.  Each  commissioner  may be
removed or suspended from office as provided by the  law  of  the  state
from which he shall be appointed.
  2.  OFFICERS.  A. THE OFFICERS OF THE PORT AUTHORITY SHALL BE A CHAIR-
PERSON, A VICE CHAIRPERSON, A CHIEF EXECUTIVE OFFICER, A  GENERAL  COUN-
SEL,  A  CHIEF FINANCIAL OFFICER, A CHIEF ETHICS AND COMPLIANCE OFFICER,
AN INSPECTOR GENERAL, A  TREASURER,  A  COMPTROLLER,  AND  A  SECRETARY.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD12032-04-5
              

S. 5998                             2

BEGINNING UPON THE NEXT HIRING OF A CHIEF EXECUTIVE OFFICER BUT NO LATER
THAN  A  YEAR FROM THE EFFECTIVE DATE OF THE CHAPTER OF THE LAWS OF 2015
THAT AMENDED THIS ARTICLE, THE POSITIONS OF CHAIRPERSON AND VICE  CHAIR-
PERSON  SHALL  BE  ROTATED  FOR  A TERM OF TWO YEARS AMONG COMMISSIONERS
APPOINTED BY NEW YORK AND NEW JERSEY, WITH A CHAIRPERSON  ELECTED  FIRST
FROM AMONG THOSE COMMISSIONERS APPOINTED BY THE GOVERNOR OF NEW YORK AND
A   VICE  CHAIRPERSON  ELECTED  FIRST  FROM  AMONG  THOSE  COMMISSIONERS
APPOINTED BY THE GOVERNOR OF NEW JERSEY, AFTER  WHICH  THE  NEXT  CHAIR-
PERSON  SHALL  BE  ELECTED FROM AMONG THOSE APPOINTED BY THE GOVERNOR OF
NEW JERSEY AND THE NEXT VICE CHAIRPERSON SHALL  BE  ELECTED  FROM  AMONG
THOSE APPOINTED BY THE GOVERNOR OF NEW YORK AND THEREAFTER THE POSITIONS
OF  CHAIRPERSON AND VICE CHAIRPERSON SHALL ROTATE EVERY TWO YEARS IN THE
SAME ORDER AS ESTABLISHED HEREIN PROVIDED THAT THE FAILURE OF THE  BOARD
OF  COMMISSIONERS  TO ELECT A NEW CHAIRPERSON AND VICE CHAIRPERSON SHALL
NOT PREVENT THE ROTATION OF THE POSITIONS OF CHAIRPERSON AND VICE CHAIR-
PERSON TO THE NEXT SUCCEEDING STATE.
  B. NO COMMISSIONER, INCLUDING THE CHAIRPERSON, SHALL SERVE AS THE PORT
AUTHORITY'S CHIEF EXECUTIVE OFFICER, GENERAL  COUNSEL,  CHIEF  FINANCIAL
OFFICER,  CHIEF  ETHICS  AND  COMPLIANCE  OFFICER, INSPECTOR GENERAL, OR
COMPTROLLER, OR HOLD ANY OTHER EQUIVALENT POSITION WHILE  SERVING  AS  A
COMMISSIONER.
  3.  ROLE  AND  RESPONSIBILITIES OF COMMISSIONERS. A. THE COMMISSIONERS
SHALL PROMULGATE A COMMISSIONER'S OATH OF OFFICE  IN  CONSULTATION  WITH
THE CHIEF ETHICS AND COMPLIANCE OFFICER.
  B.  AT  THE  TIME  THAT A COMMISSIONER OF THE PORT AUTHORITY TAKES AND
SUBSCRIBES THE COMMISSIONER'S OATH OF OFFICE, OR WITHIN SIXTY DAYS AFTER
THE EFFECTIVE DATE OF THIS SUBDIVISION IF THE COMMISSIONER  HAS  ALREADY
TAKEN AND SUBSCRIBED THE COMMISSIONER'S OATH OF OFFICE, THE COMMISSIONER
SHALL  EXECUTE  A  STATEMENT DECLARING THAT THE COMMISSIONER UNDERSTANDS
THE COMMISSIONER'S INDEPENDENCE  AND  FIDUCIARY  OBLIGATION  TO  PERFORM
DUTIES AND RESPONSIBILITIES TO THE BEST OF THE COMMISSIONER'S ABILITIES,
IN  GOOD  FAITH  AND  WITH PROPER DILIGENCE AND CARE WHICH AN ORDINARILY
PRUDENT PERSON IN LIKE POSITION WOULD USE  UNDER  SIMILAR  CIRCUMSTANCES
AND  MAY  TAKE  INTO CONSIDERATION THE VIEWS AND POLICIES OF ANY ELECTED
OFFICIALS OR BODIES AND ULTIMATELY APPLY  INDEPENDENT  JUDGMENT  IN  THE
BEST  INTEREST  OF  THE  PORT  AUTHORITY,  ITS  MISSION, AND THE PUBLIC,
CONSISTENT WITH THE ENABLING COMPACT, MISSION, AND BY-LAWS OF  THE  PORT
AUTHORITY AND THE APPLICABLE LAWS OF BOTH STATES; AND THAT THE FIDUCIARY
DUTY TO THE PORT AUTHORITY IS DERIVED FROM AND GOVERNED BY ITS MISSION.
  C.  INDIVIDUALS  APPOINTED TO THE BOARD OF COMMISSIONERS SHALL PARTIC-
IPATE IN TRAINING APPROVED BY THE CHIEF ETHICS AND COMPLIANCE OFFICER IN
CONSULTATION WITH THE INSPECTOR GENERAL OF THE PORT AUTHORITY  REGARDING
THEIR LEGAL, FIDUCIARY, FINANCIAL AND ETHICAL RESPONSIBILITIES AS DIREC-
TORS  OF AN AUTHORITY WITHIN SIX MONTHS OF APPOINTMENT TO THE AUTHORITY.
THE COMMISSIONERS SHALL PARTICIPATE IN CONTINUING  TRAINING  AS  MAY  BE
REQUIRED  TO REMAIN INFORMED OF BEST PRACTICES, REGULATORY AND STATUTORY
CHANGES RELATING TO THE EFFECTIVE OVERSIGHT OF THE MANAGEMENT AND FINAN-
CIAL ACTIVITIES OF PUBLIC AUTHORITIES AND TO ADHERE TO THE HIGHEST STAN-
DARDS OF RESPONSIBLE GOVERNANCE.
  D. (1) A COMMISSIONER SHALL NOT VOTE ON OR PARTICIPATE IN ANY BOARD OR
COMMITTEE DISCUSSIONS OR DECISIONS  WITH  RESPECT  TO  AN  ITEM  IF  THE
COMMISSIONER,  A  MEMBER  OF  THE  COMMISSIONER'S IMMEDIATE FAMILY, OR A
BUSINESS IN WHICH THE COMMISSIONER HAS AN INTEREST HAS A DIRECT OR INDI-
RECT FINANCIAL INVOLVEMENT THAT MAY REASONABLY BE EXPECTED TO IMPAIR THE
COMMISSIONER'S OBJECTIVITY OR INDEPENDENT JUDGMENT OR THAT  MAY  REASON-
ABLY  CREATE THE APPEARANCE OF IMPROPRIETY.  A COMMISSIONER SHALL REPORT

