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2017 New Jersey Revised Statutes
TITLE 40 - MUNICIPALITIES AND COUNTIES
Section 40:68A-59 - Mortgage, pledge or disposal of port system; exceptions
Universal Citation: NJ Rev Stat § 40:68A-59 (2017)
40:68A-59. Mortgage, pledge or disposal of port system; exceptions
Except as otherwise expressly hereinabove provided with respect to the right of the municipal port authority to grant by franchise, lease or otherwise the use of any project owned or controlled by it, the municipal port authority shall not mortgage, pledge, encumber or otherwise dispose of any part of the port system, except that the municipal port authority may dispose of such part or parts thereof as may be no longer necessary for the purposes of the municipal port authority. The provisions of this section shall be deemed to constitute a part of the contract with the holder of any bonds.
L.1960, c. 192, p. 829, s. 31, eff. Feb. 15, 1961.
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