32:13A-11. Lien upon bond proceeds
71 words·~1 min read·
/nj/title-32/chapter-13a/32-13a-11A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
All moneys received from bonds issued under the provisions of this chapter shall be applied solely to the payment of the cost of the tunnel or to the sinking fund for such bonds, and there shall be and there is hereby created and granted a lien upon such moneys until so applied, in favor of the holders of such bonds or the trustee hereinafter provided for in respect of such bonds.