27:1B-8 - Contracts with toll road authorities or state agencies
27:1B-8.Ā Contracts with toll road authorities or state agencies
The authority shall have the power to enter into contracts (or take an assignment of the rights and interests in contracts entered into by the treasurer or commissioner) with each toll road authority or other State agency to provide for payments to it by each toll road authority or other State agencyĀ from available revenues of the amount or amounts that may be set forth in, orĀ determined in accordance with, the contract;Ā provided however, that no suchĀ contract shall contain specific provisions which direct such toll roadĀ authority or other State agency to increase tolls. Subject as aforesaid, eachĀ contract, or assignment, may contain conditions and covenants as shall beĀ agreed to by the authority and by the affected toll road authority or otherĀ State agency and, in the case of an assignment, as agreed to by the treasurerĀ or commissioner, including but not limited to conditions and covenantsĀ necessary and desirable to facilitate the issuance and sale of bonds, notes andĀ other obligations of the authority.Ā The authority may receive and use (andĀ contract for the use of) the amounts paid to it pursuant to the contracts forĀ any one or more of its corporate purposes or powers.
L.1984, c. 73, s. 8, eff. July 10, 1984.
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The authority shall have the power to enter into contracts (or take an assignment of the rights and interests in contracts entered into by the treasurer or commissioner) with each toll road authority or other State agency to provide for payments to it by each toll road authority or other State agencyĀ from available revenues of the amount or amounts that may be set forth in, orĀ determined in accordance with, the contract;Ā provided however, that no suchĀ contract shall contain specific provisions which direct such toll roadĀ authority or other State agency to increase tolls. Subject as aforesaid, eachĀ contract, or assignment, may contain conditions and covenants as shall beĀ agreed to by the authority and by the affected toll road authority or otherĀ State agency and, in the case of an assignment, as agreed to by the treasurerĀ or commissioner, including but not limited to conditions and covenantsĀ necessary and desirable to facilitate the issuance and sale of bonds, notes andĀ other obligations of the authority.Ā The authority may receive and use (andĀ contract for the use of) the amounts paid to it pursuant to the contracts forĀ any one or more of its corporate purposes or powers.
L.1984, c. 73, s. 8, eff. July 10, 1984.
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