New Jersey § 52:18a-78

§ 52:18a-78.

a. The authority may from time to time issue its bonds or notes in such principal

amounts as in the opinion of the authority shall be necessary to provide sufficient

funds for any of its corporate purposes, including the payment, funding or refunding

of the principal of, or interest or redemption premiums on, any bonds or notes issued

by it whether the bonds or notes or interest to be funded or refunded have or have

not become due, the establishment or increase of such reserves to secure or to pay

the bonds or notes or interest thereon and all other costs or expenses of the authority

incident to and necessary to carry out its corporate purposes and powers . b. Whether or not the bonds and notes are of such form and character as to be negotiable

instruments under the terms of Title 12A, Commercial Transactions, of the New Jersey

Statutes, the bonds and notes are hereby made negotiable instruments within the meaning

of and for all the purposes of Title 12A, subject only to the provisions of the bonds

and notes for registration. c. Bonds or notes of the authority shall be authorized by a resolution or resolutions

of the authority and may be issued in one or more series and shall bear such date

or dates, mature at such time or times, bear interest at such rate or rates of interest

per annum, be in such denomination or denominations, be in such form, either coupon

or registered, carry such conversion or registration privileges, have such rank or

priority, be executed in such manner, be payable from such sources; in such medium

of payment; at such place or places within or without the State, and be subject to

such terms of redemption, with or without premium, as such resolution or resolutions

may provide. d. Bonds or notes of the authority may be sold at public or private sale at such price

or prices and in such manner as the authority shall determine. Every bond shall mature and be paid not later than 35 years from the date thereof. e. Bonds or notes may be issued under the provisions of this act without obtaining

the consent of any department, division, commission, board, bureau or agency of the

State, and without any other proceeding or the happening of any other conditions or

other things than those proceedings, conditions or things which are specifically required

by this act. f. Bonds or notes of the authority issued under the provisions of 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 or be or constitute a pledge

of the faith and credit of the State or of any political subdivision but all such

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

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

authorized in this act. Each bond and note shall contain on its face a statement to the effect that the

authority is obligated to pay the principal thereof or the interest thereon only from

its revenues, receipts or funds pledged or available for their payment as authorized

in this act and that neither the State nor any political subdivision thereof is obligated

to pay the principal or interest and that neither the faith and credit nor the taxing

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

of the principal of or the interest on the bonds or notes. g. Each issue of bonds or notes of the authority may, if it is determined by the authority,

be general obligations thereof payable out of any revenues, receipts or funds of the

authority subject only to any agreements with the holders of particular bonds or notes

pledging any particular revenues or funds, and shall be secured by one or more of

the following: (1) Pledge of rentals, receipts and other revenues to be derived from leases, sales

agreements, service contracts or similar contractual arrangements with one or more

State agencies, or one or more persons, firms, partnerships or corporations, whether

or not the same relate to the project or part thereof financed with the bonds or notes,

or a pledge or assignment of the leases, sales agreements, service contracts or instruments

evidencing similar arrangements and the rights and interests of the authority; provided

that such leases, sales agreements, service contracts or similar contractual arrangements

shall be in effect at the time of the issuance of the bonds or notes; (2) Pledge of grants, subsidies, contributions or other payments to be received from

the United States of America or any instrumentality thereof or from the State or any

State agency; (3) A first mortgage on all or any part of the property, real or personal, of the

authority then owned or thereafter to be acquired; provided that the property so

mortgaged as improved and developed by application of the proceeds of the bonds or

notes shall be appraised as at least equal to the amount of the bonds or notes; (4) Pledge of the revenues and receipts estimated to be thereafter derived from the

ownership or operation of the project or part thereof or from the lease or sale thereof,

including any income from investment of the funds and moneys held in connection therewith

and pledged to the payment of the bonds or notes and the interest thereon or a pledge

of any lease, sales agreement, service contract or instrument evidencing similar arrangements

to be entered into subsequent to the issuance of the bonds or notes; (5) Pledge of all moneys, funds, accounts, securities and other funds, including the

proceeds of the bonds or notes.