5:12-228 Actions permitted prior to Transfer Date.
164 words·~1 min read·
/nj/title-5/chapter-12/5-12-228A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
14. a. Prior to the Transfer Date, the authority is authorized to issue bonds, refunding bonds, notes, or other indebtedness to facilitate the timely occurrence of the Transfer Date, including but not limited to, the issuance of bonds, refunding bonds, notes, or other indebtedness to provide that all bonds or notes issued by the convention center authority to finance any projects, and the interest thereon, have been paid, or a sufficient amount for the payment of all those bonds or notes, and the interest thereon, has been set aside in trust for the benefit of the bondholders.
b. On the Transfer Date, the power of the convention center authority to issue bonds, refunding bonds, notes, or other indebtedness is continued but transferred to the authority and shall thereafter be exercised and administered by the authority.
c. The convention center authority and the authority are authorized to enter into such agreements as are necessary to facilitate the transfers contemplated by this section.
L.2011, c.18, s.14.