S. 5998                             3

SUCH A NEED FOR RECUSAL TO THE GENERAL COUNSEL  WHEN  IT  ARISES.    THE
PUBLIC  SHALL  BE INFORMED OF ANY RECUSALS PRIOR TO ANY BOARD ACTION AND
THE MINUTES SHALL CLEARLY REFLECT THAT RECUSAL.
  (2) FOR THE PURPOSES OF THIS SUBDIVISION, THE TERMS:
  (I)  "IMMEDIATE  FAMILY"  SHALL  MEAN:  A  SPOUSE,  PARENT,  CHILD, OR
SIBLING; AND
  (II) "INTEREST" SHALL MEAN: (A) IF  THE  BUSINESS  ORGANIZATION  IS  A
PARTNERSHIP,  THE BOARD MEMBER OR THE BOARD MEMBER'S IMMEDIATE FAMILY IS
A PARTNER OR OWNER OF TEN PERCENT OR MORE OF THE ASSETS OF THE  PARTNER-
SHIP,  OR  (B)  IF THE BUSINESS ORGANIZATION IS A CORPORATION, THE BOARD
MEMBER OR THE BOARD MEMBER'S  IMMEDIATE  FAMILY  OWNS  OR  CONTROLS  TEN
PERCENT OR MORE OF THE STOCK OF THE CORPORATION, OR SERVES AS A DIRECTOR
OR OFFICER OF THE CORPORATION.
  E. (1) NOTWITHSTANDING ANY OTHER PROVISION OF LAW TO THE CONTRARY, THE
COMMISSIONERS,  OFFICERS, AND EMPLOYEES OF THE PORT AUTHORITY SHALL FILE
ANNUAL FINANCIAL DISCLOSURE STATEMENTS AS PROVIDED IN THIS SECTION.
  (2)(I) THE COMMISSIONERS APPOINTED BY THE GOVERNOR OF THE STATE OF NEW
YORK SHALL FILE  ANNUAL  FINANCIAL  DISCLOSURE  STATEMENTS  PURSUANT  TO
SECTION 73-A OF THE PUBLIC OFFICERS LAW.
  (II)  THE  COMMISSIONERS APPOINTED BY THE GOVERNOR OF THE STATE OF NEW
JERSEY SHALL FILE ANNUAL FINANCIAL DISCLOSURE STATEMENTS AS REQUIRED  BY
NEW JERSEY STATE LAW OR EXECUTIVE ORDER.
  (III) IN ADDITION TO THE FINANCIAL DISCLOSURES REQUIRED OF THE COMMIS-
SIONERS,  FINANCIAL  DISCLOSURES  OF  EMPLOYEES  SHALL, AT A MINIMUM, BE
REQUIRED OF THE CHIEF EXECUTIVE OFFICER, THE CHIEF ETHICS AND COMPLIANCE
OFFICER, THE CHIEF FINANCIAL OFFICER, THE  GENERAL  COUNSEL,  THE  COMP-
TROLLER,  TREASURER, AND THE INSPECTOR GENERAL, EMPLOYEES WHO HOLD POLI-
CY-MAKING POSITIONS AS DETERMINED BY THE GENERAL  COUNSEL  OF  THE  PORT
AUTHORITY,  AND  EMPLOYEES  WHOSE  BASE SALARY, EITHER IN THE CURRENT OR
PREVIOUS YEAR, EXCEEDS $150,000, WHICH  AMOUNT  SHALL  BE  ADJUSTED  FOR
INFLATION  ANNUALLY  IN ACCORDANCE WITH THE CONSUMER PRICE INDEX FOR ALL
URBAN WAGE EARNERS AND CLERICAL WORKERS (CPI-W)  AS  CALCULATED  BY  THE
FEDERAL  GOVERNMENT.  THESE  FINANCIAL  DISCLOSURES SHALL BE UPDATED NOT
LESS THAN ANNUALLY AND SHALL BE MADE AVAILABLE ON THE  PORT  AUTHORITY'S
WEBSITE.
  F. THE BOARD OF COMMISSIONERS SHALL:
  (1)  ADOPT A MISSION STATEMENT THAT THE PORT AUTHORITY'S MISSION IS TO
MEET THE CRITICAL TRANSPORTATION INFRASTRUCTURE NEEDS  OF  THE  BI-STATE
REGION'S PEOPLE, BUSINESSES, AND VISITORS BY PROVIDING THE HIGHEST QUAL-
ITY  AND  MOST EFFICIENT TRANSPORTATION AND PORT COMMERCE FACILITIES AND
SERVICES TO MOVE PEOPLE AND GOODS WITHIN THE REGION, PROVIDE  ACCESS  TO
THE NATION AND THE WORLD, AND PROMOTE THE REGION'S ECONOMIC DEVELOPMENT;
  (2)  ADOPT  A  CODE OF CONDUCT APPLICABLE TO COMMISSIONERS, EMPLOYEES,
AND VENDORS AND OTHER CONTRACTORS WITH THE PORT AUTHORITY BASED UPON THE
RECOMMENDATIONS OF THE CHIEF ETHICS AND COMPLIANCE OFFICER  THAT  SHALL,
AT  MINIMUM, INCLUDE THE APPLICABLE STANDARDS ESTABLISHED BY LAW IN EACH
STATE;
  (3) ESTABLISH A WHISTLEBLOWER ACCESS AND ASSISTANCE PROGRAM PROTECTING
EMPLOYEES FROM RETALIATION FOR DISCLOSING INFORMATION CONCERNING ACTS OF
WRONGDOING, MISCONDUCT,  MALFEASANCE,  OR  OTHER  INAPPROPRIATE  CONDUCT
BASED  UPON THE RECOMMENDATIONS OF THE CHIEF ETHICS AND COMPLIANCE OFFI-
CER;
  (4) ESTABLISH A POLICY  REQUIRING  ALL  COMMISSIONERS,  OFFICERS,  AND
EMPLOYEES  WITH  DECISION-MAKING AUTHORITY TO MAINTAIN RECORDS REGARDING
CONTACT WITH LOBBYISTS. AS USED IN THIS SUBSECTION: (I) "CONTACT"  MEANS
ANY  CONVERSATION, IN PERSON OR BY TELEPHONIC OR OTHER ELECTRONIC MEANS,

S. 5998                             4

OR CORRESPONDENCE BETWEEN ANY LOBBYIST ENGAGED IN THE  ACT  OF  LOBBYING
AND  ANY  PERSON  WITHIN  THE PORT AUTHORITY WHO CAN MAKE OR INFLUENCE A
DECISION ON THE SUBJECT OF THE  LOBBYING  ON  THE  BEHALF  OF  THE  PORT
AUTHORITY,  AND SHALL INCLUDE, AT A MINIMUM, ALL MEMBERS OF THE BOARD OF
COMMISSIONERS AND ALL OFFICERS OF THE PORT  AUTHORITY,  (II)  "LOBBYIST"
SHALL  HAVE  THE  SAME MEANING AS DEFINED IN THE LAWS OR, RULES OR REGU-
LATIONS OF EITHER STATE, AND (III) "LOBBYING" SHALL MEAN AND INCLUDE ANY
ATTEMPT TO INFLUENCE: (A) THE ADOPTION OR REJECTION OF ANY RULE OR REGU-
LATION HAVING THE FORCE AND EFFECT OF LAW BY THE PORT AUTHORITY, (B) THE
OUTCOME OF ANY PROCEEDING BY THE PORT AUTHORITY TO  ESTABLISH,  LEVY  OR
COLLECT  FEES,  TOLLS,  CHARGES  OR  FARES,  AND  (C) THE AUTHORIZATION,
APPROVAL OR AWARD OF  ANY  AGREEMENTS,  CONTRACTS  OR  PURCHASE  ORDERS,
INCLUDING  ANY  SETTLEMENT  OF  PORT AUTHORITY CLAIMS, OR ANY EXTENSION,
AMENDMENT OR MODIFICATION OF ANY EXISTING AGREEMENT, CONTRACT OR  ORDER;
AND
  (5)  HAVE AN EFFICIENCY STUDY OF THE PORT AUTHORITY AND ITS OPERATIONS
CONDUCTED BY AN INDEPENDENT ENTITY WITHIN THREE YEARS OF  THE  EFFECTIVE
DATE OF THIS SECTION AND THEREAFTER UPON THE REQUEST OF THE GOVERNORS OF
NEW  YORK AND NEW JERSEY, AND IF NO REQUEST IS MADE, NO LATER THAN THREE
YEARS AFTER THE MOST RECENT EFFICIENCY STUDY WAS CONDUCTED.
  4. COMMITTEE. A. THE BOARD OF COMMISSIONERS SHALL ESTABLISH A  COMMIT-
TEE  STRUCTURE  THAT  SHALL  INCLUDE,  BUT  NEED  NOT BE LIMITED TO, THE
FOLLOWING RESPONSIBILITIES:
  (1)  A  GOVERNANCE  RESPONSIBILITY  TO  BE  ASSIGNED  TO  A  COMMITTEE
COMPRISED  OF NOT FEWER THAN THREE COMMISSIONERS, WHO SHALL CONSTITUTE A
MAJORITY ON THE COMMITTEE, AND WHO SHALL POSSESS THE NECESSARY SKILLS TO
UNDERTAKE THE GOVERNANCE DUTIES AND FUNCTIONS. IT SHALL BE THE RESPONSI-
BILITY OF THE MEMBERS OF THIS COMMITTEE TO: KEEP THE BOARD  INFORMED  OF
CURRENT  BEST  GOVERNANCE PRACTICES; REVIEW CORPORATE GOVERNANCE TRENDS;
UPDATE THE PORT AUTHORITY'S  CORPORATE  GOVERNANCE  PRINCIPLES;  EXAMINE
ETHICAL AND CONFLICT OF INTEREST ISSUES; PERFORM BOARD SELF-EVALUATIONS;
INVESTIGATE  TERM  LIMITS,  REAPPOINTMENTS,  AND BOARD RESPONSIBILITIES;
DEVELOP BY-LAWS WHICH INCLUDE RULES AND PROCEDURES FOR  THE  CONDUCT  OF
BOARD  BUSINESS; AND ADVISE THE PORT AUTHORITY ON THE SKILLS AND EXPERI-
ENCES REQUIRED OF POTENTIAL COMMISSIONERS;
  (2) AN AUDIT RESPONSIBILITY TO BE ASSIGNED TO A COMMITTEE COMPRISED OF
NOT FEWER THAN THREE COMMISSIONERS, WHO SHALL CONSTITUTE A  MAJORITY  ON
THE  COMMITTEE,  AND WHO SHALL POSSESS THE NECESSARY SKILLS TO UNDERTAKE
THE AUDIT DUTIES AND FUNCTIONS. IT SHALL BE THE  RESPONSIBILITY  OF  THE
MEMBERS  OF  THIS  COMMITTEE TO: RECOMMEND TO THE BOARD THE HIRING OF AN
INDEPENDENT FIRM OF CERTIFIED PUBLIC ACCOUNTANTS TO AUDIT THE  FINANCIAL
STATEMENTS  OF THE PORT AUTHORITY; ESTABLISH THE COMPENSATION TO BE PAID
TO THE ACCOUNTING FIRM; AND PROVIDE DIRECT OVERSIGHT OF THE ANNUAL INDE-
PENDENT FINANCIAL AUDIT PERFORMED  BY  THE  ACCOUNTING  FIRM  HIRED  FOR
AUDITING  PURPOSES.  MEMBERS  OF  THIS  COMMITTEE SHALL BE FAMILIAR WITH
CORPORATE FINANCIAL AND ACCOUNTING PRACTICES AND  SHALL  BE  FINANCIALLY
LITERATE ABOUT APPLICABLE FINANCIAL LAWS, RULES, REGULATIONS, AND STAND-
ARD INDUSTRY PRACTICES; AND
  (3)  A  FINANCE RESPONSIBILITY TO BE ASSIGNED TO A COMMITTEE COMPRISED
OF NOT FEWER THAN THREE COMMISSIONERS, WHO SHALL CONSTITUTE  A  MAJORITY
ON  THE  COMMITTEE, AND WHO SHALL POSSESS THE NECESSARY SKILLS TO UNDER-
TAKE THE FINANCE DUTIES AND FUNCTIONS. IT SHALL BE THE RESPONSIBILITY OF
THE MEMBERS OF THIS COMMITTEE TO OVERSEE AND  APPROVE  THE  ISSUANCE  OF
DEBT THAT THE PORT AUTHORITY OR ITS SUBSIDIARIES ISSUE.
  B.  EVERY  COMMITTEE  ESTABLISHED  BY THE BOARD OF COMMISSIONERS SHALL
PROMULGATE A WRITTEN CHARTER TO BE APPROVED BY THE BOARD.  EACH  CHARTER

