New Jersey § 55:14k-21

§ 55:14k-21.

Any resolution or resolutions of the agency authorizing the issuance of bonds may

contain provisions, except as expressly limited in this act and except as otherwise

limited by existing agreements with the holders of the bonds, which shall be a part

of the contract with the holders thereof, as to the following: a. The pledging of or creating of a lien on, as security for the payment of the principal

and redemption price of and interest on any bonds of the agency, all or any part of

its revenues or assets to which its right then exists or may thereafter come into

existence, and the moneys derived therefrom, including the eligible loans made or

purchased by the agency pursuant to this act and the revenues therefrom, the loans

made to institutional lenders pursuant to this act and the revenues therefrom and

the rights and interest of the agency in and to any collateral securing such loans

and the collections and proceeds therefrom, the eligible loans purchased by the agency

pursuant to this act and all payments on account of principal and interest with respect

thereto, and all other premiums, fees and charges payable to the agency, all or any

part of any money, funds or property held in trust or otherwise by others for the

payment of any such mortgages, such loans to institutional lenders or such eligible

loans, or any bonds of the agency, and all or any part of the proceeds of any bonds,

and covenanting against pledging all or any part of such revenues, assets, moneys,

funds or property, or against permitting or suffering any lien thereon; b. Otherwise providing for the custody, collection, securing investment and payment

of any revenues, assets, moneys, funds or property of the agency or with respect to

which the agency may have any rights or interest; c. The use and disposition of any and all payments of principal or interest received

by the agency with respect to loans to institutional lenders or eligible loans or

any income or proceeds from investments held by the agency or other income, revenues

or receipts of the agency; d. The establishment of reserves or sinking funds, the making of charges and fees

to provide for the same, and the regulation and disposition thereof; e. The custody, application and disposition of the proceeds of any bonds; f. The rank or priority of any such bonds with respect to any lien or security or

as to the acceleration of the maturity of any such bonds; g. The creation of special funds or moneys to be held in trust or otherwise for operating

expenses, payment or redemption of bonds, reserves against defaults or prepayments

of eligible loans or loans to institutional lenders or for other purposes and as to

the use and disposition of the moneys held in such funds; h. Limitations on the purpose to which the proceeds of sale of bonds may be applied

and pledging such proceeds to secure the payment of the bonds; i. Limitations on the issuance of additional bonds, the terms upon which additional

bonds may be issued and secured, the refunding or purchase of outstanding bonds of

the agency; j. The procedure, if any, by which the terms of any contract with the holders of any

bonds of the agency may be amended or abrogated, the amount of bonds the holders of

which must consent thereto, and the manner in which such consent may be given; k. The vesting in a trustee or trustees within or without the State of such property,

rights, powers and duties in trust as the agency may determine, which may include

any or all of the rights, powers and duties of any trustee appointed by the holders

of any bonds pursuant to section 22 of this act 1 and limiting or abrogating the right of the holders of any bonds of the agency to

appoint a trustee under this act or limiting the rights, powers and duties of such

trustee; l. Appointing and providing for the duties and obligations of a paying agent or paying

agents or such other fiduciaries within or without the State; m. Provision for a trust agreement by and between the agency and a corporate trustee

which may be any trust company or bank having the powers of a trust company within

the State, which agreement may provide for the pledging or assigning of any assets

or income from assets to which or in which the agency has any rights or interest,

and may further provide for such other rights and remedies exercisable by the trustee

as may be proper for the protection of the holders of any bonds of the agency and

not otherwise in violation of law, and the agreement may provide for the restriction

of the rights of any individual holder of bonds of the agency. All expenses incurred in carrying out the provisions of the trust agreement may

be treated as a part of the costs of operation of the agency. The trust agreement may contain any further provisions which are reasonable to delineate

further the respective rights, duties, safeguards, responsibilities and liabilities

of the agency, individual and collective holders of bonds of the agency, and the trustee; n. The custody of any of its properties or investments, the safekeeping thereof, the

insurance to be carried thereon, and the use and disposition of insurance moneys; o. The time or manner of enforcement or restraint from enforcement of any rights of

the agency arising by reason of or with respect to nonpayment of principal or interest

with respect to mortgages or loans to institutional lenders or any rights to or security

interest in the collateral securing such loans or arising with respect to the default

with respect to any eligible loan; p. Defining the acts or omissions to act which shall constitute a default in the obligations

and duties of the agency and providing for the rights and remedies of the holders

of bonds in the event of such default; q. Covenants to do or refrain from doing such acts and things as may be necessary

or convenient or desirable to better secure any bonds of the agency, or which, in

the discretion of the agency, will tend to make any bonds to be issued more marketable,

notwithstanding that such covenants, acts or things may not be enumerated herein;

and r. Any other matters of the like or different character, which in any way affect the

security or protection of the bonds issued by the agency. 1

N.J.S.A. § 55:14K-22.