Section 40A:67-13 - Authority, bond resolution, securing payment of bonds, power to covenantA bond resolution of an authority providing for or authorizing the issuance of bonds may contain provisions, and the authority shall, in order to secure the payment of the bonds in addition to its other powers, have the power by the provisions in the bond resolution to covenant and agree with the several holders of the bonds, as to the:
a. custody, security, use, expenditure, or application of the proceeds of the bonds;b. construction and completion, or repair, of the center or a satellite facility;c. use, regulation, operation, maintenance, insurance, or disposition of the center, of the authority, or restrictions on the exercise of the powers of the authority to dispose of, limit, or regulate the use of all or any part of the center;d. payment of the principal of, or interest on, the bonds, or any other obligations, and the sources and methods thereof, the rank or priority of the bonds or obligations as to any lien or security, or the acceleration of the maturity of the bonds or obligations;e. use and disposition of any monies of the authority, including any of the authority's revenues, derived or to be derived from the operation of the center, including any parts that are constructed or acquired as any of the center's parts, extensions, or improvements;f. pledging, setting aside, depositing, or acting as trustee for all or any part of the revenues or other monies of the authority to secure the payment of the principal of, or interest on, the bonds or any other obligations, or the payment of expenses of operation or maintenance of the center or satellite facility, and the powers and duties of any trustee;g. setting aside moneys out of the revenues or other moneys of the authority including its reserves and sinking funds, and as to the source, custody, security, regulation, application, and disposition of the moneys described in this subsection;h. determination or definition of the revenues or of the expenses of operation and maintenance of the center or satellite facilities;i. rents, rates, fees, or other charges in connection with the use, products, or services of the center or satellite facilities, including any of the parts, extensions, replacements, or improvements of the center or satellite facilities constructed or acquired, and the fixing, establishment, collection, and enforcement of those charges, the amount of revenues produced, and the disposition and application of the amounts charged or collected;j. assumption or payment or discharge of any indebtedness, liens, or other claims relating to the center or satellite facility for any obligations having or which may have a lien on any part of the center;k. limitations on the issuance of additional bonds or any other obligations or on the incurrence of indebtedness of the authority;l. vesting in a trustee within or without the State any property, rights, powers, and duties in trust as the authority may determine, which may include the rights, powers, and duties of the trustee appointed by the holders of bonds, and limiting or abrogating the right of the holders to appoint a trustee or limiting the rights, duties, and powers of the trustee;m. payment of costs or expenses incident to the enforcement of the bonds or of the provisions of the bond resolutions or of any covenant or contract with the holders of the bonds;n. procedure, if any, by which the terms of any covenant or contract with, or duty to, the holders of the bonds may be amended or abrogated, the amount of bonds that the holders of which must consent, and the manner in which the consent may be given or evidenced; ando. any other matter or course of conduct which, by recital in the bond resolution, is declared to further secure the payment of the principal of, or interest on, the bonds. The provisions of the bond resolution and the related covenants and agreements shall constitute valid and legally binding contracts between the authority and the several holders of the bonds, regardless of the time of issuance of the bonds, and shall be enforceable by any holder or holders by appropriate suit, action, or proceeding in any court of competent jurisdiction, or by proceeding in lieu of prerogative writ.
Added by L. 2023, c. 346,s. 13, eff. 1/16/2024.