New Jersey § 52:27d-480

§ 52:27d-480.

Upon approval of the resolution by the board and adoption of an ordinance approving

or adopting: a. the final revenue allocation plan by the municipal governing body,

or b. a determination regarding a particular project for which there exist sufficient

eligible revenues within the district to pay the principal of and interest on obligations

issued to finance such project, the district agent shall have the power to incur indebtedness,

borrow money and issue its bonds or notes for purposes of financing a project or funding

or refunding its bonds or notes. If the district agent is the municipal governing body, any pledge of revenues or

funds and obligations incurred shall be limited to the revenues and property accruing

to the municipality as district agent and shall not be deemed to include any other

municipal revenue or property unless such revenues are pledged or obligations are

incurred pursuant to the “Revenue Allocation District Financing Act,” P.L.2001, c. 310 ( C.52:27D-459 et seq. ). The district agent may from time to time issue its bonds or notes in such principal

amounts as in the opinion of the district agent are necessary to provide sufficient

funds for all or any portion of project costs, 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 has or has

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 district

agent incident to and necessary to carrying out its corporate purposes and powers. Any provisions of law to the contrary notwithstanding, a bond issued pursuant to the

“Revenue Allocation District Financing Act,” sections 11 through 41 of P.L.2001, c. 310 ( C.52:27D-459 et seq. ) shall be fully negotiable within the meaning and for all purposes of Title 12A of

the New Jersey Statutes, and each holder of the bond, or a coupon appurtenant thereto,

by accepting the bond or coupon shall be conclusively deemed to have agreed that the

bond or coupon is and shall be fully negotiable within the meaning and for the purposes

of that title.