40:68A-59. Mortgage, pledge or disposal of port system; exceptions
112 words·~1 min read·
/nj/title-40/chapter-68a/40-68a-59A 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 municipal port authority to grant by franchise, lease or otherwise the use of any project owned or controlled by it, the municipal port authority shall not mortgage, pledge, encumber or otherwise dispose of any part of the port system, except that the municipal port authority may dispose of such part or parts thereof as may be no longer necessary for the purposes of the municipal port authority. The provisions of this section shall be deemed to constitute a part of the contract with the holder of any bonds.
L.1960, c. 192, p. 829, s. 31, eff. Feb. 15, 1961.