N.J.S.A. 40:37B-37 — Mortgage, pledge, encumbrance or other disposal of public facilities

40:37B-37. Mortgage, pledge, encumbrance or other disposal of public facilities Except as otherwise expressly hereinabove provided with respect to the right of the authority to grant by franchise, lease or otherwise the use of any public facility or facilities owned or controlled by it, the authority shall not mortgage, pledge, encumber or otherwise dispose of any part of the public facilities, except that the authority may dispose of such part or parts thereof as may be no longer necessary for the purposes of the authority. The provisions of this section shall be deemed to constitute a part of the contract with the holder of any bonds. L.1967, c. 136, s. 37, eff. June 28, 1967.

This is the verbatim text of N.J.S.A. 40:37B-37, 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.