S. 5998                             5

PROMULGATED  IN ACCORDANCE WITH THIS SUBDIVISION SHALL BE MADE AVAILABLE
TO THE PUBLIC AND POSTED ON THE PORT AUTHORITY'S WEBSITE.
  5.  WHISTLEBLOWER  ACCESS  AND ASSISTANCE PROGRAM. A. THE CHIEF ETHICS
AND COMPLIANCE OFFICER SHALL RECOMMEND TO THE BOARD OF  COMMISSIONERS  A
WHISTLEBLOWER  ACCESS  AND  ASSISTANCE PROGRAM TO BE ADMINISTERED BY THE
INSPECTOR GENERAL WHICH SHALL INCLUDE, BUT NOT BE LIMITED TO:
  (1) ESTABLISHING TOLL-FREE TELEPHONE AND FACSIMILE LINES AVAILABLE  TO
EMPLOYEES;
  (2)  OFFERING  ADVICE REGARDING EMPLOYEE RIGHTS UNDER APPLICABLE STATE
AND FEDERAL LAWS AND ADVICE AND OPTIONS AVAILABLE TO ALL PERSONS; AND
  (3) OFFERING AN OPPORTUNITY FOR EMPLOYEES TO IDENTIFY CONCERNS REGARD-
ING ANY ISSUE AT  THE  PORT  AUTHORITY.  ANY  COMMUNICATION  BETWEEN  AN
EMPLOYEE  AND  THE  INSPECTOR  GENERAL PURSUANT TO THIS SECTION SHALL BE
HELD STRICTLY CONFIDENTIAL BY THE INSPECTOR GENERAL, UNLESS THE EMPLOYEE
SPECIFICALLY WAIVES IN WRITING THE RIGHT TO CONFIDENTIALITY, EXCEPT THAT
SUCH  CONFIDENTIALITY  SHALL  NOT  EXEMPT  THE  INSPECTOR  GENERAL  FROM
DISCLOSING  SUCH INFORMATION, WHERE APPROPRIATE, TO THE BOARD OF COMMIS-
SIONERS AND/OR ANY LAW ENFORCEMENT AUTHORITY.
  B. THE PORT AUTHORITY SHALL  NOT  FIRE,  DISCHARGE,  DEMOTE,  SUSPEND,
THREATEN,  HARASS,  OR  DISCRIMINATE  AGAINST AN EMPLOYEE BECAUSE OF THE
EMPLOYEE'S ROLE AS A WHISTLEBLOWER, INSOFAR AS THE ACTIONS TAKEN BY  THE
EMPLOYEE ARE LEGAL.
  C. AS USED IN THIS SUBDIVISION:
  (1)  "EMPLOYEES"  MEANS  THOSE PERSONS EMPLOYED AT THE PORT AUTHORITY,
INCLUDING BUT NOT LIMITED TO: FULL-TIME AND PART-TIME  EMPLOYEES,  THOSE
EMPLOYEES ON PROBATION, AND TEMPORARY EMPLOYEES.
  (2)  "WHISTLEBLOWER"  MEANS  ANY  EMPLOYEE  OF  THE PORT AUTHORITY WHO
DISCLOSES INFORMATION CONCERNING ACTS OF WRONGDOING, MISCONDUCT, MALFEA-
SANCE, OR OTHER INAPPROPRIATE BEHAVIOR BY AN EMPLOYEE OR BOARD MEMBER OF
THE PORT AUTHORITY, CONCERNING THE PORT AUTHORITY'S INVESTMENTS, TRAVEL,
ACQUISITION OF REAL OR PERSONAL PROPERTY, THE  DISPOSITION  OF  REAL  OR
PERSONAL PROPERTY, OR THE PROCUREMENT OF GOODS AND SERVICES.
  6.  INSPECTOR  GENERAL.  A. THE INSPECTOR GENERAL SHALL BE RESPONSIBLE
FOR RECEIVING  AND  INVESTIGATING,  WHERE  APPROPRIATE,  ALL  COMPLAINTS
REGARDING  FRAUD,  WASTE,  AND  ABUSE  BY  COMMISSIONERS,  OFFICERS, AND
EMPLOYEES OF THE PORT AUTHORITY OR THIRD-PARTIES DOING BUSINESS WITH THE
PORT AUTHORITY.  THE INSPECTOR GENERAL SHALL  ALSO  BE  RESPONSIBLE  FOR
CONDUCTING  INVESTIGATIONS  UPON THE INSPECTOR GENERAL'S OWN INITIATIVE,
AS THE INSPECTOR GENERAL SHALL DEEM APPROPRIATE.
  B. THE INSPECTOR GENERAL SHALL INFORM THE BOARD OF  COMMISSIONERS  AND
THE  CHIEF  EXECUTIVE  OFFICER  OF ALLEGATIONS RECEIVED BY THE INSPECTOR
GENERAL AND THE  PROGRESS  OF  INVESTIGATIONS  RELATED  THERETO,  UNLESS
SPECIAL CIRCUMSTANCES REQUIRE CONFIDENTIALITY;
  C.  THE  INSPECTOR GENERAL SHALL DETERMINE WITH RESPECT TO ALLEGATIONS
RECEIVED BY THE INSPECTOR GENERAL WHETHER DISCIPLINARY ACTION  OR  CIVIL
PROSECUTION BY THE PORT AUTHORITY IS APPROPRIATE, AND WHETHER THE MATTER
SHOULD  BE  REFERRED  TO  AN APPROPRIATE GOVERNMENTAL AGENCY FOR FURTHER
ACTION;
  D. THE INSPECTOR GENERAL SHALL  PREPARE  AND  MAKE  AVAILABLE  TO  THE
PUBLIC  WRITTEN  REPORTS OF COMPLETED INVESTIGATIONS, AS APPROPRIATE AND
TO THE EXTENT PERMITTED BY LAW, SUBJECT TO REDACTIONS TO PROTECT A  NEED
FOR  CONFIDENTIALITY.  THE  RELEASE OF ALL OR PORTIONS OF REPORTS MAY BE
DEFERRED TO PROTECT THE CONFIDENTIALITY OF ONGOING INVESTIGATIONS.
  E. THE INSPECTOR GENERAL SHALL HAVE THE POWER TO:
  (1) ADMINISTER OATHS OR AFFIRMATIONS AND EXAMINE WITNESSES UNDER OATH;

