New Jersey § 5:10-11

§ 5:10-11.

In any resolution of the authority authorizing or relating to the issuance of any

bonds or notes, the authority, in order to secure the payment of such bonds or notes

and in addition to its other powers, shall have power by provisions therein which

shall constitute covenants by the authority and contracts with the holders of such

bonds or notes: a. To pledge all or any part of its rents, fees, tolls, revenues or receipts to which

its right then exists or may thereafter come into existence, and the moneys derived

therefrom, and the proceeds of any bonds or notes; b. To pledge any lease or other agreement or the rents or other revenues thereunder

and the proceeds thereof; c. To mortgage all or any part of its property, real or personal, then owned or thereafter

to be acquired; d. To covenant against pledging all or any part of its rents, fees, tolls, revenues

or receipts or its leases or agreements or rents or other revenues thereunder or the

proceeds thereof, or against mortgaging all or any part of its real or personal property

then owned or thereafter acquired, or against permitting or suffering any lien on

any of the foregoing; e. To covenant with respect to limitations on any right to sell, lease or otherwise

dispose of any project or any part thereof or any property of any kind; f. To covenant as to any bonds and notes to be issued and the limitations thereon

and the terms and conditions thereof and as to the custody, application, investment,

and disposition of the proceeds thereof; g. To covenant as to the issuance of additional bonds or notes or as to limitations

on the issuance of additional bonds or notes and on the incurring of other debts by

it; h. To covenant as to the payment of the principal of or interest on the bonds or notes,

or any other obligations, as to the sources and methods of such payment, as to the

rank or priority of any such bonds, notes or obligations with respect to any lien

or security or as to the acceleration of the maturity of any such bonds, notes or

obligations; i. To provide for the replacement of lost, stolen, destroyed or mutilated bonds or

notes; j. To covenant against extending the time for the payment of bonds or notes or interest

thereon; k. To covenant as to the redemption or repurchase of bonds or notes and privileges

of tender exchange thereof for other bonds or notes of the authority; l. To covenant as to the rates of toll and other charges to be established and charged,

the amount to be raised each year or other period of time by tolls or other revenues

and as to the use and disposition to be made thereof; m. To covenant to create or authorize the creation of special funds or moneys to be

held in pledge or otherwise for construction, operating expenses, payment or redemption

of bonds or notes, reserves or other purposes and as to the use, investment, and disposition

of the moneys held in such funds; n. To establish the procedure, if any, by which the terms of any contract or covenant

with or for the benefit of the holders of bonds or notes may be amended or abrogated,

the amount of bonds or notes the holders of which must consent thereto, and the manner

in which such consent may be given; o. To covenant as to the construction, improvement, operation or maintenance of its

real and personal property, the replacement thereof, the insurance to be carried thereon,

and the use and disposition of insurance moneys; p. To provide for the release of property, leases or other agreements, or revenues

and receipts from any pledge or mortgage and to reserve rights and powers in, or the

right to dispose of, property which is subject to a pledge or mortgage; q. To provide for the rights and liabilities, powers and duties arising upon the breach

of any covenant, condition or obligation and to prescribe the events of default and

the terms and conditions upon which any or all of the bonds, notes or other obligations

of the authority shall become or may be declared due and payable before maturity and

the terms and conditions upon which any such declaration and its consequences may

be waived; r. To vest in a trustee or trustees within or without the State such property, rights,

powers and duties in trust as the authority may determine, including the right to

foreclose any mortgage, and to limit the rights, duties and powers of such trustee; s. To execute all mortgages, bills of sale, conveyances, deeds of trust and other

instruments necessary or convenient in the exercise of its powers or in the performance

of its covenants or duties; t. To pay the costs or expenses incident to the enforcement of such bonds or notes

or of the provisions of such resolution or of any covenant or agreement of the authority

with the holders of its bonds or notes; u. To limit the powers of the authority to construct, acquire or operate any structures,

facilities or properties which may compete or tend to compete with any of the projects; v. To limit the rights of the holders of any bonds or notes to enforce any pledge

or covenant securing bonds or notes; and w. To make covenants other than in addition to the covenants herein expressly authorized,

of like or different character, and to make such covenants to do or refrain from doing

such acts and things as may be necessary, or convenient and desirable, in order to

better secure bonds or notes or which, in the absolute discretion of the authority,

will tend to make bonds or notes more marketable, notwithstanding that such covenants,

acts or things may not be enumerated herein.