58:5-56 - Pledge of State to bondholders - New Jersey Statutes

58:5-56.  Pledge of State to bondholders
    The State of New Jersey does hereby pledge to and covenant and agree with the holders of any bonds of a commission that the State will not limit or alter  the rights hereby vested in the commission to acquire, construct, maintain,  reconstruct and operate the project and to fulfill the terms of any agreement  made with the holders of such bonds or other obligations, and will not in any  way impair the rights or remedies of such holders, and will not modify in any  way the exemptions from taxation provided for in this act, until the bonds,  together with interest thereon, with interest on any unpaid installments of  interest, and all costs and expenses in connection with any action or  proceeding by or on behalf of such holders, are fully met and discharged.

     L.1962, c. 167, s. 26.