S. 5998                             6

  (2) REQUIRE THE PRODUCTION OF ANY BOOKS AND PAPERS DEEMED RELEVANT  OR
MATERIAL TO ANY INVESTIGATION, EXAMINATION OR REVIEW;
  (3)  NOTWITHSTANDING  ANY  LAW  TO  THE  CONTRARY, EXAMINE AND COPY OR
REMOVE DOCUMENTS OR RECORDS OF ANY KIND PREPARED, MAINTAINED OR HELD  BY
THE PORT AUTHORITY AND ITS SUBSIDIARIES;
  (4)  INTERVIEW  ANY  OFFICER  OR EMPLOYEE OF THE PORT AUTHORITY OR ITS
SUBSIDIARIES ON ANY MATTER RELATED TO THE PERFORMANCE OF SUCH OFFICER OR
EMPLOYEE'S OFFICIAL DUTIES. TO THE EXTENT THAT ANY PORTION OF THIS PARA-
GRAPH IS INCONSISTENT WITH ANY CURRENT CONTRACTUAL  OBLIGATIONS  OF  THE
PORT  AUTHORITY,  THIS  PARAGRAPH SHALL NOT BE APPLICABLE TO THOSE OBLI-
GATIONS UNTIL THE EARLIEST EXPIRATION OF THOSE TERMS UNDER THE CONTRACT;
  (5) MONITOR THE IMPLEMENTATION BY THE PORT AUTHORITY OF ANY  RECOMMEN-
DATIONS MADE BY THE INSPECTOR GENERAL; AND
  (6)  PERFORM  ANY OTHER FUNCTIONS THAT ARE NECESSARY OR APPROPRIATE TO
FULFILL THE DUTIES AND RESPONSIBILITIES OF OFFICE.
  7. OPEN MEETINGS. A. ALL MEETINGS OF THE PORT AUTHORITY SHALL BE  OPEN
TO  THE  PUBLIC  AND MEMBERS OF THE NEWS MEDIA, INDIVIDUALLY AND COLLEC-
TIVELY, FOR THE PURPOSE OF OBSERVING THE FULL DETAILS OF ALL  PHASES  OF
THE  DELIBERATION,  POLICY-MAKING,  AND  DECISION-MAKING  OF  THE BOARD,
EXCEPT FOR AN EXECUTIVE SESSION INITIATED UPON A MAJORITY VOTE TAKEN  IN
AN  OPEN  MEETING  PURSUANT  TO A MOTION. THE BOARD OF COMMISSIONERS MAY
EXCLUDE THE PUBLIC ONLY FROM THAT PORTION OF  A  MEETING  AT  WHICH  THE
BOARD OF COMMISSIONERS DISCUSSES ANY:
  (1) MATTER IN WHICH THE RELEASE OF INFORMATION WOULD IMPAIR A RIGHT TO
RECEIVE FUNDS FROM GOVERNMENT OF THE UNITED STATES;
  (2)  MATERIAL  THE DISCLOSURE OF WHICH WOULD CONSTITUTE AN UNWARRANTED
INVASION OF INDIVIDUAL OR PERSONAL PRIVACY;
  (3) COLLECTIVE BARGAINING AGREEMENT, OR THE TERMS AND CONDITIONS WHICH
ARE PROPOSED FOR  INCLUSION  IN  ANY  COLLECTIVE  BARGAINING  AGREEMENT,
INCLUDING  THE  NEGOTIATION  OF  THE  TERMS  AND CONDITIONS THEREOF WITH
EMPLOYEES OR REPRESENTATIVES OF EMPLOYEES OF THE PORT AUTHORITY;
  (4) MATTER INVOLVING THE PURCHASE, LEASE, OR ACQUISITION OF REAL PROP-
ERTY WITH PORT AUTHORITY FUNDS, THE PROPOSED ACQUISITION OF  SECURITIES,
THE  SALE  OR  EXCHANGE OF SECURITIES HELD BY THE PORT AUTHORITY, OR THE
INVESTMENT OF PORT AUTHORITY FUNDS, IF PUBLIC DISCUSSION OF  THE  MATTER
WOULD ADVERSELY AFFECT THE PUBLIC INTEREST;
  (5) MATTER WHICH WOULD IMPERIL THE PUBLIC SAFETY IF DISCLOSED;
  (6) PENDING OR ANTICIPATED LITIGATION OR CONTRACT NEGOTIATION IN WHICH
THE PORT AUTHORITY IS, OR MAY BECOME, A PARTY, OR MATTERS FALLING WITHIN
THE  ATTORNEY-CLIENT  PRIVILEGE,  TO  THE EXTENT THAT CONFIDENTIALITY IS
REQUIRED FOR THE ATTORNEY TO EXERCISE THE ATTORNEY'S ETHICAL DUTIES AS A
LAWYER;
  (7) CONTRACT NEGOTIATIONS DISCLOSURE OF WHICH WOULD IMPERIL  THE  PORT
AUTHORITY'S  POSITION OR AN OUTCOME IN THE BEST INTEREST OF THE AUTHORI-
TY, ITS MISSION, AND THE PUBLIC;
  (8) MATTER  INVOLVING  THE  EMPLOYMENT,  APPOINTMENT,  TERMINATION  OF
EMPLOYMENT,  TERMS  AND  CONDITIONS  OF  EMPLOYMENT,  EVALUATION  OF THE
PERFORMANCE OF, PROMOTION OR DISCIPLINING OF  ANY  SPECIFIC  PROSPECTIVE
OFFICER OR EMPLOYEE OR CURRENT OFFICER OR EMPLOYEE EMPLOYED OR APPOINTED
BY THE PORT AUTHORITY, UNLESS ALL THE INDIVIDUAL EMPLOYEES OR APPOINTEES
WHOSE  RIGHTS  COULD  BE  ADVERSELY AFFECTED REQUEST IN WRITING THAT THE
MATTER OR MATTERS BE DISCUSSED AT A PUBLIC MEETING; OR
  (9) DELIBERATION OF THE PORT AUTHORITY OCCURRING AFTER A PUBLIC  HEAR-
ING  THAT  MAY RESULT IN THE IMPOSITION OF A SPECIFIC CIVIL PENALTY UPON
THE RESPONDING PARTY OR THE SUSPENSION OR LOSS OF A  LICENSE  OR  PERMIT

S. 5998                             7

BELONGING  TO THE RESPONDING PARTY AS A RESULT OF AN ACT OF OMISSION FOR
WHICH THE RESPONDING PARTY BEARS RESPONSIBILITY.
  B.  THE  PORT  AUTHORITY  SHALL  MAKE MEETING AGENDAS AVAILABLE TO THE
PUBLIC AT LEAST 72 HOURS BEFORE EACH MEETING OF THE BOARD AND EACH MEET-
ING OF EACH COMMITTEE. IN ADDITION, THE PORT AUTHORITY  SHALL  SEND  VIA
ELECTRONIC MAIL THE AGENDA AND PUBLIC DOCUMENTS PERTAINING TO A BOARD OR
COMMITTEE  MEETING  TO  THE  PUBLIC  INFORMATION  OFFICE OF EACH STATE'S
LEGISLATURE AT LEAST 72 HOURS BEFORE THE MEETING. PUBLIC NOTICE  OF  THE
TIME  AND  PLACE  OF  A  MEETING  SHALL BE PROVIDED TO APPROPRIATE MEDIA
OUTLETS, SHALL BE CONSPICUOUSLY POSTED IN ONE OR MORE DESIGNATED  AREAS,
AND  SHALL  BE  CONSPICUOUSLY  POSTED  VIA THE PORT AUTHORITY'S OFFICIAL
WEBSITE AT LEAST FIVE BUSINESS DAYS BEFORE THE MEETING.
  C. THE PORT AUTHORITY SHALL MAKE AVAILABLE TO THE PUBLIC DOCUMENTS  IN
THE  FOLLOWING  MANNER:  THE AGENDA AND PUBLIC DOCUMENTS PERTAINING TO A
BOARD OR COMMITTEE MEETING SHALL BE AVAILABLE FOR PUBLIC  INSPECTION  AT
AN  OFFICE  OF  THE  PORT AUTHORITY; AND THE AGENDA AND PUBLIC DOCUMENTS
PERTAINING TO A BOARD OR COMMITTEE MEETING SHALL BE POSTED ON  THE  PORT
AUTHORITY'S WEBSITE.
  D.  AT  EACH PUBLIC MEETING OF THE BOARD AND AT EACH PUBLIC MEETING OF
EACH COMMITTEE, THE PUBLIC SHALL BE ALLOTTED  AT  LEAST  30  MINUTES  TO
SPEAK  ON  ANY  TOPIC ON THE AGENDA. THE BOARD OR COMMITTEE SHALL EXPAND
THE COMMENT TIME WHEN NECESSARY TO PROVIDE A REASONABLE OPPORTUNITY  FOR
THE PUBLIC TO COMMENT. THE PUBLIC SPEAKING PERIOD SHALL TAKE PLACE PRIOR
TO ANY BOARD OR COMMITTEE ACTION.
  E.  THE PORT AUTHORITY SHALL KEEP REASONABLY COMPREHENSIBLE MINUTES OF
ALL ITS MEETINGS SHOWING THE TIME AND PLACE, THE  MEMBERS  PRESENT,  THE
SUBJECTS CONSIDERED, THE ACTIONS TAKEN, AND THE VOTE OF EACH MEMBER. THE
MINUTES  SHALL BE AVAILABLE TO THE PUBLIC WITHIN TWO WEEKS FROM THE DATE
OF THE MEETING TO THE EXTENT THAT PUBLIC DISCLOSURE SHALL NOT BE  INCON-
SISTENT WITH PARAGRAPH A OF THIS SUBDIVISION. THE MINUTES SHALL INDICATE
FOR  EACH ITEM ON THE AGENDA THE VOTE OR RECUSAL OF EACH BOARD MEMBER IN
ATTENDANCE AT AN OPEN MEETING, OR AN EXECUTIVE SESSION OF THE BOARD OR A
COMMITTEE OF THE BOARD. EACH ITEM ON THE AGENDA SHALL BE VOTED ON  SEPA-
RATELY.
  8.  BARRIER-FREE  ACCESS. THE PORT AUTHORITY SHALL MAKE OR CAUSE TO BE
MADE ALL REASONABLE EFFORTS TO ENSURE THAT MEETINGS ARE HELD IN  FACILI-
TIES  THAT  PERMIT BARRIER-FREE PHYSICAL ACCESS TO PEOPLE WITH DISABILI-
TIES. IF THE BOARD DETERMINES TO USE VIDEO CONFERENCING OR SIMILAR TECH-
NOLOGY TO CONDUCT ITS MEETING, IT SHALL PROVIDE AN OPPORTUNITY  FOR  THE
PUBLIC TO ATTEND, LISTEN AND OBSERVE SUCH A MEETING.
  S  3. Subdivisions 2 and 3 of article 15-A of section 1 of chapter 154
of the laws of 1921 relating to the port authority of New York  and  New
Jersey, as added by chapter 275 of the laws of 1992, are amended to read
as follows:
  2. As used in this act:
  a.  "Board"  means the board of commissioners of the Port Authority of
New York and New Jersey.
  b. "COMMITTEE" OR "COMMITTEES" MEANS  ANY  STANDING  COMMITTEE  ESTAB-
LISHED  BY  THE  BOARD  TASKED  WITH, INCLUDING, BUT NOT LIMITED TO, THE
AUDIT RESPONSIBILITY, GOVERNANCE RESPONSIBILITY AND FINANCE RESPONSIBIL-
ITY REQUIRED TO BE ESTABLISHED PURSUANT TO THIS ACT.
  C. "Meeting" means any gathering, whether corporeal  or  by  means  of
communication  equipment,  which  is attended by, or open to, the board,
held with the intent, on the part  of  the  board  members  present,  to
discuss  or  act  as  a  unit  upon  the specific public business of the
authority. "Meeting" does not mean a gathering (1) attended by less than

