40:37A-124 - Pledge and agreement of state not to impair rights or remediesĀ of bondholders
40:37A-124.Ā Pledge and agreement of state not to impair rights or remediesĀ of bondholders
The State of New Jersey does hereby pledge to and covenant and agree with the holders of any bonds, bond anticipation notes or other notes or obligationsĀ issued pursuant to the authority of this act that the State will not limit orĀ alter the rights or powers hereby vested in the authority to perform andĀ fulfill the terms of any agreement made with the holders of such bonds, bondĀ anticipation notes or other notes or obligations, or in any way impair theĀ rights or remedies of such holders until such bonds, bond anticipation notesĀ and other notes or obligations, together with interest thereon, with interestĀ on any unpaid installments of interest, and all costs and expenses inĀ connection with any action or proceedings by or in behalf of such holders, areĀ fully met and discharged or provided for. The authority may include thisĀ pledge and agreement of the State in any agreement with the holders of bonds,Ā bond anticipation notes and other notes or obligations issued by theĀ authority.
L.1979, c. 275, s. 19, eff. Jan. 3, 1980.
Ā
The State of New Jersey does hereby pledge to and covenant and agree with the holders of any bonds, bond anticipation notes or other notes or obligationsĀ issued pursuant to the authority of this act that the State will not limit orĀ alter the rights or powers hereby vested in the authority to perform andĀ fulfill the terms of any agreement made with the holders of such bonds, bondĀ anticipation notes or other notes or obligations, or in any way impair theĀ rights or remedies of such holders until such bonds, bond anticipation notesĀ and other notes or obligations, together with interest thereon, with interestĀ on any unpaid installments of interest, and all costs and expenses inĀ connection with any action or proceedings by or in behalf of such holders, areĀ fully met and discharged or provided for. The authority may include thisĀ pledge and agreement of the State in any agreement with the holders of bonds,Ā bond anticipation notes and other notes or obligations issued by theĀ authority.
L.1979, c. 275, s. 19, eff. Jan. 3, 1980.
Ā