New Jersey § 5:12-163

§ 5:12-163.

Any resolution of the Casino Reinvestment Development Authority authorizing the issuance

or offering 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 issued by or offered through the

Casino Reinvestment Development Authority, all or any part of its revenues or assets

to which the issuing authority's right then exists or may thereafter come into existence,

and the moneys derived therefrom, and all or any part of the proceeds of any bonds,

and covenanting against pledging all or any part of the 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 Casino Reinvestment Development

Authority or of the issuing authority, or with respect to which the Casino Reinvestment

Development Authority or the issuing authority may have any rights or interest; c. The use and disposition of any payments of principal or interest received by the

Casino Reinvestment Development Authority or the issuing authority with respect to

investments made by the Casino Reinvestment Development Authority or the issuing authority

or other income, revenues or receipts of the Casino Reinvestment Development Authority

or the issuing authority; d. The establishment of reserves or sinking funds, 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 bonds with respect to any lien or security or the acceleration

of the maturity of any 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 investments made by the Casino Reinvestment Development Authority or the issuing

authority or for other purposes, and the use and disposition of the moneys held in

these funds; h. Limitations on the purpose to which the proceeds of sale of bonds may be applied

and pledging the 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 Casino Reinvestment Development Authority or the issuing authority; j. The procedure, if any, by which the terms of any contract with the holders of any

bonds of the Casino Reinvestment Development Authority or the issuing authority may

be amended, the amount of bonds the holders of which must consent thereto, and the

manner in which the consent may be given; k. Provision for a trust agreement by and between the Casino Reinvestment Development

Authority or the issuing authority and a corporate trustee, which may be any trust

company or bank having the powers of a trust company, within or without the State,

which agreement may provide (1) for the pledging or assigning of any assets or income

from assets to which or in which the Casino Reinvestment Development Authority or

the issuing authority has any rights or interest, (2) for any other rights and remedies

exercisable by the trustee as may be proper for the protection of the holders of any

bonds of the Casino Reinvestment Development Authority or the issuing authority and

not otherwise in violation of the law, and (3) for the restriction of the rights of

any individual holder of bonds of the Casino Reinvestment Development Authority or

the issuing authority. 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 Casino Reinvestment Development

Authority or the issuing authority. The trust agreement may contain any further provisions which are reasonable, to

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

liabilities of the Casino Reinvestment Development Authority or the issuing authority,

individual and collective holders of bonds of the Casino Reinvestment Development

Authority or the issuing authority, and the trustee; l. 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; m. The time or manner of enforcement or restraint from enforcement of any rights of

the Casino Reinvestment Development Authority or the issuing authority, arising by

reason of or with respect to nonpayment of principal or interest with respect to investments

made by the Casino Reinvestment Development Authority or the issuing authority or

any rights to or security interest in the collateral securing the investments made

by the Casino Reinvestment Development Authority or the issuing authority or arising

with respect to the default with respect to any investments made by the Casino Reinvestment

Development Authority or the issuing authority; n. Defining the acts or omissions to act which shall constitute a default in the obligations

and duties of the Casino Reinvestment Development Authority or the issuing authority

and providing for the rights and remedies of the holders of bonds in the event of

a default; o. Covenants to do or refrain from doing any acts or things as may be necessary or convenient

or desirable in order to better secure any bonds of the Casino Reinvestment Development

Authority or the issuing authority or which, in the discretion of the Casino Reinvestment

Development Authority, will tend to make any bonds to be issued more marketable, notwithstanding

that the covenants, acts or things may not be enumerated herein; and p. Any other matters of the like or different character, which in any way affect the

security or protection of the bonds issued by or offered through the Casino Reinvestment

Development Authority.