32:2-23.24. Bonds and other evidences of indebtedness; authorized investments; negotiable instruments; use of rental proceeds
294 words·~1 min read·
/nj/title-32/chapter-2/32-2-23-24·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The bonds or other evidences of indebtedness which may be issued by the Port Authority pursuant to this act are hereby made securities in which all State and municipal officers and bodies, all banks, bankers, trust companies, savings banks, savings and loan associations, investment companies and other persons carrying on a banking business, all insurance companies, insurance associations and other persons carrying on an insurance business, and all administrators, executors, guardians, trustees and other fiduciaries and all other persons whatsoever who are now or may hereafter be authorized to invest in bonds or other obligations of the electing State, may properly and legally invest any funds, including capital, belonging to them or within their control; and said bonds or other evidences of indebtedness are hereby made securities which may properly and legally be deposited with and shall be received by any State or municipal officer or agency for any purpose for which the deposit of bonds or other evidences of indebtedness of the electing State is now or may hereafter be authorized.
Such bonds or other evidences of indebtedness shall constitute negotiable instruments.
Notwithstanding the provisions of this or any other legislation the rentals received by the Port Authority from the leasing of any railroad cars under this act shall not be pooled or applied to the establishment or maintenance of any reserve fund of the Port Authority pledged as security for any bonds or other evidences of indebtedness other than those issued pursuant to this act, and the bonds or other evidences of indebtedness issued pursuant to this act shall not be included in measuring the principal amount of bonds or other evidences of indebtedness upon which the amount of any such reserve fund is calculated.
L.1959, c. 25, p. 115, s. 5.