N.J.S.A. 34:1B-21.10 — State pledge regarding bonds, notes, other obligations.

34:1B-21.10 State pledge regarding bonds, notes, other obligations. 10. The State hereby pledges and covenants with the holders of any Market Transition Facility bonds, notes or other obligations and New Jersey Motor Vehicle Commission bonds, notes or other obligations issued pursuant to the provisions of P.L.1994, c.57, that it will not limit or alter the rights or powers vested in the authority by this act, nor limit or alter the rights or powers of the State Treasurer in any manner which would jeopardize the interest of the holders or any trustee of such holders, or inhibit or prevent performance or fulfillment by the authority or the State Treasurer with respect to the terms of any agreement made with the holders of these bonds, notes, or other obligations. The State also pledges and covenants with the holders of any such bonds, notes, or obligations, that it will not act to prevent the authority from obtaining any of the revenues provided for in this act, which shall be sufficient to meet all costs and expenses in connection with the issuance of such obligations, until the bonds, notes, or other obligations, together with interest thereon, are fully met and discharged or payment thereof is fully provided for, except that the failure of the State to appropriate monies for any purpose of this act shall not be deemed a violation of this section. L.1994,c.57,s.10; amended 2003, c.13, s.117. 34:1B-21.11. Statement from Department of the Treasury, authority 11. No later than four months following the issuance of any Market Transition Facility bonds or notes, the Department of the Treasury, in conjunction with the authority, shall provide a statement providing: a. All final costs on an item by item basis associated with the issuance of the Market Transition Facility bonds or notes. This statement shall be distributed to the President of the Senate and the Speaker of the General Assembly. The statement shall list, as applicable, costs for: (1) Bond counsel; (2) Financial advisors; (3) Paying agents and registrars; (4) Rating agencies; (5) Official statement printing; (6) Bond printing; (7) Trustees; (8) Credit enhancement; (9) Liquidity facility; and (10) Miscellaneous issuance costs; b. The final breakdown of the principal amount of bonds allocated to each senior manager, co-senior manager and manager participating in the bond issuance, and each underwriter's spread, broken down into the following components where applicable, and accompanied by a list of underwriter spreads from recent comparable bond issues: (1) Management fees; (2) Underwriting fees; (3) Selling concessions; (4) Underwriter's counsel; and (5) Other costs. L.1994,c.57,s.11.

This is the verbatim text of N.J.S.A. 34:1B-21.10, retrieved from the New Jersey Legislature's public statute corpus. Statutes are amended periodically — for the most current version, check the external source link above. Kyzer is not a law firm and this page is not legal advice.