New Jersey § 5:12-162

§ 5:12-162.

a. In addition to the authorization contained in any other statutory provisions relating

to the issuance or sale of bonds, notes or other obligations by the Casino Reinvestment

Development Authority, the authority may, upon written approval from the State Treasurer,

from time to time issue bonds, notes or other obligations which are to be payable

in all or part from any present or future funds, moneys, income or revenues of the

authority from any source whatsoever. At least 14 days before the members of the authority approve the issuance or sale

of bonds, notes or other obligations, the authority shall submit to the President

of the Senate and the Speaker of the General Assembly a proposed plan of finance for

such sale or issuance. The authority is authorized to issue its bonds, notes or other obligations in such

principal amounts as shall be necessary to provide sufficient funds to finance eligible

projects of the authority, and to pay, fund, or refund any bonds, notes or other obligations

issued by it, whether the bonds, notes or other obligations to be funded or refunded

have or have not become due or to pay for the administrative costs of the authority. b. The bonds or notes or other obligations may be additionally secured by a pledge

of any grant or contribution from the federal government or any State or any agency

or public subdivision thereof or any person or a pledge of any other funds, moneys,

income or revenues of the authority from any source whatsoever. The authority may also enter into bank loan agreements, lines of credit or bond

insurance, bond purchase agreements and other security agreements and obtain for or

on its behalf letters of credit in each case for the purpose of securing its bonds,

notes or other obligations or to provide direct payment of any costs which the authority

is authorized to pay by this act and to secure repayment of any borrowings under the

loan agreement, line of credit, letter of credit, bond insurance or other security

agreement by its bonds, notes or other obligations or the proceeds thereof or by any

or all of the moneys, income or revenues of the authority pledged to the payment of

the bonds or by any appropriation, grant or reimbursement to be received by the authority

and other moneys or funds as the authority shall determine. c. Any provision of any law to the contrary notwithstanding, any bond or note issued

pursuant to this act shall be fully negotiable within the meaning and for all purposes

of the negotiable instruments law of the State, and each holder or owner of a bond

or note, or of any coupon appurtenant thereto, by accepting the bond, note or coupon

shall be conclusively deemed to have agreed that the bond, note or coupon is and shall

be fully negotiable within the meaning and for all purposes of the negotiable instruments

law. d. Bonds or notes or other obligations of the authority shall be authorized by resolution

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

dates, mature at the time or times not exceeding 50 years from the date thereof, bear

interest at a rate or rates, as shall be determined by the authority, shall be in

the denomination or denominations, be in the form, either bearer or registered, carry

the conversion or registration privileges, have the rank or priority, be executed

in the manner, be payable from the sources in the medium of payment at the place or

places within or without the State, and be subject to the terms of redemption, with

or without premium, as the resolution or resolutions may provide. e. Bonds or notes of the authority may be sold at public or private sale at the price

or prices as the authority shall determine. f. Any resolution authorizing the issuance of bonds or refunding bonds pursuant to

this section may also provide for the 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 authority in connection with the issuance of the bonds or refunding bonds pursuant

to this section. The authority's payment obligations under any such agreements may be secured by

and payable from any or all of the moneys, income or revenues of the authority pledged

to the payment of the bonds or by any appropriation, grant or reimbursement to be

received by the authority and other moneys or funds as the authority shall determine. g. The authority is authorized to engage the services of financial advisors and experts,

placement agents, underwriters, appraisers, and other advisors, consultants and agents

as may be necessary to effectuate the financing of eligible projects of the authority. h. Bonds and refunding bonds issued by the authority pursuant to this section shall

be special and limited obligations of the authority payable from, and secured by,

the funds, moneys, income or revenues of the authority so specified in accordance

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

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

or redemption premium on the 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 political subdivision thereof, other than the authority,

or any agency or instrumentality thereof, except as otherwise provided by this subsection,

either legal, moral or otherwise, and nothing contained in this act shall be construed

to authorize the 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 authority shall contain a statement to that effect on their face. i. The State of New Jersey hereby covenants with the purchasers, holders and owners,

from time to time, of any bonds, notes or other obligations secured in all or part

from any funds, moneys, income or revenues of the authority that it shall not repeal

or reduce any fees, charges or other sources of revenue securing such bonds while

bonds entitled to benefits from such fees, charges or other sources of revenue so

imposed are outstanding, and shall not modify or amend the provisions of any law,

so as to create any lien or charge on, or any pledge, assignment, diversion, withholding

payment or otherwise of or deduction from the funds, moneys, income or revenues of

the authority securing such bonds which is prior in time or superior in right to any

payments required to be made pursuant to any bond covenants entered into with the

purchasers, holders and owners of the bonds so secured. j. In any resolution of the authority authorizing or relating to the issuance of bonds

or notes or other obligations pursuant this act, the authority, in order to secure

the payment of the bonds or notes or other obligations 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 the bonds or notes or other obligations: (1) To pledge to any payment or purpose all or any part of its revenues 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 or other obligations. (2) To covenant against pledging all or any part of its revenues, 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 its revenues or property. (3) 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. (4) 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. (5) To covenant as to the issuance of additional bonds or notes or other obligations

or as to limitations on the issuance of additional bonds or notes and on the incurring

of other debts by the authority. (6) 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 that payment, as

to the rank or priority of any bonds, notes or other obligations with respect to any

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

obligations. (7) To provide for the replacement of lost, stolen, destroyed or mutilated bonds or

notes. (8) To covenant against extending the time for the payment of bonds or notes or interest

thereon. (9) To covenant as to the redemption of bonds or notes or other obligations and privileges

of exchange thereof for other bonds or notes or other obligations of the authority. (10) 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 or other obligations, reserves or other purposes and as to the use

and disposition of the moneys held in the funds. (11) 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 or other obligations may

be amended or abrogated, the amount of bonds or notes the holders of which must consent

thereto, and the manner in which the consent may be given. (12) To covenant as to the construction, operation or maintenance of real property

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

and the use and disposition of insurance moneys. (13) 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. (14) To mortgage all or any part of its property, real or personal, then owned or

thereafter to be acquired. (15) 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 declaration and its consequences may be waived. (16) 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 and to limit the rights,

powers and duties of the trustee. (17) To pay the costs or expenses incident to the enforcement of the bonds or notes

or other obligations or of the provisions of the resolution or of any covenant or

agreement of the authority with the holders of its bonds or notes. (18) To limit the rights of the holder of any bonds or notes to enforce any pledge

or covenant securing bonds or notes. (19) To make covenants other than and in addition to the covenants herein expressly

authorized, of like or different character, and to make the covenants to do or refrain

from doing any acts and things as may be necessary, or convenient and desirable, in

order to better secure bonds or notes or other obligations or which, in the absolute

discretion of the authority, will tend to make bonds or notes or other obligations

more marketable, notwithstanding that the covenants, acts or things may not be enumerated

herein.