S. 5998                             8

a effective majority of the board, or (2) attended by or open to all the
members of three or more similar public bodies at a convention or  simi-
lar gathering.
  [c.]  D.  "NEWS MEDIA" MEANS PERSONS REPRESENTING MAJOR WIRE SERVICES,
TELEVISION NEWS SERVICES, RADIO NEWS SERVICES  AND  NEWSPAPERS,  WHETHER
LOCATED IN THE STATE OF NEW YORK OR NEW JERSEY OR ANY OTHER STATE.
  E. "Public business" mean matters which relate in any way, directly or
indirectly, to the performance of the functions of the port authority of
New York and New Jersey or the conduct of its business.
  3.  A. The board shall, WITHIN SIX MONTHS OF THE EFFECTIVE DATE OF THE
CHAPTER OF THE LAWS OF 2015 THAT AMENDED THIS  SUBDIVISION,  adopt  [and
promulgate]  appropriate  rules and regulations concerning PROPER NOTICE
TO THE PUBLIC AND THE NEWS MEDIA OF ITS MEETINGS AND the  right  of  the
public  AND  THE  NEWS MEDIA to be present at meetings of the authority.
The board may incorporate in its rules and regulations conditions  under
which it may exclude the public from a meeting or a portion thereof.
  B.  Any  rules or regulations adopted hereunder shall become a part of
the minutes of the port authority of New York and New Jersey  and  shall
be  subject to the approval of the governor or New Jersey and the gover-
nor of New York.
  S 4. Chapter 154 of the laws of 1921 relating to the port authority of
New York and New Jersey is amended by adding three new articles 7-B, 7-C
and 7-D to read as follows:
                              ARTICLE VII-B
  1. NEEDS ASSESSMENT. THE PORT AUTHORITY SHALL  REQUIRE  THAT  A  NEEDS
ASSESSMENT  BE  CONDUCTED BY AN INDEPENDENT ENTITY PRIOR TO ANY INCREASE
IN TOLLS FOR THE USE OF ANY PORT AUTHORITY BRIDGE OR  TUNNEL,  OR  FARES
FOR  THE USE OF THE PORT AUTHORITY TRANS-HUDSON CORPORATION RAIL SYSTEM.
THE ASSESSMENT SHALL BE PRESENTED BY THE INDEPENDENT ENTITY TO THE BOARD
OF COMMISSIONERS AT A PUBLIC MEETING TO BE HELD  AT  LEAST  NINETY  DAYS
PRIOR  TO  ANY  MEETING  OF  THE  BOARD  OF COMMISSIONERS TO VOTE TO ANY
INCREASE IN THE TOLLS FOR THE  USE  OF  ANY  PORT  AUTHORITY  BRIDGE  OR
TUNNEL,  OR  FARES FOR THE USE OF THE PORT AUTHORITY TRANS-HUDSON CORPO-
RATION RAIL SYSTEM.
  2. PUBLIC HEARINGS. NOT LESS THAN 30 DAYS AND NOT MORE  THAN  90  DAYS
PRIOR TO ANY VOTE OR ACTION TAKEN BY THE BOARD OF COMMISSIONERS RELATING
TO ANY INCREASE IN THE TOLLS FOR THE USE OF ANY PORT AUTHORITY BRIDGE OR
TUNNEL,  OR  FARES FOR THE USE OF THE PORT AUTHORITY TRANS-HUDSON CORPO-
RATION RAIL SYSTEM, THE PORT AUTHORITY SHALL CONDUCT AT LEAST SIX PUBLIC
HEARINGS IN THE MANNER PRESCRIBED AS FOLLOWS:
  A. LOCATIONS FOR PUBLIC HEARINGS SHALL BE SELECTED IN SUCH A WAY AS TO
BE GEOGRAPHICALLY ACCESSIBLE TO A MAJORITY OF USERS OF THE  FACILITY  OR
FACILITIES TO BE IMPACTED BY THE TOLL OR FARE INCREASE, AS DETERMINED BY
PORT AUTHORITY DATA, PROVIDED THAT AT LEAST ONE HEARING SHALL BE HELD IN
EACH STATE.
  B.  AT  LEAST  72 HOURS BEFORE THE FIRST HEARING HELD PURSUANT TO THIS
SECTION, THE PORT AUTHORITY SHALL MAKE THE FOLLOWING INFORMATION  AVAIL-
ABLE  TO  THE PUBLIC, INCLUDING POSTING ON THE PORT AUTHORITY'S OFFICIAL
WEBSITE:
  (1) A WRITTEN EXPLANATION OF WHY THE INCREASE IN  TOLLS  OR  FARES  IS
NECESSARY;
  (2)  THE  AMOUNT OF REVENUE EXPECTED TO BE GENERATED FROM THE INCREASE
IN TOLLS OR FARES; AND
  (3) A DETAILED  EXPLANATION  OF  HOW  THE  REVENUES  RAISED  FROM  THE
INCREASE IN TOLLS OR FARES IS EXPECTED TO BE SPENT.

S. 5998                             9

  C.  EACH  HEARING SHALL BE ATTENDED BY AT LEAST TWO COMMISSIONERS FROM
NEW YORK AND TWO COMMISSIONERS FROM NEW JERSEY IN OFFICE AT THE TIME  OF
THE HEARING.
  D.  THE PORT AUTHORITY SHALL HOLD NO MORE THAN ONE PUBLIC HEARING IN A
SINGLE DAY, AND AT LEAST ONE-HALF OF THE PUBLIC HEARINGS SHALL BE SCHED-
ULED TO BEGIN AFTER 6:30 P.M., EASTERN STANDARD TIME, ON A WEEKDAY.
  E. THE PORT AUTHORITY SHALL ENSURE THAT EACH OF THE  REQUIREMENTS  SET
FORTH  IN  THIS SUBDIVISION SHALL BE COMPLIED WITH BEFORE PLACING ON THE
MEETING AGENDA OF THE BOARD OF COMMISSIONERS ANY ITEM OR MATTER RELATING
TO AN INCREASE IN TOLLS OR FARES.
  3. SUBSIDIARIES OF THE PORT AUTHORITY. A.  THE  PORT  AUTHORITY  SHALL
PROVIDE  NOTICE  TO  THE  GOVERNOR OF EACH STATE, THE MAJORITY LEADER OF
EACH HOUSE OF THE LEGISLATURE OF EACH STATE, THE CHAIR  OF  THE  FINANCE
COMMITTEE OF NEW YORK, THE CHAIR OF THE SENATE BUDGET AND APPROPRIATIONS
COMMITTEE  OF NEW JERSEY, THE CHAIR OF ASSEMBLY WAYS AND MEANS COMMITTEE
OF NEW YORK, AND THE CHAIR OF THE BUDGET COMMITTEE OF NEW JERSEY THAT IT
WILL BE CREATING A SUBSIDIARY NO LESS THAN 60 DAYS PRIOR TO  THE  FORMA-
TION OF THE SUBSIDIARY.
  B.  THE  CREATION OF A SUBSIDIARY CORPORATION SHALL BE APPROVED BY THE
BOARD OF COMMISSIONERS.
  C. ON OR BEFORE THE FIRST DAY OF JANUARY, TWO  THOUSAND  SIXTEEN,  AND
ANNUALLY THEREAFTER, ANY SUBSIDIARY CORPORATION, IN COOPERATION WITH THE
PORT  AUTHORITY,  SHALL  PROVIDE TO THE GOVERNOR AND LEGISLATURE OF EACH
STATE A REPORT ON THE SUBSIDIARY CORPORATION. SUCH REPORT SHALL  INCLUDE
FOR EACH SUBSIDIARY:
  (1)  THE  COMPLETE  LEGAL NAME, ADDRESS AND CONTACT INFORMATION OF THE
SUBSIDIARY;
  (2) THE STRUCTURE OF THE ORGANIZATION OF THE SUBSIDIARY, INCLUDING THE
NAMES AND TITLES OF EACH OF ITS MEMBERS, DIRECTORS AND OFFICERS, AS WELL
AS A CHART OF ITS ORGANIZATIONAL STRUCTURE;
  (3) THE COMPLETE BY-LAWS AND LEGAL ORGANIZATION PAPERS OF THE  SUBSID-
IARY;
  (4) A COMPLETE REPORT OF THE PURPOSE, OPERATIONS, MISSION AND PROJECTS
OF THE SUBSIDIARY; AND
  (5)  ANY  OTHER INFORMATION THE SUBSIDIARY CORPORATION DEEMS IMPORTANT
TO INCLUDE IN SUCH REPORT.

