55:14K-36 - Insurance or guarantee of payment of interest or principal of loans or bonds; obtaining from federal department or agency or other person - New Jersey Statutes

55:14K-36.  Insurance or guarantee of payment of interest or principal of loans or bonds;  obtaining from federal department or agency or other person    a.  The agency may obtain, or aid in obtaining, from any department or agency of the United States or any other person any insurance or guarantee as to, or of or for the payment or repayment of interest or principal, or both, or  any part thereof, on any loan or any instrument evidencing or securing the same, made or entered into pursuant to the provisions of this act;  and notwithstanding any other provisions of this act enter into any agreement, contract or any other instrument whatsoever with respect to any such insurance or guarantee, and accept payment in such manner and form as provided therein in  the event of the default by the borrower.

    b.  The agency may obtain from any department or agency of the United States  or any other person any insurance or guarantee as to, or of or for the payment  or repayment of, interest or principal, or both, or any part thereof, on any  bonds issued by the agency pursuant to the provisions of this act; and  notwithstanding any other provisions of this act enter into any agreement,  contract or any other instrument whatsoever with respect to any such insurance  or guarantee except to the extent that such action would in any way impair or  interfere with the agency's ability to perform and fulfill the terms of any  agreement made with the holders of the bonds of the agency.

     L.1983, c. 530, s. 36, eff. Jan. 17, 1984.