Section 52:27D-482 - Bonds, notes considered general obligations

NJ Rev Stat § 52:27D-482 (2019) (N/A)

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52:27D-482. Bonds, notes considered general obligations

34. Each issue of bonds or notes of the district may, if it is determined by the district agent, be general obligations thereof payable out of any revenues, receipts or funds held by the district agent, subject only to any agreements with the holders of particular bonds or notes pledging any particular revenues or funds, and may be secured by one or more of the following:

a. pledge of eligible revenues and any other revenues derived from leases, sales agreements, service contracts or similar contractual arrangements with one or more persons, firms, partnerships or corporations, whether or not the same relate to the project or part thereof financed with the bonds or notes;

b. pledge of grants, subsidies, contributions or other payments to be received from the United States of America or any instrumentality thereof, or from any State, county or municipal governmental body or agency;

c. a first mortgage on all or any part of the property, real or personal, of the district agent then owned or thereafter to be acquired; or

d. pledge of any moneys, funds, accounts, securities and other funds, including the proceeds of the bonds or notes.

L.2001,c.310,s.34.

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