New Jersey § acts:saved-32 - (2)

§ acts:saved-32. (2)

2. Any bonds issued to either state in adjustment and liquidation of such claims shall

be direct and general obligations of the authority, for which the full faith and credit

of the authority shall be pledged. Said bonds are hereby made and declared to be bonds in which state officers and

savings banks in both the state of New Jersey and the state of New York are authorized

to invest funds within their control; and the authority is hereby authorized to pledge

the moneys in its general reserve fund, established pursuant to chapter five of the

laws of New Jersey of one thousand nine hundred and thirty-one, and chapter forty-eight

of the laws of New York of one thousand nine hundred and thirty-one, as security for

the payment of the interest upon said bond or bonds, and to apply the moneys therein

to the payment of such interest, without prejudice, however, to its power to pledge

the moneys in said general reserve fund as security for other bonds or obligations,

and to apply the moneys therein to the fulfillment of undertakings assumed in connection

with such other bonds or other obligations.