58:5-53 - Limitations on mortgage and sale of facilities - New Jersey Statutes

58:5-53.  Limitations on mortgage and sale of facilities
    Neither a commission nor any contracting municipality shall have power to mortgage, pledge, encumber or otherwise dispose of any part of a water transmission facility, except that a commission may dispose of such part or parts thereof as may be no longer necessary for the purposes of the commission.   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 commission 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 commission 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 commission on its facility revenues or other moneys.

     L.1962, c. 167, s. 23.