40:14B-64 - Guarantee of vested rights of bondholders - New Jersey Statutes

40:14B-64.  Guarantee of vested rights of bondholders
    The State of New Jersey does hereby pledge to and covenant and agree with the holders of any bonds issued pursuant to a bond resolution of a municipal authority that the State will not limit or alter the rights hereby vested in the municipal authority to acquire, construct, maintain, reconstruct and operate its utility system, and to fix, establish, charge and collect its service charges and to fulfill the terms of any agreement made with the holders  of such bonds or other obligations, and will not in any way impair the rights  or remedies of such holders, and will not modify in any way the exemptions from  taxation provided for in this act, until the bonds, together with interest  thereon, with interest on any unpaid installments of interest, and all costs  and expenses in connection with any action or proceeding by or on behalf of  such holders, are fully met and discharged.

     L.1957, c. 183, p. 676, s. 64, eff. Aug. 22, 1957.