40:37A-86 - Guarantee of vested rights of bondholders - New Jersey Statutes

40:37A-86.  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 an authority adopted pursuant to this act that the State will not limit or alter the rights hereby vested in the authority to acquire, construct, maintain, reconstruct, operate, sell, lease or dispose of any public facility or to fix, establish, charge and collect its facility charges or other moneys and to fulfill the terms of any agreement made with the holders of such bonds or other obligations, so as to 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 or provided for.

     L.1960, c. 183, p. 757, s. 43.  Amended by L.1962, c. 224, s. 9, eff. Jan. 14,  1963.