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FIDELITY UNION TRUST CO. v. N.J. HIGHWAY AUTH.

85 N.J. 277 (1981)

426 A.2d 488

FIDELITY UNION TRUST COMPANY, A BANKING CORPORATION OF THE STATE OF NEW JERSEY, AS TRUSTEE UNDER THE GENERAL BOND RESOLUTION OF THE NEW JERSEY HIGHWAY AUTHORITY ADOPTED JULY 8, 1953, AS SUPPLEMENTED; FIRST NATIONAL STATE BANK OF NEW JERSEY, A NATIONAL BANKING ASSOCIATION, AS TRUSTEE UNDER THE JUNIOR BOND RESOLUTION OF THE NEW JERSEY HIGHWAY AUTHORITY ADOPTED JULY 7, 1962, AS SUPPLEMENTED, PLAINTIFFS-RESPONDENTS, AND MIDLANTIC NATIONAL BANK, A NATIONAL BANKING ASSOCIATION, AS TRUSTEE UNDER THE IMPROVEMENT BOND RESOLUTION OF THE NEW JERSEY HIGHWAY AUTHORITY ADOPTED JULY 27, 1971, AS SUPPLEMENTED, PLAINTIFF, v. NEW JERSEY HIGHWAY AUTHORITY, A BODY CORPORATE AND POLITIC CREATED AND EXISTING UNDER AND BY VIRTUE OF CHAPTER 16 OF THE LAWS OF 1952, AS AMENDED AND SUPPLEMENTED, AND JOHN J. DEGNAN, ATTORNEY GENERAL OF THE STATE OF NEW JERSEY, DEFENDANTS-APPELLANTS.

The Supreme Court of New Jersey.

Reargued November 3, 1980.

Decided March 2, 1981.

Attorney(s) appearing for the Case

Stephen Skillman, Assistant Attorney General, argued the cause for appellant John J. Degnan (John J. Degnan, Attorney General of New Jersey, attorney; Leonard A. Peduto, Jr., Deputy Attorney General, on the briefs).

Arthur D. Grossman argued the cause for appellant New Jersey Highway Authority (Fox and Fox, attorneys).

Kevin J. Coakley argued the cause for respondents (Connell, Foley & Geiser, attorneys for First National State Bank; Riker, Danzig, Scherer & Debevoise, attorneys for Fidelity Union Trust Company; Kevin J. Coakley and Robert Fisher, of counsel; Robert J. Kelly, on the brief).

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...

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