N.J.S.A. 40:68A-59 — Mortgage, pledge or disposal of port system; exceptions

40:68A-59. Mortgage, pledge or disposal of port system; exceptions Except as otherwise expressly hereinabove provided with respect to the right of the municipal port authority to grant by franchise, lease or otherwise the use of any project owned or controlled by it, the municipal port authority shall not mortgage, pledge, encumber or otherwise dispose of any part of the port system, except that the municipal port authority may dispose of such part or parts thereof as may be no longer necessary for the purposes of the municipal port authority. The provisions of this section shall be deemed to constitute a part of the contract with the holder of any bonds. L.1960, c. 192, p. 829, s. 31, eff. Feb. 15, 1961.

This is the verbatim text of N.J.S.A. 40:68A-59, 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.