32:11D-64. Borrowing power
133 words·~1 min read·
/nj/title-32/chapter-11d/32-11d-64A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The commission may borrow money for any of the purposes of this compact, and may issue its negotiable bonds and other evidences of indebtedness in respect thereto. All such bonds and evidences of indebtedness shall be payable solely out of the properties and revenues of the commission without recourse to taxation. The bonds and other obligations of the commission, except as may be otherwise provided in the indenture under which they were issued, shall be direct and general obligations of the commission and the full faith and credit of the commission are hereby pledged for the prompt payment of the debt service thereon and for the fulfillment of all other undertakings of the commission assumed by it to or for the benefit of the holders thereof.
L.1961, c. 13, p. 68, s. 12.1.