New Jersey Statutes 40:14B-58. Disposal or encumbrance of utility
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Terms Used In New Jersey Statutes 40:14B-58
- Contract: A legal written agreement that becomes binding when signed.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
Neither the municipal authority nor any local unit shall have power to mortgage, pledge, encumber or otherwise dispose of any part of the utility system, except that the municipal authority may dispose of such part or parts thereof as may be no longer necessary for the purposes of the municipal authority. The provisions of this section shall be deemed to constitute a part of the contract with the holder of any bonds.
L.1957, c. 183, p. 674, s. 58, eff. Aug. 22, 1957.