                              ARTICLE VII-C

  1. ANNUAL REPORTING. THE PORT AUTHORITY SHALL PUBLISH A  COMPREHENSIVE
ANNUAL  FINANCIAL  REPORT, SUBMITTED ANNUALLY TO THE GOVERNORS AND STATE
LEGISLATURES OF NEW YORK AND NEW JERSEY AND MADE AVAILABLE ON  THE  PORT
AUTHORITY'S  WEBSITE  WITHIN  120 DAYS AFTER THE END OF ITS FISCAL YEAR.
THE ANNUAL REPORT  SHALL  INCLUDE  THE  AGENCY'S  FINANCIAL  STATEMENTS,
STATISTICAL  AND  OTHER  REGIONAL  DATA, AND A NARRATIVE OF THE AGENCY'S
ACTIVITIES DURING THE YEAR  OF  THE  REPORT.  THE  ANNUAL  REPORT  SHALL
INCLUDE:
  A.  AN  INTRODUCTORY SECTION INCLUDING: (1) A LETTER OF TRANSMITTAL TO
THE GOVERNORS OF NEW YORK AND NEW JERSEY; (2) INFORMATION REGARDING  THE
BOARD  OF  COMMISSIONERS,  PORT AUTHORITY OFFICERS AND EXECUTIVE MANAGE-
MENT; (3) A LETTER TO THE BOARD OF COMMISSIONERS FROM THE  CHIEF  EXECU-
TIVE  OFFICER OF THE PORT AUTHORITY HIGHLIGHTING IMPORTANT DEVELOPMENTS;
(4) A DESCRIPTION OF MAJOR AGENCY ACTIVITIES UNDERTAKEN DURING THE PRIOR
YEAR; AND (5) A LETTER TO THE BOARD  OF  COMMISSIONERS  FROM  THE  CHIEF
FINANCIAL OFFICER OF THE PORT AUTHORITY WITH RESPECT TO THE CONSOLIDATED
FINANCIAL STATEMENTS OF THE PORT AUTHORITY.

S. 5998                            10

  B. A FINANCIAL SECTION INCLUDING: (1) AN INDEPENDENT AUDITOR'S REPORT;
(2)  MANAGEMENT'S DISCUSSION AND ANALYSIS; (3) FINANCIAL STATEMENTS; (4)
ITS FINANCIAL REPORTS CERTIFIED BY  THE  CHAIR  AND  VICE-CHAIR  OF  THE
BOARD,  CHIEF EXECUTIVE OFFICER, AND CHIEF FINANCIAL OFFICER OF THE PORT
AUTHORITY, INCLUDING (A) AUDITED FINANCIALS IN ACCORDANCE WITH GENERALLY
ACCEPTED ACCOUNTING PRINCIPLES, KNOWN AS GAAP, AND THE ACCOUNTING STAND-
ARDS  ISSUED  BY  THE  GOVERNMENTAL ACCOUNTING STANDARDS BOARD, KNOWN AS
GASB, (B) GRANT AND SUBSIDY PROGRAMS, (C) CURRENT RATINGS,  IF  ANY,  OF
ITS BONDS ISSUED BY RECOGNIZED BOND RATING AGENCIES AND NOTICE OF CHANG-
ES  IN SUCH RATINGS, AND (D) LONG-TERM LIABILITIES, INCLUDING LEASES AND
EMPLOYEE BENEFIT PLANS; (5) A SCHEDULE OF ITS BONDS AND NOTES  OUTSTAND-
ING  AT  THE  END  OF  ITS FISCAL YEAR, TOGETHER WITH A STATEMENT OF THE
AMOUNTS REDEEMED AND INCURRED DURING SUCH FISCAL YEAR AS PART OF A SCHE-
DULE OF DEBT ISSUANCE THAT INCLUDES THE DATE OF ISSUANCE, TERM,  AMOUNT,
INTEREST  RATE AND MEANS OF REPAYMENT INCLUDING ALL REFINANCINGS, CALLS,
REFUNDINGS, DEFEASEMENTS AND INTEREST RATE EXCHANGE OR OTHER SUCH AGREE-
MENTS; AND (6) AT A MINIMUM A FOUR-YEAR FINANCIAL PLAN, INCLUDING (A)  A
CURRENT  AND  PROJECTED  CAPITAL  BUDGET,  AND  (B)  AN OPERATING BUDGET
REPORT, INCLUDING AN ACTUAL VERSUS ESTIMATED BUDGET,  WITH  AN  ANALYSIS
AND MEASUREMENT OF FINANCIAL AND OPERATING PERFORMANCE.
  C.  A STATISTICAL SECTION PRESENTING ADDITIONAL INFORMATION AS CONTEXT
FOR FURTHER UNDERSTANDING OF THE INFORMATION  IN  THE  FINANCIAL  STATE-
MENTS,  NOTE  DISCLOSURES AND SCHEDULES, INCLUDING (1) FINANCIAL TRENDS;
(2) DEBT CAPACITY; (3) OPERATING AND SERVICE DATA;  (4)  INFORMATION  ON
PORT  AUTHORITY  OPERATING  RESULTS;  (5)  INFORMATION ON PORT AUTHORITY
CAPITAL PROGRAM COMPONENTS; (6) INFORMATION ON PORT  AUTHORITY  FACILITY
TRAFFIC;  AND (7) SELECTED STATISTICAL, DEMOGRAPHIC AND ECONOMIC DATA ON
THE NEW YORK-NEW JERSEY METROPOLITAN REGION.
  D. A CORPORATE INFORMATION SECTION PROVIDING: (1) A LIST OF  ALL  REAL
PROPERTY  OF THE PORT AUTHORITY; (2) A LIST AND FULL DESCRIPTION OF REAL
PROPERTY AND PERSONAL PROPERTY THAT HAS A SALE  PRICE  OF  OVER  $10,000
DISPOSED  OF DURING THE PERIOD, INCLUDING THE PRICE RECEIVED BY THE PORT
AUTHORITY AND THE NAME OF THE PURCHASER FOR ALL  PROPERTY  SOLD  BY  THE
PORT AUTHORITY DURING THE PERIOD; (3) A COMPENSATION SCHEDULE THAT SHALL
INCLUDE, BY POSITION, TITLE AND NAME OF THE PERSON HOLDING SUCH POSITION
OR  TITLE,  THE SALARY, COMPENSATION, ALLOWANCE AND/OR BENEFITS PROVIDED
TO ANY OFFICER, DIRECTOR OR EMPLOYEE IN A DECISION MAKING OR  MANAGERIAL
POSITION  OF  SUCH AUTHORITY WHOSE BASE SALARY IS IN EXCESS OF $150,000;
(4) BIOGRAPHICAL INFORMATION, NOT INCLUDING CONFIDENTIAL PERSONAL INFOR-
MATION, FOR ALL DIRECTORS AND OFFICERS AND  EMPLOYEES  FOR  WHOM  SALARY
REPORTING  IS REQUIRED; (5) A DESCRIPTION OF THE AUTHORITY AND ITS BOARD
STRUCTURE, INCLUDING (A) NAMES OF COMMITTEES AND COMMITTEE MEMBERS,  (B)
LISTS  OF  BOARD  MEETINGS  AND  ATTENDANCE,  (C)  DESCRIPTIONS OF MAJOR
AUTHORITY UNITS, SUBSIDIARIES, AND (D)  NUMBER  OF  EMPLOYEES;  (6)  ITS
MISSION  STATEMENT,  CHARTER, IF ANY, AND BY-LAWS; AND (7) A DESCRIPTION
OF ANY MATERIAL PENDING  LITIGATION  IN  WHICH  THE  PORT  AUTHORITY  IS
INVOLVED AS A PARTY DURING THE REPORTING YEAR.
  2.  AUDITS  AND  FINANCIAL  STATEMENTS.  A.  THE  PORT AUTHORITY SHALL
PREPARE FINANCIAL STATEMENTS ON AN  ANNUAL  BASIS,  IN  ACCORDANCE  WITH
GENERALLY  ACCEPTED  ACCOUNTING  PRINCIPLES,  KNOWN  AS  GAAP,  AND  THE
ACCOUNTING STANDARDS ISSUED BY  THE  GOVERNMENTAL  ACCOUNTING  STANDARDS
BOARD, KNOWN AS GASB.
  B.  THE  AUDIT  COMMITTEE  OF  THE  BOARD OF COMMISSIONERS OF THE PORT
AUTHORITY SHALL ARRANGE FOR AN  INDEPENDENT  FIRM  OF  CERTIFIED  PUBLIC
ACCOUNTANTS  TO PERFORM AN AUDIT OF THE FINANCIAL STATEMENTS OF THE PORT
AUTHORITY EACH YEAR, IN ACCORDANCE WITH  GENERALLY  ACCEPTED  ACCOUNTING

