New Jersey § 40:68A-59 Mortgage, pledge or disposal of port system;  exceptions

New Jersey Statutes

§ 40:68A-59 — Mortgage, pledge or disposal of port system; exceptions

New Jersey § 40:68A-59

Title 40MUNICIPALITIES AND COUNTIES

This text of New Jersey § 40:68A-59 (Mortgage, pledge or disposal of port system; exceptions) 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. § 40:68A-59 (2026).

Text

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.

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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.