2016 New Jersey Revised Statutes
Title 32 - Interstate And Port Authorities And Commissions
Section 32:1-35.77 - Covenant With Bondholders
32:1-35.77. Covenant with bondholders
The two states covenant and agree with each other and with the holders of any bonds issued by the port authority for the purposes of this act, that so long as any of such bonds remain outstanding and unpaid and the holders thereof shall not have given their consent as provided in their contract with the port authority, the two states shall not diminish or impair the power of the port authority to establish, levy and collect rentals, fares, fees or other charges in connection with industrial development projects or facilities or any other facility owned or operated by the port authority the revenues of which have been or shall be pledged in whole or in part as security for such bonds, directly or indirectly, or through the medium of the general reserve fund or otherwise, or to determine the quantity, quality, frequency or nature of any services provided by the port authority in connection with the operation of each such project or facility. This section shall not affect or diminish the provisions of section 12 of this act.
L.1978, c. 110, s. 6, eff. Aug. 24, 1978.
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