40:14A-27 - Mortgage or sale of property of authority; limitations; exemption - New Jersey Statutes

40:14A-27.  Mortgage or sale of property of authority;  limitations; exemption
    Neither the sewerage authority nor any local unit shall have power to mortgage, pledge, encumber or otherwise dispose of any part of the sewerage system, except that the sewerage authority may dispose of such part or parts thereof as may be no longer necessary for the purposes of the sewerage authority.  The provisions of this section shall be deemed to constitute a part  of the contract with the holder of any bonds.  All property of a sewerage  authority shall be exempt from levy and sale by virtue of an execution and no  execution or other judicial process shall issue against the same nor shall any  judgment against a sewerage authority be a charge or lien upon its property;   provided, that nothing herein contained shall apply to or limit the rights of  the holder of any bonds to pursue any remedy for the enforcement of any pledge  or lien given by a sewerage authority on its system revenues.

     L.1946, c. 138, p. 670, s. 27, eff. April 23, 1946.