New Jersey § 18a:72a-11

§ 18a:72a-11.

The authority is authorized to fix, revise, charge and collect rates, rents, fees

and charges for the use of and for the services furnished or to be furnished by each

project and to contract with any person, partnership, association or corporation,

or other body, public or private, in respect thereof. Such rates, rents, fees and charges shall be fixed and adjusted in respect of the

aggregate of rents, rates, fees and charges from such project so as to provide funds

sufficient with other revenues or moneys, if any: (a) to pay the cost of maintaining, repairing and operating the project and each and

every portion thereof, to the extent that the payment of such cost has not otherwise

been adequately provided for; (b) to pay the principal of and the interest on outstanding bonds of the authority

issued in respect of such project as the same shall become due and payable; and (c) to create and maintain reserves required or provided for in any resolution authorizing,

or trust agreement securing, such bonds of the authority. Such rates, rents, fees and charges shall not be subject to supervision or regulation

by any department, commission, board, body, bureau or agency of this State other than

the authority. A sufficient amount of the revenues derived in respect of a project, except such

part of such revenues as may be necessary to pay the cost of maintenance, repair and

operation and to provide reserves for renewals, replacements, extensions, enlargements

and improvements as may be provided for in the resolution authorizing the issuance

of any bonds of the authority or in the trust agreement securing the same, shall be

set aside at such regular intervals as may be provided in such resolution or trust

agreement in a sinking or other similar fund which is hereby pledged to, and charged

with, the payment of the principal of and the interest on such bonds as the same shall

become due, and the redemption price or the purchase price of bonds retired by call

or purchase as therein provided. Such pledge shall be valid and binding from the time when the pledge is made; the

rates, rents, fees and charges and other revenues or other moneys so pledged and thereafter

received by the authority shall immediately be subject to the lien of such pledge

without any physical delivery thereof or further act, and the lien of any such pledge

shall be valid and binding as against all parties having claims of any kind in tort,

contract or otherwise against the authority, irrespective of whether such parties

have notice thereof. Neither the resolution nor any trust agreement by which a pledge is created need

be filed or recorded except in the records of the authority. The use and disposition of moneys to the credit of such sinking or other similar

fund shall be subject to the provisions of the resolution authorizing the issuance

of such bonds or of such trust agreement. Except as may otherwise be provided in such resolution or such trust agreement,

such sinking or other similar fund shall be a fund for all such bonds issued to finance

projects at a participating institution without distinction or priority of one over another; provided the authority in any

such resolution or trust agreement may provide that such sinking or other similar

fund shall be the fund for a particular project at a participating institution and for the bonds issued to finance a particular project and may, additionally, permit

and provide for the issuance of bonds having a subordinate lien in respect of the

security herein authorized to other bonds of the authority and, in such case, the

authority may create separate sinking or other similar funds in respect of such subordinate

lien bonds.