32:1-35.6 - General Reserve Fund, use of - New Jersey Statutes

32:1-35.6.  General Reserve Fund, use of
    The moneys in the General Reserve Fund of the Port Authority may be pledged  in whole or in part by the Port Authority as security for or applied by it to  the repayment with interest of any moneys which it may raise upon bonds issued  by it from time to time to provide funds for air terminal purposes;  and the  moneys in said General Reserve Fund may be applied by the Port Authority to the  fulfillment of any other undertakings which it may assume to or for the benefit  of the holders of any such bonds.

    Subject to prior liens and pledges (and to the obligation of the Port Authority to apply revenues to the maintenance of its General Reserve Fund in the amount prescribed by the General Reserve Fund Statutes), the revenues of the Port Authority from facilities established, constructed, acquired or effectuated through the issuance or sale of bonds of the Port Authority secured  by a pledge of its General Reserve Fund may be pledged in whole or in part as  security for or applied by it to the repayment with interest of any moneys  which it may raise upon bonds issued by it to provide funds for air terminal  purposes, and said revenues may be applied by the Port Authority to the  fulfillment of any other undertakings which it may assume to or for the benefit  of the holders of such bonds.

     L.1947, c. 43, p. 120, s. 6.