Rutgers Law

New Jersey Statutes, Title: 32, INTERSTATE AND PORT AUTHORITIES AND COMMISSIONS

    Chapter 3: Preamble; agreement

      Section: 32:3-11: Bonds of commission as legal investments

           ARTICLE X.

The bonds or other securities or obligations which may be issued by the commission for any of its authorized purposes, and as security for which there may be pledged the tolls, rents, rates and other revenues, or any part thereof, of any properties or facilities owned, operated or controlled by the commission (including the aforesaid existing bridge across the Delaware river and the aforesaid facilities for the transportation of passengers across the said bridge) are hereby made securities in which all state and municipal officers and bodies of the commonwealth of Pennsylvania and the state of New Jersey, all banks, bankers, trust companies, savings banks, saving and loan associations, investment companies and other persons carrying on a banking business, all insurance companies, insurance associations and other persons carrying on an insurance business, and all administrators, executors, guardians, trustees and other fiduciaries and all other persons whatsoever who are now or hereafter may be authorized to invest in bonds or other obligations of the commonwealth of Pennsylvania or of the state of New Jersey, may properly and legally invest any funds, including capital, belonging to them or within their control; and said bonds or other securities or obligations are hereby made securities which may properly and legally be deposited with and received by any state or municipal officer or agency of the commonwealth of Pennsylvania or the state of New Jersey for any purpose for which the deposit of bonds or other obligations either of the commonwealth or of the state is now, or may hereafter be, authorized.



This section added to the Rutgers Database: 2012-09-26 13:37:50.

Older versions of 32:3-11 (if available):

Court decisions that cite this statute: CLICK HERE.