40:37A-124. Pledge and agreement of state not to impair rights or remedies of bondholders
178 words·~1 min read·
/nj/title-40/chapter-37a/40-37a-124A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The State of New Jersey does hereby pledge to and covenant and agree with the holders of any bonds, bond anticipation notes or other notes or obligations issued pursuant to the authority of this act that the State will not limit or alter the rights or powers hereby vested in the authority to perform and fulfill the terms of any agreement made with the holders of such bonds, bond anticipation notes or other notes or obligations, or in any way impair the rights or remedies of such holders until such bonds, bond anticipation notes and other notes or obligations, together with interest thereon, with interest on any unpaid installments of interest, and all costs and expenses in connection with any action or proceedings by or in behalf of such holders, are fully met and discharged or provided for.
The authority may include this pledge and agreement of the State in any agreement with the holders of bonds, bond anticipation notes and other notes or obligations issued by the authority.
L.1979, c. 275, s. 19, eff. Jan. 3, 1980.