40:48-8.43 - Pledge or dedication of revenues, moneys or funds held by state treasurer; validity; lien - New Jersey Statutes

40:48-8.43.  Pledge or dedication of revenues, moneys or funds held by state  treasurer;  validity;  lien
    Any pledge or dedication of revenues, moneys or funds held by the State Treasurer made by the county improvement authority by such resolution or by the  municipality by such ordinance shall be valid and binding from the time when  the pledge is made;  the revenues, moneys or funds so pledged and thereafter  received by the State Treasurer shall immediately be subject to the lien of  such pledge or dedication without any physical delivery thereof or further act,  and the lien of any such pledge or dedication shall be valid and binding as  against all parties having claims of any kind in tort, contract or otherwise  against the State Treasurer, the county improvement authority or the  municipality, irrespective of whether such parties have notice thereof.

    All such provisions of said bond resolution and all such covenants, pledges  and dedications, and agreements shall constitute valid and legally binding  contracts between the authority and the several holders of the bonds entitled  to the benefits of the provisions of this amendatory and supplementary act, and  shall be enforceable by any such holder or holders by appropriate action or  proceeding in any court of competent jurisdiction including a proceeding in  lieu of prerogative writ.

     L.1979, c. 273, s. 18, eff. Jan. 3, 1980.