S. 5998                            11

PRINCIPLES  AND STANDARDS REFERENCED IN PARAGRAPH A OF THIS SUBDIVISION.
EACH INDEPENDENT FIRM OF CERTIFIED PUBLIC ACCOUNTANTS THAT PERFORMS  ANY
AUDIT  REQUIRED BY THIS ARTICLE SHALL TIMELY REPORT TO THE AUDIT COMMIT-
TEE  OF  THE  PORT  AUTHORITY:  (1) ALL CRITICAL ACCOUNTING POLICIES AND
PRACTICES TO BE USED; AND (2)  OTHER  MATERIAL  WRITTEN  COMMUNICATIONS,
THAT  IS NOT PRIVILEGED OR CONFIDENTIAL, BETWEEN THE INDEPENDENT FIRM OF
CERTIFIED PUBLIC ACCOUNTANTS AND THE MANAGEMENT OF THE  PORT  AUTHORITY,
INCLUDING THE MANAGEMENT LETTER ALONG WITH MANAGEMENT'S RESPONSE OR PLAN
OF  CORRECTIVE  ACTION,  MATERIAL  CORRECTIONS IDENTIFIED OR SCHEDULE OF
UNADJUSTED DIFFERENCES.
  C. EVERY FINANCIAL STATEMENT PREPARED  PURSUANT  TO  THIS  SUBDIVISION
SHALL  BE  APPROVED BY THE BOARD OF COMMISSIONERS. AS A CONDITION TO THE
ISSUANCE OF THE ANNUAL FINANCIAL STATEMENTS OF THE PORT  AUTHORITY,  THE
CHIEF  EXECUTIVE  OFFICER  AND  THE  CHIEF FINANCIAL OFFICER OF THE PORT
AUTHORITY SHALL BE REQUIRED TO MAKE  A  WRITTEN  CERTIFICATION  TO  THAT
EFFECT  THAT,  TO  THE BEST OF THEIR KNOWLEDGE AND BELIEF, THE FINANCIAL
AND OTHER INFORMATION IN  THE CONSOLIDATED FINANCIAL STATEMENTS IS ACCU-
RATE IN ALL MATERIAL RESPECTS AND HAS BEEN REPORTED IN A MANNER DESIGNED
TO PRESENT FAIRLY THE  PORT  AUTHORITY'S  NET  ASSETS,  CHANGES  IN  NET
ASSETS, AND CASH FLOWS, IN ACCORDANCE WITH GENERALLY ACCEPTED ACCOUNTING
PRINCIPLES  AND STANDARDS REFERENCED IN PARAGRAPH A OF THIS SUBDIVISION;
AND, THAT ON THE BASIS THAT THE COST OF  INTERNAL  CONTROLS  SHOULD  NOT
OUTWEIGH THEIR BENEFITS, THE PORT AUTHORITY HAS ESTABLISHED A COMPREHEN-
SIVE  FRAMEWORK  OF  INTERNAL  CONTROLS TO PROTECT ITS ASSETS FROM LOSS,
THEFT, OR MISUSE, AND  TO  PROVIDE  REASONABLE  (RATHER  THAN  ABSOLUTE)
ASSURANCE REGARDING THE RELIABILITY OF FINANCIAL REPORTING AND THE PREP-
ARATION  OF  THE  CONSOLIDATED  FINANCIAL  STATEMENTS IN ACCORDANCE WITH
GENERALLY ACCEPTED ACCOUNTING PRINCIPLES  AND  STANDARDS  REFERENCED  IN
PARAGRAPH A OF THIS SUBDIVISION.
  D.  NOTWITHSTANDING  ANY  OTHER  PROVISION OF LAW TO THE CONTRARY, THE
PORT AUTHORITY SHALL NOT CONTRACT WITH AN INDEPENDENT FIRM OF  CERTIFIED
PUBLIC  ACCOUNTANTS  FOR  AUDIT SERVICES TO THE AUTHORITY IF THE LEAD OR
COORDINATING AUDIT PARTNER HAVING PRIMARY RESPONSIBILITY FOR THE  AUDIT,
OR  THE AUDIT PARTNER RESPONSIBLE FOR REVIEWING THE AUDIT, HAS PERFORMED
AUDIT SERVICES FOR THE TWO PREVIOUS FISCAL YEARS OF SUCH AUTHORITY.
  E. THE PORT AUTHORITY SHALL NOT CONTRACT WITH THE INDEPENDENT FIRM  OF
CERTIFIED  PUBLIC  ACCOUNTANTS PERFORMING THE PORT AUTHORITY'S AUDIT FOR
ANY NON-AUDIT SERVICES TO  SUCH  AUTHORITY  CONTEMPORANEOUSLY  WITH  THE
AUDIT, UNLESS RECEIVING PREVIOUS WRITTEN APPROVAL BY THE AUDIT COMMITTEE
INCLUDING:  (1)  BOOKKEEPING OR OTHER SERVICES RELATED TO THE ACCOUNTING
RECORDS OR FINANCIAL STATEMENTS OF SUCH AUTHORITY; (2) FINANCIAL  INFOR-
MATION  SYSTEMS  DESIGN  AND  IMPLEMENTATION; (3) APPRAISAL OR VALUATION
SERVICES, FAIRNESS OPINIONS, OR CONTRIBUTION-IN-KIND REPORTS; (4)  ACTU-
ARIAL  SERVICES; (5) INTERNAL AUDIT OUTSOURCING SERVICES; (6) MANAGEMENT
FUNCTIONS OR HUMAN SERVICES; (7) BROKER OR DEALER,  INVESTMENT  ADVISOR,
OR  INVESTMENT  BANKING  SERVICES;  AND  (8)  LEGAL  SERVICES AND EXPERT
SERVICES UNRELATED TO THE AUDIT.
  F. THE PORT AUTHORITY SHALL NOT CONTRACT WITH AN INDEPENDENT  FIRM  OF
CERTIFIED  PUBLIC  ACCOUNTANTS FOR ANY AUDIT SERVICE IF THE CHIEF EXECU-
TIVE OFFICER, COMPTROLLER, CHIEF FINANCIAL OFFICER,  TREASURER,  OR  ANY
OTHER  PERSON  SERVING  IN AN EQUIVALENT POSITION FOR THE AUTHORITY, WAS
EMPLOYED BY THAT INDEPENDENT FIRM OF CERTIFIED  PUBLIC  ACCOUNTANTS  AND
PARTICIPATED  IN  ANY  CAPACITY IN THE AUDIT OF THE AUTHORITY DURING THE
ONE YEAR PERIOD PRECEDING THE DATE OF THE INITIATION OF THE AUDIT.
  3. THE PORT AUTHORITY SHALL MAKE ACCESSIBLE  TO  THE  PUBLIC  VIA  ITS
WEBSITE AN EXECUTIVE SUMMARY OF ITS MOST RECENT INDEPENDENT AUDIT REPORT

S. 5998                            12

UNLESS  SUCH  INFORMATION  IS  EXEMPT FROM DISCLOSURE PURSUANT TO EITHER
STATE'S FREEDOM OF INFORMATION LAWS.

                              ARTICLE VII-D

  1. PROPERTY DISPOSITION. ANY SALE OF REAL PROPERTY BY THE PORT AUTHOR-
ITY  SHALL BE UNDERTAKEN AND CONDUCTED PURSUANT TO THE PROVISIONS OF THE
EXISTING LAWS GOVERNING THE SALE OF REAL PROPERTY BY THE PORT  AUTHORITY
IN  THE  STATE IN WHICH SUCH REAL PROPERTY IS LOCATED AND BY APPROVAL OF
THE BOARD OF COMMISSIONERS.
  A. NO DISPOSITION OF REAL PROPERTY, OR ANY INTEREST IN REAL  PROPERTY,
SHALL BE MADE UNLESS AN APPRAISAL OF THE VALUE OF SUCH REAL PROPERTY HAS
BEEN  MADE BY AN INDEPENDENT APPRAISER AND INCLUDED IN THE RECORD OF THE
TRANSACTION, AND, PROVIDED FURTHER, THAT NO  DISPOSITION  OF  ANY  OTHER
REAL  PROPERTY, WHICH BECAUSE OF ITS UNIQUE NATURE OR THE UNIQUE CIRCUM-
STANCES OF THE PROPOSED TRANSACTION IS NOT READILY VALUED  BY  REFERENCE
TO  AN  ACTIVE MARKET FOR SIMILAR REAL PROPERTY, SHALL BE MADE WITHOUT A
SIMILAR APPRAISAL.
  B. DISPOSAL OF REAL PROPERTY FOR LESS THAN FAIR MARKET VALUE. NO PROP-
ERTY OWNED, LEASED, OR OTHERWISE IN THE CONTROL OF  THE  PORT  AUTHORITY
MAY  BE  SOLD,  LEASED,  OR  OTHERWISE  ALIENATED FOR LESS THAN ITS FAIR
MARKET VALUE UNLESS:
  (I) THE TRANSFEREE IS A GOVERNMENT OR OTHER  PUBLIC  ENTITY,  AND  THE
TERMS  AND CONDITIONS OF THE TRANSFER REQUIRE THAT THE OWNERSHIP AND USE
OF THE REAL PROPERTY WILL REMAIN WITH THE GOVERNMENT OR ANY OTHER PUBLIC
ENTITY; OR
  (II) THE PURPOSE OF THE TRANSFER IS WITHIN THE  PURPOSE,  MISSION,  OR
GOVERNING  STATUTE  OF THE PORT AUTHORITY AND A WRITTEN DETERMINATION IS
MADE BY THE BOARD OF COMMISSIONERS THAT THERE IS NO REASONABLE  ALTERNA-
TIVE  TO  THE PROPOSED BELOW-MARKET TRANSFER THAT WOULD ACHIEVE THE SAME
PURPOSE OF SUCH TRANSFER, PRIOR TO BOARD APPROVAL OF SUCH A TRANSFER.
  C. THE BOARD SHALL ADOPT, WITHIN SIX MONTHS OF THE EFFECTIVE  DATE  OF
THIS  ARTICLE, APPROPRIATE RULES AND REGULATIONS CONCERNING DISPOSITION,
ACQUISITION, AND TRANSFER OF REAL PROPERTY OR ANY INTEREST IN REAL PROP-
ERTY BY THE PORT AUTHORITY WHICH SHALL, AT A MINIMUM, INCLUDE A REQUIRE-
MENT THAT THE FOLLOWING INFORMATION BE MADE AVAILABLE TO  THE  BOARD  OF
COMMISSIONERS  AT  THE  MEETING  WHERE  APPROVAL  OF SUCH A DISPOSITION,
ACQUISITION OR TRANSFER IS SCHEDULED:
  (I) A FULL DESCRIPTION OF THE PROPERTY;
  (II) A DESCRIPTION OF THE PURPOSE OF THE DISPOSITION, ACQUISITION,  OR
TRANSFER;
  (III) A STATEMENT OF THE VALUE TO BE RECEIVED FROM SUCH A DISPOSITION,
ACQUISITION, OR TRANSFER;
  (IV)  THE  NAMES  OF ANY PRIVATE PARTIES PARTICIPATING IN THE DISPOSI-
TION, ACQUISITION, OR TRANSFER; AND
  (V) IN THE CASE OF A PROPERTY DISPOSITION FOR LESS  THAN  FAIR  MARKET
VALUE,  AN  EXPLANATION  AND  A  WRITTEN  DETERMINATION  BY THE BOARD OF
COMMISSIONERS THAT THERE IS NO REASONABLE ALTERNATIVE  TO  THE  PROPOSED
BELOW-MARKET  VALUE THAT WOULD ACHIEVE THE SAME PURPOSE OF SUCH DISPOSI-
TION.
  D. NOT LESS THAN TEN DAYS IN ADVANCE OF ANY MEETING OF  THE  BOARD  OF
COMMISSIONERS  OF THE PORT AUTHORITY AT WHICH THE BOARD OF COMMISSIONERS
IS TO CONSIDER AN ACTION TO AUTHORIZE THE SALE OF REAL PROPERTY OWNED BY
THE PORT AUTHORITY, THE CHIEF EXECUTIVE OFFICER OF  THE  PORT  AUTHORITY
SHALL  PROVIDE PUBLIC NOTICE OF SUCH PROPOSED ACTION ALONG WITH RELEVANT
MATERIAL TERMS AND PROVISIONS OF SUCH SALE INCLUDING,  BUT  NOT  LIMITED

