12-3419.   Same; payment of bonds from combined revenues; priorities;subsequent series of bonds, liens.The board of directors of a port authority may in its discretionauthorize one issue of bonds hereunder for thepurpose of purchasing, acquiring, constructing, reconstructing, improving,equipping, furnishing, repairing, enlarging and remodeling of more thanone building structure, project or facility,as herein defined, and may make such bonds payable from the combinedrevenues of all such buildings and facilities so constructed, acquired,improved or equipped, in whole or in part, with theproceeds of such bonds; together with revenues from the operation of anyexisting revenue producing buildings or facilities. If more than oneseries of bonds shall be issued hereunder, payable from the revenues ofsuch buildings and facilities, priority of lien thereof as to suchrevenues shall be as prescribed by proceedings authorizing the issuanceof such respective bond issues. It shall be within the discretion of theboard of directors of such port authority at the time the first seriesof bonds is authorized, to provide that subsequent series of bondspayable from the same revenues, in whole or in part, shall not beissued; or that subsequent series of bonds shall be subordinate as tolien; or that subsequent series of bonds shall enjoy parity of lien uponsuch conditions and restrictions as are specified therein.

      History:   L. 1969, ch. 89, § 19; L. 1981, ch. 76, § 15; April 18.