40:68A-21 - Mortgage, pledge or disposal of port facilities; exemptions - New Jersey Statutes

40:68A-21.  Mortgage, pledge or disposal of port facilities; exemptions    Neither the port authority nor any local unit shall have power to mortgage,  pledge, encumber or otherwise dispose of any part of the port facilities,  except that the port authority may dispose of such part or parts thereof as may  be no longer necessary for the purposes of the port 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 port 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 port  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 port  authority on its revenues.

     L.1948, c. 349, p. 1398, s. 21, eff. Sept. 1, 1948.