32:11D-64 - Borrowing power - New Jersey Statutes

32:11D-64.  Borrowing power    The commission may borrow money for any of the purposes of this compact, and  may issue its negotiable bonds and other evidences of indebtedness in respect  thereto.  All such bonds and evidences of indebtedness shall be payable solely  out of the properties and revenues of the commission without recourse to  taxation.  The bonds and other obligations of the commission, except as may be  otherwise provided in the indenture under which they were issued, shall be  direct and general obligations of the commission and the full faith and credit  of the commission are hereby pledged for the prompt payment of the debt service  thereon and for the fulfillment of all other undertakings of the commission  assumed by it to or for the benefit of the holders thereof.

     L.1961, c. 13, p. 68, s. 12.1.