40:37B-37. Mortgage, pledge, encumbrance or other disposal of public facilities
105 words·~1 min read·
/nj/title-40/chapter-37b/40-37b-37A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Except as otherwise expressly hereinabove provided with respect to the right of the authority to grant by franchise, lease or otherwise the use of any public facility or facilities owned or controlled by it, the authority shall not mortgage, pledge, encumber or otherwise dispose of any part of the public facilities, except that the authority may dispose of such part or parts thereof as may be no longer necessary for the purposes of the authority. The provisions of this section shall be deemed to constitute a part of the contract with the holder of any bonds.
L.1967, c. 136, s. 37, eff. June 28, 1967.