New Jersey § 32:2-23

§ 32:2-23.

The moneys in the General Reserve Fund of the Port Authority may be pledged in whole

or in part by the Port Authority as security for or applied by it to the repayment

with interest of any moneys which it may raise upon Narrows Bridge bonds issued by

it from time to time and the moneys in said General Reserve Fund may be applied by

the Port Authority to the fulfillment of any other undertakings which it may assume

to or for the benefit of the holders of any such bonds. Subject to prior liens and pledges (and to the obligation of the Port Authority to

apply revenues to the maintenance of its General Reserve Fund in the amount prescribed

by the General Reserve Fund statutes), the revenues of the Port Authority from facilities

established, constructed, acquired or effectuated through the issuance or sale of

bonds of the Port Authority secured by a pledge of its General Reserve Fund may be

pledged in whole or in part as security for or applied by it to the repayment with

interest of any moneys which it may raise upon Narrows Bridge bonds, and said revenues

may be applied by the Port Authority to the fulfillment of any other undertakings

which it may assume to or for the benefit of the holders of such bonds. In the event that at 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 legal for investment, as defined and limited in the

General Reserve Fund statutes, issued by the Port Authority and currently outstanding

at such time, by reason of the retirement of Narrows Bridge bonds the par value of

which had theretofore been included in the computation of said 1 / 10 , 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.