40:68A-59 - Mortgage, pledge or disposal of port system; exceptions - New Jersey Statutes

40:68A-59.  Mortgage, pledge or disposal of port system;  exceptions    Except as otherwise expressly hereinabove provided with respect to the right  of the municipal port authority to grant by franchise, lease or otherwise the  use of any project owned or controlled by it, the municipal port authority  shall not mortgage, pledge, encumber or otherwise dispose of any part of the  port system, except that the municipal port authority may dispose of such part  or parts thereof as may be no longer necessary for the purposes of the  municipal port authority.  The provisions of this section shall be deemed to  constitute a part of the contract with the holder of any bonds.

     L.1960, c. 192, p. 829, s. 31, eff. Feb. 15, 1961.