12-3417. Same; bonds; installment payment of bonds; conversion provisions.
12-3417
12-3417. Same; bonds; installment payment of bonds; conversion
provisions.
In the event any issue or series of bonds is issued
pursuant to this act pursuant to a loan agreement or bond purchase agreement with any
agency of the United States government, then and in that event,
notwithstanding any other provision of law, the board of directors of the
port authority may in any resolution authorizing bonds hereunder provide
for the initial issuance of one or more bonds, in this section called
"bond," aggregating the amount of the entire issue; and may make such
provision for installment payments of the principal amount of any such bond
as it may consider desirable; and may provide for the making of any such
bond payable to bearer or otherwise, registrable as to principal and interest,
and where interest accruing thereon is not
represented by interest coupons, for the endorsing of payments of interest
on such bond. The board of directors of the port authority may further make
provision in any such resolution for the manner and circumstances under
which any such bond may in the future, at the request of the holder
thereof, be converted into bonds of smaller denominations, which bonds of
smaller denominations may in turn be either coupon bonds or bonds
registrable as to principal or principal and interest.
History: L. 1969, ch. 89, § 17; L. 1983, ch. 49, § 54; May 12.