32:1-142. Establishment of general reserve fund from surplus revenues; use of reserve fund; revenue not required for reserve fund

275 words·~1 min read·/nj/title-32/chapter-1/32-1-142

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

In all cases where the port authority has raised or shall hereafter raise moneys for the establishment, acquisition, construction or effectuation of terminal and/or transportation facilities by the issue and sale of bonds legal for investment as herein defined and limited, the surplus revenues received by or accruing to the port authority from or in connection with the operation of such terminal and/or transportation facilities built in whole or in part by the proceeds of the sale of such bonds, shall be pooled and applied by it to the establishment and maintenance of a general reserve fund in an amount equal to one-tenth ( 1/10 ) of the par value of all bonds legal for investment as herein defined and limited, issued by the port authority and currently outstanding.

The moneys in the said general reserve fund may be pledged in whole or in part by the port authority as security for or applied by it to the repayment with interest of any moneys which it has raised or may hereafter raise upon any bonds, legal for investment as herein defined and limited, and made and issued by it for any of its lawful purposes; and the said moneys may be applied by the port authority to the fulfillment of any other undertakings which it has assumed or may or shall hereafter assume to or for the benefit of the holders of any of such bonds.

Any surplus revenues not required for the establishment and maintenance of the aforesaid general reserve fund shall be used for such purposes as may hereafter be directed by the two said states.

L.1931, c. 5, s. 2, p. 31.