New Jersey § 52:27h-41

§ 52:27h-41.

a. Notwithstanding any other provision of law to the contrary, the convention authority

shall have the power to issue bonds and refunding bonds, incur indebtedness and borrow

money secured, in whole or in part, by money received pursuant to sections 23 and

25 of P.L.2008, c. 47 ( C.52:27H-41.11 and C.52:27H-41.13 ) for the purposes of: (1) replacing contingent State contract bonds; (2) providing

funds to meet the payment obligations of the convention authority under the contingent

state contract bonds or obligations of the convention authority under any replacements

of the contingent State contract bonds; and (3) refunding any outstanding bonds or

other obligations of the convention authority issued to finance or refinance any portion

of the Atlantic City convention center project. For the purposes of P.L.2008, c. 47 ( C.52:27H-31.1 et al.), “contingent State contract bonds” means the New Jersey Sports and Exposition

Authority State Contract Bond, Series B Standby Deficiency Agreement Series of 2000,

State Contract Bond, Equity Termination Value Standby Deficiency Agreement Series

of 2000 and State Contract Bond, Swap Payment Standby Deficiency Agreement of 2000. b. The convention authority shall issue the bonds or refunding bonds in such manner

as it shall determine in accordance with the provisions of P.L.2008, c. 47 ( C.52:27H-31.1 et al.); provided that notwithstanding any other law to the contrary, no resolution

adopted by the convention authority authorizing the issuance of bonds or refunding

bonds pursuant to this section shall be adopted or otherwise made effective without

the approval in writing of the State Treasurer; and refunding bonds issued to refund

bonds issued pursuant to this section shall be issued on such terms and conditions

as may be determined by the convention authority and the State Treasurer. The convention authority may, in any resolution authorizing the issuance of bonds

or refunding bonds issued pursuant to this section, pledge the contract with the State

Treasurer provided for pursuant to section 24 of P.L. 2008, c. 47 ( C.52:27H-41.12 ), or any part thereof, for the payment or redemption of the bonds or refunding bonds,

and covenant as to the use and disposition of money available to the convention authority

for payment of the bonds and refunding bonds. All costs associated with the issuance of bonds and refunding bonds by the convention

authority for the purposes set forth in P.L.2008, c. 47 ( C.52:27H-31.1 et al.) may be paid by the convention authority from amounts it receives from the

proceeds of the bonds or refunding bonds, and from amounts it receives pursuant to

sections 23 and 25 of P.L.2008, c. 47 ( C.52:27H-41.11 and C.52:27H-41.13 ). The costs may include, but shall not be limited to, any costs relating to the issuance

of the bonds or refunding bonds. c. Each issue of bonds or refunding bonds of the convention authority shall be special

obligations of the convention authority payable out of particular revenues, receipts

or funds, subject only to any agreements with the holders of bonds or refunding bonds,

and may be secured by other sources of revenue, including, but not limited to, one

or more of the following: (1) Pledge of all moneys, funds, accounts, securities and other funds, including the

proceeds of the bonds; (2) Pledge of the contract or contracts with the State Treasurer authorized pursuant

to section 24 of P.L.2008, c. 47 ( C.52:27H-41.12 ). d. The resolution authorizing the issuance of bonds or refunding bonds pursuant to

this section may also provide for the convention authority to enter into any revolving

credit agreement, agreement establishing a line of credit or letter of credit, reimbursement

agreement, interest rate exchange agreement, currency exchange agreement, interest

rate floor or cap, options, puts or calls to hedge payment, currency, rate, spread

or similar exposure or similar agreements, float agreements, forward agreements, insurance

contracts, surety bonds, commitments to purchase or sell bonds, purchase or sale agreements,

or commitments or other contracts or agreements and other security agreements approved

by the convention authority in connection with the issuance of the bonds or refunding

bonds pursuant to this section. In addition, the convention authority may, in anticipation of the issuance of the

bonds or the receipt of appropriations, grants, reimbursements or other funds, issue

notes, the principal of or interest on which, or both, shall be payable out of the

proceeds of notes, bonds or other obligations of the convention authority or appropriations,

grants, reimbursements or other funds or revenues of the convention authority. e. The convention authority is authorized to engage, subject to the approval of the

State Treasurer and in such manner as the State Treasurer shall determine, the services

of financial advisors and experts, placement agents, underwriters, appraisers, and

other advisors, consultants and agents as may be necessary to effectuate the issuance

of bonds authorized by this section. f. Bonds and refunding bonds issued by the convention authority pursuant to this section

shall be special and limited obligations of the convention authority payable from,

and secured by, funds and moneys determined by the convention authority in accordance

with this section. Neither the members of the convention authority nor any other person executing the

bonds or refunding bonds shall be personally liable with respect to payment of interest

and principal on these bonds or refunding bonds. Bonds or refunding bonds issued pursuant to this section shall not be a debt or

liability of the State or any agency or instrumentality thereof, except as otherwise

provided by this subsection, either legal, moral or otherwise, and nothing contained

in P.L.2008, c. 47 ( C.52:27H-31.1 et al.) shall be construed to authorize the convention authority to incur any indebtedness

on behalf of or in any way to obligate the State or any political subdivision thereof,

and all bonds and refunding bonds issued by the convention authority shall contain

a statement to that effect on their face.