40A:67-19 State to pledge, covenant, agree, holders of bonds, bond resolution, authority, not to limit, alter rights vested.
148 words·~1 min read·
/nj/title-40a/chapter-67/40a-67-19A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
19. The State of New Jersey shall pledge to and covenant and agree with the holders of any bonds issued pursuant to a bond resolution of the authority, that the State shall not limit or alter the rights vested in an authority to acquire, construct, operate, and participate in the construction and operation of a center, and to fulfill the terms of any agreement made with the holders of the bonds or other obligations, shall not in any way impair the rights or remedies of these holders, and shall not modify in any way the exemptions from taxation provided for in P.L.2023, c.346 (C.40A:67-1 et seq.) until the bonds, together with their interest, with interest on any unpaid installments of interest, and all costs and expenses in connection with an action or proceeding by or on behalf of these holders, are fully met and discharged.
L.2023, c.346, s.19.