27:1B-7 Power to accept and use funds appropriated and paid by State.
171 words·~1 min read·
/nj/title-27/chapter-1b/27-1b-7A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
7. The authority shall have the power to accept and use any funds appropriated and paid by the State to the authority, including, without limitation, appropriations and payments from the Transportation Trust Fund Account established pursuant to the act, for the purposes for which the appropriations and payments are made, provided that only those revenues which are dedicated pursuant to the New Jersey Constitution, including Article VIII, Section II, paragraph 4, may be used to pay debt service on the transportation program bonds and any agreement securing the repayment of the transportation program bonds.
Debt service on prior bonds shall be paid for solely from amounts on deposit in the "Transportation Trust Fund Account - Subaccount for Debt Service for Prior Bonds," and debt service on transportation program bonds and any agreement securing the repayment of the transportation program bonds shall be paid for solely from amounts on deposit in the "Transportation Trust Fund Account - Subaccount for Debt Service for Transportation Program Bonds."
L.1984, c.73, s.7; amended 2012, c.13, s.2.