New Jersey § 18a:72a-30

§ 18a:72a-30.

In addition to the foregoing powers, the authority with respect to private colleges,

shall have power: (a) upon application of the private college to construct, acquire or otherwise provide projects for the use and benefit

of the private college and the students, faculty and staff of such private college. The private college for which such a project is undertaken by the authority shall , if applicable, approve the plans and specifications and location of such project; (b) to operate and manage any project provided pursuant to this section, or the authority

may lease any such project to the private college for which such project is provided. At such time as the liabilities of the authority incurred for any such project have

been met and the bonds of the authority issued therefor have been paid, or such liabilities

and bonds have otherwise been discharged, the authority shall transfer title to all

the real and personal property of such project vested in the authority, to the private college in connection with which such project is then being operated, or to which

such project is then leased; provided, however, that if at any time prior thereto

such private college ceases to offer educational facilities, then such title shall vest in the

State of New Jersey. Any lease of a project authorized by this section shall be a general obligation of

the lessee except as the authority expressly agrees and may contain provisions, which shall be a part of the contract with the holders

of the bonds of the authority issued for such project, as to: (i) pledging all or any part of the moneys, earnings, income and revenues derived

by the lessee from such project or any part or parts thereof, or other personal property

of the lessee, to secure payments required under the terms of such lease; (ii) the rates, rentals, fees and other charges to be fixed and collected by the lessee,

the amounts to be raised in each year thereby, and the use and disposition of such

moneys, earnings, income and revenues; (iii) the setting aside of reserves and the creation of special funds and the regulation

and disposition thereof; (iv) the procedure, if any, by which the terms of such lease may be amended, the amount

of bonds the holders of which must consent thereto, and the manner in which such consent

may be given; (v) vesting in a trustee or trustees such specified properties, rights, powers and

duties as shall be deemed necessary or desirable for the security of the holders of

the bonds of the authority issued for such projects; (vi) the obligations of the lessee with respect to the replacement, reconstruction,

maintenance, operation, repairs and insurance of such project; (vii) defining the acts or omissions to act which shall constitute a default in the

obligations and duties of the lessee, and providing for the rights and remedies of

the authority and of its bondholders in the event of such default; (viii) any other matters, of like or different character, which may be deemed necessary

or desirable for the security or protection of the authority or the holders of its

bonds.