12:11A-11 - Issuance of negotiable bonds or notes;Ā interest;Ā terms
12:11A-11.Ā Issuance of negotiable bonds or notes;Ā interest;Ā terms (a) The corporation shall have the power and is hereby authorized from timeĀ to time to issue its negotiable bonds or notes for any of its corporate purposes, including cost of marine terminals, the payment, funding or refundingĀ of principal of or interest or redemption premiums on any bonds or notes issuedĀ by it whether the bonds or notes to be funded or refunded have or have notĀ matured;Ā provided, however, that prior to the issuance of any bonds or notes,Ā the corporation shall submit a copy of the resolution authorizing the issuanceĀ thereof to the Governor and the State Treasurer, and the corporation shall notĀ issue any bonds or notes until both the Governor and the State Treasurer haveĀ approved thereof by signing and returning said copy of the resolutionĀ authorizing the issuance thereof to the corporation.
(b) Except as may be otherwise expressly provided by the corporation every issue of bonds or notes shall be general obligations payable out of any moneys or revenues of the corporation subject only to any agreements with the holders of particular bonds or notes pledging any particular moneys or revenues.
(c) Whether or not bonds or notes issued by the corporation are of such formĀ and character as to be negotiable instruments, such bonds and notes shall beĀ fully negotiable within the meaning and for all the purposes of the UniformĀ Commercial Code.
(d) The corporation may issue temporary or interim bonds, pending the preparation of definitive bonds, exchangeable for definitive bonds.
(e) Bonds and notes shall be authorized by resolution of the corporation andĀ shall bear such date or dates, mature at such time or times, bear interest atĀ such rate or rates not exceeding 6% per annum, be in such denominations, be inĀ such form either coupon or registered, carry such registration privileges, beĀ executed in such manner, be payable in such medium of payment and at such placeĀ or places, and be subject to such terms of redemption with or without premiumĀ as such resolution or resolutions may provide.Ā Bonds or notes may be sold atĀ public or private sale, for such price or prices as the corporation shallĀ determine.
(f) Any resolution of the corporation authorizing the issuance of bonds or notes may appoint a trustee or trustees, a paying agent or paying agents, or such other fiduciaries as such resolution may provide.Ā Any trustee, paying agent and other fiduciary so appointed may be any trust company or bank having the powers of a trust company within or without the State.
L.1968, c. 60, s. 11, eff. June 13, 1968.
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(b) Except as may be otherwise expressly provided by the corporation every issue of bonds or notes shall be general obligations payable out of any moneys or revenues of the corporation subject only to any agreements with the holders of particular bonds or notes pledging any particular moneys or revenues.
(c) Whether or not bonds or notes issued by the corporation are of such formĀ and character as to be negotiable instruments, such bonds and notes shall beĀ fully negotiable within the meaning and for all the purposes of the UniformĀ Commercial Code.
(d) The corporation may issue temporary or interim bonds, pending the preparation of definitive bonds, exchangeable for definitive bonds.
(e) Bonds and notes shall be authorized by resolution of the corporation andĀ shall bear such date or dates, mature at such time or times, bear interest atĀ such rate or rates not exceeding 6% per annum, be in such denominations, be inĀ such form either coupon or registered, carry such registration privileges, beĀ executed in such manner, be payable in such medium of payment and at such placeĀ or places, and be subject to such terms of redemption with or without premiumĀ as such resolution or resolutions may provide.Ā Bonds or notes may be sold atĀ public or private sale, for such price or prices as the corporation shallĀ determine.
(f) Any resolution of the corporation authorizing the issuance of bonds or notes may appoint a trustee or trustees, a paying agent or paying agents, or such other fiduciaries as such resolution may provide.Ā Any trustee, paying agent and other fiduciary so appointed may be any trust company or bank having the powers of a trust company within or without the State.
L.1968, c. 60, s. 11, eff. June 13, 1968.
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