New Jersey § 13:17-23

§ 13:17-23.

The commission is authorized from time to time to issue its negotiable bonds and notes

for any corporate purpose and to renew from time to time any bonds and notes by the

issuance of new bonds and notes, whether the bonds and notes to be renewed have or

have not matured. The commission may issue bonds and notes partly to renew bonds and notes or to discharge

other obligations then outstanding and partly for any other purpose. The notes may be authorized, sold, executed and delivered in the same manner as

bonds. The commission may issue bonds and notes on which the principal and interest are

payable (1) exclusively from the income and revenues of the improvement or project

financed with the proceeds of such bonds or notes; (2) exclusively from the income

and revenue of certain designated improvement or projects whether or not they are

financed in whole or in part with the proceeds of such bonds or notes; or (3) from

its revenue generally. Any such bonds or notes may be additionally secured by a pledge of any grant or

contribution from any department or agency of the United States or the State or person

or a pledge of any money, income or revenues of the agency from any source whatsoever. Any resolution or resolutions authorizing bonds and notes of the commission or any

issue thereof may contain the following provisions: (a) A covenant against pledging all or any part of its charges or revenues, or against

mortgaging all or any part of its real or personal property then owned or thereafter

acquired or against permitting or suffering any lien on such charges, revenues or

property; (b) A covenant with respect to limitations on any right to sell, lease or otherwise

dispose of any project or any part thereof or any property of any kind; (c) A covenant as to the issuance of additional bonds or notes or as to limitations

on the issuance of additional bonds or notes and on the incurring of other debts by

the commission; (d) A covenant against extending the time for the payment of bonds or notes or interest

thereon; (e) A covenant as to the rates of fees and other charges to be established and charged,

the amount to be raised each year or other period of time by fees, charges or other

revenues and as to the use and disposition to be made thereof; (f) A covenant to create or authorize the creation of special funds or moneys to be

held in pledge or otherwise for construction operating expenses, payment or redemption

of bonds or notes, reserves or other purposes and as to the use and disposition of

the moneys held in such funds; (g) A provision for the establishment of a procedure, by which the terms of any contract

or covenant with or for the benefit of the holders of bonds or notes may be amended

or abrogated, the amount of bonds or notes the holders of which must consent thereto,

and the manner in which such consent may be given; (h) A provision for the rights and liabilities, powers and duties arising upon the

breach of any covenant, condition or obligation and to prescribe the events of default

and the terms and conditions upon which any or all bonds, notes or other obligations

of the commission shall become or may be declared due and payable before maturity

and the terms and conditions upon which any such declaration and its consequences

may be waived; (i) A provision for the payment of the costs or expenses incident to the enforcement

of such bonds or notes or of the provisions of such resolution or of any covenant

or agreement of the commission with the holders of its bonds or notes; (j) A limit on the powers of the commission to construct, acquire or operate any structures,

facilities or properties which may compete or tend to compete with any of its projects; (k) A limit on the rights of the holders of any bonds or notes to enforce any pledge

or covenant securing bonds or notes; and (l) Any other covenant or provision, in addition to those herein expressly authorized,

which the commission deems may be necessary, convenient or desirable in order to better

secure the bond or notes, or which in the opinion of the commission will tend to make

the bonds or notes more marketable. All such bonds and notes shall be payable from the revenues or other moneys of the

commission, subject only to any contractual rights of the holders of any of its notes

or other obligations then outstanding.