58:14-34.21 - Mortgage, pledge, encumbrance or disposal of system; exemption from judicial process - New Jersey Statutes

58:14-34.21.  Mortgage, pledge, encumbrance or disposal of system; exemption from judicial process    Neither the commissioners nor any municipality shall have power to mortgage,  pledge, encumber or otherwise dispose of any part of the sewerage system,  except that the commissioners may dispose of such part or parts thereof as may  be no longer necessary for the purposes of the commissioners. The provisions  of this section shall be deemed to constitute a part of the contract with the  holder of any bonds.  All property of the commissioners 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 the  commissioners be a charge or lien upon its property;  provided, however, 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 the commissioners on its system revenues or other moneys.     L.1953, c. 388, p. 2021, s. 12.