New Jersey Revised Statutes § 40:37a-86 - Guarantee Of Vested Rights Of Bondholders

40:37A-86. Guarantee of vested rights of bondholders
The State of New Jersey does hereby pledge to and covenant and agree with the holders of any bonds issued pursuant to a bond resolution of an authority adopted pursuant to this act that the State will not limit or alter the rights hereby vested in the authority to acquire, construct, maintain, reconstruct, operate, sell, lease or dispose of any public facility or to fix, establish, charge and collect its facility charges or other moneys and to fulfill the terms of any agreement made with the holders of such bonds or other obligations, so as to in any way impair the rights or remedies of such holders, and will not modify in any way the exemptions from taxation provided for in this act, until the bonds, together with interest thereon, with interest on any unpaid installments of interest, and all costs and expenses in connection with any action or proceeding by or on behalf of such holders, are fully met and discharged or provided for.

L.1960, c. 183, p. 757, s. 43. Amended by L.1962, c. 224, s. 9, eff. Jan. 14, 1963.

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Last modified: October 11, 2016