New Jersey § 40:37B-37 Mortgage, pledge, encumbrance or other disposal of public facilities

New Jersey Statutes

§ 40:37B-37 — Mortgage, pledge, encumbrance or other disposal of public facilities

New Jersey § 40:37B-37

Title 40MUNICIPALITIES AND COUNTIES

This text of New Jersey § 40:37B-37 (Mortgage, pledge, encumbrance or other disposal of public facilities) is published on Counsel Stack Legal Research, covering New Jersey primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.J. Stat. Ann. § 40:37B-37 (2026).

Text

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.

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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.