New Jersey § 18a:72a-57

§ 18a:72a-57.

a. The authority shall from time to time issue bonds or notes in an amount sufficient

to finance the grants provided under this act and to finance the administrative costs

associated with the approval process and the issuance of the bonds or notes, provided that the total outstanding principal amount of the bonds or notes shall not exceed

$220,000,000 , except that all administrative costs associated with the approval process and the

issuance of bonds shall not be included within the total aggregate principal amount

of bonds issued, and the term of any bond issued shall not exceed 15 years. In computing the foregoing limitation as to amount, there shall be excluded all

bonds which shall be issued for refunding purposes, provided that the refunding shall

be determined by the authority to result in a debt service savings. The authority shall issue the bonds or notes in such manner as it shall determine

in accordance with the provisions of P.L.1993, c. 375 ( C.18A:72A-49 et al.) and the “New Jersey educational facilities authority law,” N.J.S.18A:72A-1 et seq. , provided that no bonds or notes shall be issued pursuant to this section without

the prior written consent of the State Treasurer. Notwithstanding any other provision of law to the contrary, the State Treasurer

shall not consent to the issuance of any bonds or notes unless the amount scheduled

for the annual debt service payments for each series of bonds or notes, consisting

of the payment of interest and principal on the bonds or notes, are, as far as may

be practicable, level for each fiscal year that any bonds or notes of the series are

outstanding, except for a fiscal year in which the first or last payment on a series

is the only payment made for that series during that fiscal year. b. Bonds or notes issued pursuant to this act shall not be in any way a debt or liability

of the State or of any political subdivision thereof other than the authority and

shall not create or constitute any indebtedness, liability or obligation of the State

or of any political subdivision thereof, or be or constitute a pledge of the faith

and credit of the State or of any political subdivision thereof, but all bonds or

notes, unless funded or refunded by the bonds or notes of the authority, shall be

payable solely from revenues of funds pledged or available for their payment as authorized

by this act. Each bond shall contain on its face a statement to the effect that the authority

is obligated to pay the principal thereof, redemption premium, if any, or the interest

thereon only from revenue or funds of the authority and that neither the State nor

any political subdivision thereof is obligated to pay the principal thereof, redemption

premium, if any, or interest thereon and that neither the faith and credit nor the

taxing power of the State or of any political subdivision thereof is pledged to the

payment of the principal of, redemption premium, if any, or the interest on the bonds. c. The State of New Jersey does hereby pledge to and covenant and agree with the holders

of any bonds or notes issued pursuant to the authorization of P.L.1993, c. 375 ( C.18A:72A-49 et al.) that the State shall not limit or alter the rights or powers hereby vested

in the authority to perform and fulfill the terms of any agreement made with the holders

of the bonds or notes, or to fix, establish, charge and collect such rents, fees,

rates, payments, or other charges as may be convenient or necessary to produce sufficient

revenues to meet all expenses of the authority and to fulfill the terms of any agreement

made with the holders of the bonds and notes, together with interest thereon, with

interest on any unpaid installments of interest, and all costs and expenses in connection

with any action or proceedings by or on behalf of the holders, until the bonds and

notes, together with interest thereon, are fully met and discharged or provided for.