To amend the Joint Resolution entitled "Joint Resolution creating the Niagara Falls Bridge Commission and authorizing said Commission and its successors to construct, maintain, and operate a bridge across the Niagara River at or near the city of Niagara Falls, New York", approved June 16, 1938, to authorize the issuance of certain bonds, and for other purposes.

Authorizes the Niagara Falls Bridge Commission to issue bonds to provide funds for: (1) the acquisition or construction of bridges; (2) the repair, expansion, and replacement of bridges; (3) the payment of interest on, and refunding of, bonds; and (4) working capital and all other expenditures and deposits for carrying out the Commission's purposes. Sets forth authorities with respect to the issuance of bonds to be sold at prices determined by the Commission.

Provides that toll rates for bridge use shall be adjusted to provide funds for: (1) a reasonable reserve or allowance for bridge maintenance and repair; (2) the improvement and expansion of bridges; (3) deposit to a sinking fund to pay interest and principal on bonds; (4) the price of bonds redeemed or repurchased before maturity; and (5) other amounts required to be paid or deposited by agreement with bondholders or specified providers of contracts or arrangements. Applies the remainder of tolls to extraordinary capital costs incurred in connection with the bridges and to the redemption of bonds or payment of other costs in connection with such contracts or agreements.

Deems the Commission to be a public authority of the State of New York for purposes of Federal law. Removes a provision concerning the taxation of bondholders. Entitles Commission members to compensation for official duties.