40:11A-20 - Restriction on alteration of powers - New Jersey Statutes

40:11A-20.  Restriction on alteration of powers    The provisions of this act shall constitute a part of any and all contracts  entered into by an authority created hereunder for the benefit and security of  the creditors of such authority, and the State of New Jersey does hereby pledge  to and agree with any person, firm or corporation or Federal agency subscribing  to or acquiring the bonds issued by the authority for the construction,  extension, improvement or enlargement of any project or facilities or part  thereof that the State of New Jersey will not limit or alter the rights hereby  vested in the authority and in the holders of such bonds until all bonds at any  time issued together with the interest thereon and any premiums upon the  redemption thereof are fully met and discharged. The State of New Jersey does  further pledge in the event that any Federal agency shall contribute or agree  to contribute any funds for the construction, extension, improvement or  enlargement of any project or any portion thereof, the State of New Jersey will  not alter or limit the rights and powers of the authority in any manner which  would be inconsistent with the continued maintenance and operation of the  project or the improvement thereof or which would be inconsistent with the due performance of any agreements between the authority and any such Federal agency  and the authority shall continue to have and may exercise all powers herein  granted so long as the same shall be necessary or desirable for the carrying  out of the purposes of this act and the purposes of the United States in the construction or improvement or enlargement of the project or such portion thereof.

     L.1948, c. 198, p. 991, s. 20.  Amended by L.1954, c. 138, p. 631, s. 11, eff.  July 12, 1954.