New Jersey § 5:12-173

§ 5:12-173.

a. Notwithstanding any provisions of P.L.1984, c. 218 ( C. 5:12-153 et al.) restricting the issuance or sale of bonds, notes or other obligations by

the Casino Reinvestment Development Authority, the authority may from time to time

issue bonds or notes, the principal, interest or redemption premiums on which are

to be payable in all or part from amounts then on deposit or to be deposited in the

special fund established pursuant to section 4 of this act, P.L.1993, c. 159 ( C. 5:12-173.4 ). The authority is authorized to issue its bonds in such principal amounts as shall

be necessary to provide sufficient funds for eligible projects to be financed from

that special fund, and to pay, fund, or refund principal or interest or redemption

premiums on any bonds or notes issued by it which are payable from that special fund,

whether the bonds or notes or interest to be funded or refunded have or have not become

due. b. The bonds or notes 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 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 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 revenues

of and payments to the authority 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 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 within the maximum rate, as shall be determined by the authority, shall

be in the denomination or denominations, be in the form, either coupon 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.