The Authority shall have the right to make contracts to effect the construction and operation of toll bridges over water owned by the Authority or for ferry service over such water and such contracts may fix the compensation to be charged for service by any such facility; such contracts may also require adequate bond or bonds from any such contracting person, firm, association or corporation, payable to the Authority, in such amount and conditioned as the judgment of the board of commissioners may deem to be required; and, such contracts may provide for forfeiture of the particular franchise in the event of the breach of such contract or in the case of failure by the licensee to render adequate public service.
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