Back to Statutes By Title
Title: INTERSTATE AND PORT AUTHORITIES ANDCOMMISSIONS
Section: General Reserve Fund, use of
Statute: 32:1-35.6
Statute Text
The moneys in the General Reserve Fund of the Port Authority may be pledged in whole or in part by the Port Authority as security for or applied by it to the repayment with interest of any moneys which it may raise upon bonds issued by it from time to time to provide funds for air terminal purposes; and the moneys in said General Reserve Fund may be applied by the Port Authority to the fulfillment of any other undertakings which it may assume to or for the benefit of the holders of any such bonds.
Subject to prior liens and pledges (and to the obligation of the Port Authority to apply revenues to the maintenance of its General Reserve Fund in the amount prescribed by the General Reserve Fund Statutes), the revenues of the Port Authority from facilities established, constructed, acquired or effectuated through the issuance or sale of bonds of the Port Authority secured by a pledge of its General Reserve Fund may be pledged in whole or in part as security for or applied by it to the repayment with interest of any moneys which it may raise upon bonds issued by it to provide funds for air terminal purposes, and said revenues may be applied by the Port Authority to the fulfillment of any other undertakings which it may assume to or for the benefit of the holders of such bonds.
L.1947, c. 43, p. 120, s. 6.
The statute data presented on this website was last updated April 10, 2011. For up to date statutes and other legislation articles consult the NJ legislation website at http://www.njleg.state.nj.us. Sammarro & Zalarick cannot be held responsible for any errors or discrepancies in the statute data presented on this website.