32:1-35.77 - Covenant with bondholders - New Jersey Statutes

32:1-35.77.  Covenant with bondholders
    The two states covenant and agree with each other and with the holders of any bonds issued by the port authority for the purposes of this act, that so long as any of such bonds remain outstanding and unpaid and the holders thereof  shall not have given their consent as provided in their contract with the port  authority, the two states shall not diminish or impair the power of the port  authority to establish, levy and collect rentals, fares, fees or other charges  in connection with industrial development projects or facilities or any other  facility owned or operated by the port authority the revenues of which have  been or shall be pledged in whole or in part as security for such bonds,  directly or indirectly, or through the medium of the general reserve fund or  otherwise, or to determine the quantity, quality, frequency or nature of any  services provided by the port authority in connection with the operation of  each such project or facility.  This section shall not affect or diminish the provisions of section 12 of this act.

     L.1978, c. 110, s. 6, eff. Aug. 24, 1978.