12-3417.   Same; bonds; installment payment of bonds; conversionprovisions.In the event any issue or series of bonds is issuedpursuant to this act pursuant to a loan agreement or bond purchase agreement with anyagency of the United States government, then and in that event,notwithstanding any other provision of law, the board of directors of theport authority may in any resolution authorizing bonds hereunder providefor the initial issuance of one or more bonds, in this section called"bond," aggregating the amount of the entire issue; and may make suchprovision for installment payments of the principal amount of any such bondas it may consider desirable; and may provide for the making of any suchbond payable to bearer or otherwise, registrable as to principal and interest,and where interest accruing thereon is notrepresented by interest coupons, for the endorsing of payments of intereston such bond. The board of directors of the port authority may further makeprovision in any such resolution for the manner and circumstances underwhich any such bond may in the future, at the request of the holderthereof, be converted into bonds of smaller denominations, which bonds ofsmaller denominations may in turn be either coupon bonds or bondsregistrable as to principal or principal and interest.

      History:   L. 1969, ch. 89, § 17; L. 1983, ch. 49, § 54; May 12.