34:1B-53. Issuance of bonds
188 words·~1 min read·
/nj/title-34/chapter-1b/34-1b-53A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The authority shall, by resolution of the board, have the power to incur indebtedness, borrow money and issue bonds to provide long-term and short-term financing to eligible businesses pursuant to the provisions of this act. Every issue of its bonds shall be general obligations of the authority payable from any revenues of the authority, subject only to agreements with the holders of particular bonds or notes pledging any particular revenues or moneys. The bonds may be issued in one or more series and shall bear dates, mature at times not exceeding 40 years, bear interest at rates, be in a form, either coupon or registered, carry any conversion or registration privileges, have any rank or priority, be executed in a manner, be payable from a source in a medium of payment at places inside or outside the State, and be subject to any terms of redemption, with or without premium, as the resolution may provide.
Bonds of the authority may be sold by the authority at a public or private sale at prices as the authority may determine.
L. 1985, c. 386, s. 7, eff. Dec. 18, 1985.