N.J.S.A. 40A:67-15 — Bond resolution, trustee, entitled, appointment of a receiver of assets, rights.

40A:67-15 Bond resolution, trustee, entitled, appointment of a receiver of assets, rights. 15. If the bond resolution of an authority authorizing or providing for the issuance of a series of its bonds provides that the bond holders of the series are entitled to the benefits of section 14 of P.L.2023, c.346 (C.40A:67-14), and further provides that any trustee appointed pursuant to that section or having the powers of a trustee shall have the powers provided by this section, then the trustee, whether or not all of the bonds of the series have been declared due and payable, shall be entitled as of right to the appointment of a receiver of the assets of the authority, and the receiver may enter upon and take possession of the assets of the authority and, subject to any pledge or contract with the holders of the bonds, shall take possession of all monies and other property derived from or applicable to the acquisition, construction, operation, maintenance, or reconstruction of the assets of the authority, and proceed with the acquisition, construction, operation, maintenance, or reconstruction that an authority is under an obligation to do, and operate, maintain, and reconstruct a center, and fix, charge, collect, enforce, and receive the revenues thereafter arising subject to any pledge thereof or contract with the holders of the bonds and perform the public duties and carry out the contracts and obligations of an authority in the same manner as the authority, and under the direction of the court. L.2023, c.346, s.15.

This is the verbatim text of N.J.S.A. 40A:67-15, 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.