32:1-35.12. Outstanding obligations; revenues pledged
124 words·~1 min read·
/nj/title-32/chapter-1/32-1-35-12·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The two States covenant and agree with each other and with the holders of any bonds of the Port Authority issued or incurred for air terminal purposes and as security for which there may or shall be pledged (directly or indirectly, or through the medium of its General Reserve Fund or otherwise), the revenues, or any part thereof, of any air terminal or other facility owned or operated by the Port Authority, that the two States will not, so long as any of such bonds or other obligations remain outstanding and unpaid, diminish or impair the power of the Port Authority to establish, levy and collect landing fees, charges, rents, tolls or other fees in connection therewith.
L.1947, c. 43, p. 127, s. 12.