New Jersey § 32:1-35

§ 32:1-35.

In all cases where the port authority has raised or shall hereafter raise moneys for

any of the purposes of this act by the issue and sale of bonds which are secured in

whole or in part by a pledge of the general reserve fund or any portion thereof, the

surplus revenues from any facility constituting a portion of the port development

project and financed in whole or in part out of the proceeds of such bonds and the

surplus revenues from any other port authority facility the surplus revenues of which

at such time may be payable into the general reserve fund shall be pooled and applied

by the port authority to the establishment and maintenance of the general reserve

fund in an amount equal to 1 / 10 of the par value of all bonds legal for investment, as defined in the general reserve

fund statutes, issued by the port authority and currently outstanding, including such

bonds issued for any of the purposes of this act; and all such moneys in said general

reserve fund may be pledged and applied in the manner provided in the general reserve

fund statutes. In the event that any time the balance of moneys theretofore paid into the general

reserve fund and not applied therefrom shall exceed an amount equal to 1 / 10 of the par value of all bonds upon the principal amount of which the amount of the

general reserve fund is calculated, by reason of the retirement of bonds issued or

incurred from time to time for any of the purposes of this act the par value of which

had theretofore been included in the computation of said amount of the general reserve

fund, then the port authority may pledge or apply such excess for and only for the

purposes for which it is authorized by the general reserve fund statutes to pledge

the moneys in the general reserve fund and such pledge may be made in advance of the

time when such excess may occur.