New Jersey § 32:1-35
Full text of New Jersey New Jersey Statutes § 32:1-35, with citation guidance and answers to common questions.
§ 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 industrial development projects or facilities 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
one-tenth 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 one-tenth 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.
Frequently Asked Questions About New Jersey § 32:1-35
What does New Jersey Statutes § 32:1-35 cover?
Section 32:1-35 is part of the New Jersey Statutes, the codified statutory law of New Jersey. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New Jersey § 32:1-35?
A common citation format is "New Jersey Statutes § 32:1-35" (New Jersey). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New Jersey law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New Jersey official source linked on this page or consult a licensed New Jersey attorney.
How does New Jersey § 32:1-35 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New Jersey can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New Jersey.