§ 8. The port of New York authority is hereby authorized and directed
to proceed with the development of the port of New York in accordance
with said comprehensive plan as rapidly as may be economically
practicable and is hereby vested with all necessary and appropriate
powers not inconsistent with the constitution of the United States or of
either state, to effectuate the same, except the power to levy taxes or
assessments. It shall request the congress of the United States to make
such appropriations for deepening and widening channels and to make such
grants of power as will enable the said plan to be effectuated. It shall
have power to apply to all federal agencies, including the interstate
commerce commission, the war department, and the United States shipping
board, for suitable assistance in carrying out said plan. It shall
cooperate with the state highway commissioners of each state so that
trunk line highways as and when laid out by each state shall fit in with
said comprehensive plan. It shall render such advice, suggestion and
assistance to all municipal officials as will permit all local and
municipal port and harbor improvements, so far as practicable, to fit in
with said plan. All municipalities within the district are hereby
authorized and empowered to cooperate in the effectuation of said plan,
and are hereby vested with such powers as may be appropriate or
necessary so to cooperate. The bonds or other securities issued by the
port authority shall at all times be free from taxation by either state.
The port authority shall be regarded as the municipal corporate
instrumentality of the two states for the purpose of developing the port
and effectuating the pledge of the states in the said compact, but it
shall have no power to pledge the credit of either state or to impose
any obligation upon either state, or upon any municipality, except as
and when such power is expressly granted by statute, or the consent by
any such municipality is given.