§ 53-B:7-b — Project Financing

I. Bonds or notes issued pursuant to this chapter may be secured by any assets or revenues, or both, of the district. The district may mortgage a facility and grant security interests in such other assets or rights to receive money as the district committee may determine. Such bonds or notes may, but need not be, the full faith and credit obligation of the district, provided that bonds or notes which are not the full faith and credit obligation of the district shall so state in a conspicuous manner on their face.
II. A district may use the proceeds of bonds or notes to acquire land and to plan, construct and equip, or purchase or otherwise acquire the use of, one or more facilities, or to close one or more facilities, and to create such reserve funds and to pay such costs of financing and capitalized interest as the district committee deems appropriate, or it may loan such proceeds to any person for such purposes in connection with a facility which by contract it has the right to use or which by contract will provide management services to the district for a period at least equal to the period of the bonds or notes.

Legislative History

1982, 23:2. 1994, 367:8, eff. Aug. 8, 1994.