S. 5998                            13

TO,  THE  INFORMATION  MADE  AVAILABLE  PURSUANT  TO PARAGRAPH C OF THIS
SUBDIVISION, BY POSTING ON THE PORT AUTHORITY'S WEBSITE.
  E.  THE CHIEF EXECUTIVE OFFICER MAY AUTHORIZE OR ARRANGE FOR CONTRACTS
FOR THE SALE OF PERSONAL PROPERTY OWNED BY THE PORT AUTHORITY OR ARRANGE
FOR CONTRACTS FOR THE SALE  OF  PERSONAL  PROPERTY  OWNED  BY  THE  PORT
AUTHORITY  UPON SUCH TERMS AND CONDITIONS AS THE CHIEF EXECUTIVE OFFICER
MAY DEEM PROPER AND EXECUTE THE SAME ON BEHALF  OF  THE  PORT  AUTHORITY
WHERE  THE  VALUE  OF  SUCH  PERSONAL  PROPERTY  IS NOT IN EXCESS OF ONE
MILLION DOLLARS; PROVIDED, HOWEVER, THAT  PERSONAL  PROPERTY  VALUED  AT
MORE THAN $250,000 SHALL NOT BE SOLD BY AUTHORITY OF THE CHIEF EXECUTIVE
OFFICER  OTHER  THAN  TO  THE HIGHEST BIDDER AFTER PUBLIC ADVERTISEMENT.
WHERE THE VALUE OF SUCH PERSONAL PROPERTY IS IN  EXCESS  OF  $1,000,000,
THE SALE OF SUCH PROPERTY MUST BE AUTHORIZED BY THE BOARD OF COMMISSION-
ERS  OF THE PORT AUTHORITY UPON SUCH TERMS AS THE BOARD OF COMMISSIONERS
MAY DEEM PROPER.
  F. THE PORT AUTHORITY MAY RETAIN BROKERS OR THIRD-PARTY  VENDORS  THAT
FACILITATE  ONLINE  AUCTIONS, OR ASSIST IN DISPOSING OF SURPLUS REAL AND
PERSONAL PROPERTY OF THE PORT AUTHORITY.
  2. DEBT ISSUANCE. A.   THE ISSUANCE  OF  ANY  BONDS,  NOTES  OR  OTHER
INSTRUMENTS OF INDEBTEDNESS BY THE PORT AUTHORITY SHALL BE UNDERTAKEN IN
A  MANNER  CONSISTENT  WITH APPLICABLE LAWS GOVERNING THE PORT AUTHORITY
AND COVENANTS WITH THE HOLDERS OF THE PORT AUTHORITY'S BONDS,  NOTES  OR
OTHER INSTRUMENTS OF INDEBTEDNESS.
  B.  AT  LEAST SIXTY DAYS PRIOR TO THE END OF ITS FISCAL YEAR, THE PORT
AUTHORITY SHALL SUBMIT TO THE GOVERNOR, STATE COMPTROLLER, AND  LEGISLA-
TURE  OF  EACH STATE A STATEMENT OF INTENT IN REGARDS TO THE ISSUANCE OF
AND OVERALL AMOUNT OF BONDS, NOTES, OR  OTHER  DEBT  OBLIGATIONS  ANTIC-
IPATED,  AT  THE TIME THE STATEMENT IS SUBMITTED, DURING THE NEXT FISCAL
YEAR.
  3. CAPITAL PLAN. THE PORT AUTHORITY SHALL  ADOPT  A  TEN-YEAR  CAPITAL
PLAN  THAT IS DEVELOPED USING A COMPREHENSIVE PLANNING PROCESS AND RISK-
BASED PRIORITIZATION THAT CONSIDERS  ASSET  CONDITION,  OPERATIONAL  AND
REVENUE  IMPACT,  THREAT ASSESSMENT, CUSTOMER SERVICE, REGIONAL BENEFIT,
AND REGULATORY OR STATUTORY REQUIREMENTS.  THE  CAPITAL  PLAN  SHALL  BE
DEPENDENT   UPON  THE  AVAILABILITY  OF  SUFFICIENT  FUNDING  AND  OTHER
RESOURCES TO PURSUE THE CAPITAL PROJECTS PROPOSED FOR THE TEN-YEAR PERI-
OD. PERFORMANCE PROGRESS AND REVISIONS TO REFLECT CHANGES  IN  PROGRAMS,
POLICIES  AND  PROJECTS  AND THE ENVIRONMENT IN WHICH THE PORT AUTHORITY
OPERATES SHALL BE REVIEWED REGULARLY BY A COMMITTEE  DESIGNATED  BY  THE
BOARD  OF  COMMISSIONERS,  AND THE CAPITAL PLAN SHALL BE REVISED PERIOD-
ICALLY AS NECESSARY AND APPROPRIATE, AND  SHALL  BE  REVIEWED  WITH  THE
BOARD  OF  COMMISSIONERS  ANNUALLY.  THE PORT AUTHORITY SHALL PUBLISH AN
ANNUAL REPORT ON THE STATUS OF THE CAPITAL PROGRAM AND SUCH REPORT SHALL
BE MADE PUBLICLY AVAILABLE ON THE PORT  AUTHORITY'S  WEBSITE.  PRIOR  TO
ADOPTION  OF A CAPITAL PLAN, THE PORT AUTHORITY SHALL MAKE SUCH PROPOSED
PLAN AVAILABLE FOR PUBLIC REVIEW AND COMMENTS ON ITS PUBLIC WEBSITE  FOR
AT  LEAST  TWO WEEKS PRIOR TO APPROVAL, AND ALL COMMENTS RECEIVED ARE TO
BE DISTRIBUTED TO THE BOARD OF COMMISSIONERS FOR REVIEW PRIOR TO CONSID-
ERATION OF THE CAPITAL PLAN.
  4. OPERATING BUDGET. THE PORT AUTHORITY SHALL PREPARE A DETAILED ANNU-
AL OPERATING BUDGET BEGINNING WITH THE FISCAL YEAR COMMENCING AFTER  THE
EFFECTIVE DATE OF THE CHAPTER OF THE LAWS OF 2015 WHICH ADDED THIS ARTI-
CLE. A PRELIMINARY ANNUAL OPERATING BUDGET SHALL BE MADE PUBLICLY AVAIL-
ABLE  ON THE PORT AUTHORITY'S WEBSITE IN JULY OF EVERY FISCAL YEAR AND A
FINAL ANNUAL OPERATING BUDGET SHALL BE MADE PUBLICLY AVAILABLE IN FEBRU-
ARY OF EACH FISCAL YEAR.

S. 5998                            14

  S 5. Severability clause. If any clause, sentence, paragraph, subdivi-
sion, section or part of this act shall be  adjudged  by  any  court  of
competent  jurisdiction  to  be invalid, such judgment shall not affect,
impair, or invalidate the remainder thereof, but shall  be  confined  in
its  operation  to the clause, sentence, paragraph, subdivision, section
or part thereof directly involved in the controversy in which such judg-
ment shall have been rendered. It is hereby declared to be the intent of
the legislature that this act would  have  been  enacted  even  if  such
invalid provisions had not been included herein.
  S  6.  This  act  shall take effect upon the enactment into law by the
state of New Jersey of legislation having an identical effect with  this
act,  but  if  the  state  of New Jersey shall have already enacted such
legislation this act shall take effect immediately. The  chairperson  of
the port authority shall notify the legislative bill drafting commission
upon  the  enactment into law of such legislation by both such states in
order that the commission may maintain an accurate and timely  effective
data  base  of the official text of the laws of the state of New York in
furtherance of effecting the provisions of section 44 of the legislative
law and section 70-b of the public officers law.