12-3419. Same; payment of bonds from combined revenues; priorities; subsequent series of bonds, liens.
12-3419
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 discretion
authorize one issue of bonds hereunder for the
purpose of purchasing, acquiring, constructing, reconstructing, improving,
equipping, furnishing, repairing, enlarging and remodeling of more than
one building structure, project or facility,
as herein defined, and may make such bonds payable from the combined
revenues of all such buildings and facilities so constructed, acquired,
improved or equipped, in whole or in part, with the
proceeds of such bonds; together with revenues from the operation of any
existing revenue producing buildings or facilities. If more than one
series of bonds shall be issued hereunder, payable from the revenues of
such buildings and facilities, priority of lien thereof as to such
revenues shall be as prescribed by proceedings authorizing the issuance
of such respective bond issues. It shall be within the discretion of the
board of directors of such port authority at the time the first series
of bonds is authorized, to provide that subsequent series of bonds
payable from the same revenues, in whole or in part, shall not be
issued; or that subsequent series of bonds shall be subordinate as to
lien; or that subsequent series of bonds shall enjoy parity of lien upon
such conditions and restrictions as are specified therein.
History: L. 1969, ch. 89, § 19; L. 1981, ch. 76, § 15; April 18.