40:37B-37 - Mortgage, pledge, encumbrance or other disposal of public facilities - New Jersey Statutes

40:37B-37.  Mortgage, pledge, encumbrance or other disposal of public facilities
    Except as otherwise expressly hereinabove provided with respect to the right  of the authority to grant by franchise, lease or otherwise the use of any  public facility or facilities owned or controlled by it, the authority shall  not mortgage, pledge, encumber or otherwise dispose of any part of the public  facilities, except that the authority may dispose of such part or parts thereof  as may be no longer necessary for the purposes of the authority.  The  provisions of this section shall be deemed to constitute a part of the contract  with the holder of any bonds.

     L.1967, c. 136, s. 37, eff. June 28, 1967.