18A:24-91 - Recitals; method of authorization and issue; maturity; provisions for protection of bondholders - New Jersey Statutes

18A:24-91.  Recitals;  method of authorization and issue;  maturity; provisions for protection of bondholders
    a.  All qualified bonds when issued shall contain a recital to the effect that they are issued pursuant to Title 18A of the New Jersey Statutes and are entitled to the benefits of the provisions of this act. Except as otherwise provided in this act, all qualified bonds shall be authorized and issued in the  manner provided for in Title 18A.  N.J.S. 18A:24-19 through 18A:24-27 shall not  be applicable with respect to authorization or issuance of any bonds pursuant  to the provisions of this act.  Qualified bonds shall mature not later than 30  years from their date of issuance without regard to any limitations as to  maturities or amounts of annual installments for bonds as provided in Title  18A.

    b.  The proceedings of the school district or municipality authorizing the issuance of qualified bonds may contain such covenants and provisions for protecting and enforcing the rights and remedies of the bond holders as may be reasonable and proper and not in violation of law, including covenants restricting the issuance of additional qualified bonds.

     L.1976, c. 39, s. 6, eff. June 28, 1976.