Section 35-A:33 – Application of Funds.
35-A:33 Application of Funds. – Money or investments in any fund or account of the bank established or held for any bonds, notes, indebtedness or liability to be paid, funded or refunded by issuance of bonds or notes shall, unless the resolution authorizing such bonds or notes provides otherwise, be applied to the payment […]
Section 35-A:34 – Effectuation of Purposes.
35-A:34 Effectuation of Purposes. – In order to effectively carry out its purpose under this chapter of making loans to governmental units, by purchase of the municipal bonds of such governmental units, and by receipt of its income from service charges and from payments of interest on and the maturing principal of municipal bonds […]
Section 35-A:35 – Form of Investments.
35-A:35 Form of Investments. – All municipal bonds or other investments of moneys of the bank permitted or provided for under the chapter shall at all times be purchased and held in fully marketable form (subject to provision for any registration in the name of the bank). All municipal bonds at any time purchased, […]
Section 35-A:36 – Authorization Conclusively Approved.
35-A:36 Authorization Conclusively Approved. – After issuance, all bonds or notes of the bank shall be conclusively presumed to be fully authorized and issued by all the laws of this state, and any person or governmental unit shall be stopped from questioning their authorization, sale, issuance, execution or delivery by the bank. Source. 1977, […]
Section 35-A:37 – Liberal Construction.
35-A:37 Liberal Construction. – This chapter shall be construed liberally to effectuate the legislative intent and the purposes of the chapter as complete and independent authority for the performance of each and every act and thing herein authorized and all powers herein granted shall be broadly interpreted to effectuate such intent and purposes and […]
Section 35-A:18 – Agreement by State.
35-A:18 Agreement by State. – The state does pledge to and agree with the holders of the bonds or notes issued pursuant to authority contained in this chapter that the state will not limit or restrict the rights hereby vested in the bank to purchase, acquire, hold, sell or dispose of municipal bonds or […]
Section 35-A:19 – Legal Investments.
35-A:19 Legal Investments. – Notwithstanding any restriction contained in any other law, the state and all public officers, governmental units and agencies thereof, all banks, trust companies, savings banks and institutions, building and loan associations, savings and loan associations, investment companies, and other persons carrying on a banking business, all insurance companies, insurance associations […]
Section 35-A:20 – Exemption from Taxes.
35-A:20 Exemption from Taxes. – All property of the bank is hereby declared to be public property devoted to an essential public and governmental function and purpose and shall be exempt from all taxes and special assessments of the state or any subdivision thereof. All bonds or notes issued pursuant to this chapter are […]
Section 35-A:21 – Exemption from Levy and Sale.
35-A:21 Exemption from Levy and Sale. – All property of the bank shall be exempt from levy and sale by virtue of an execution and no execution or other judicial process shall issue against the same nor shall any judgment against the bank be a charge or lien upon its property; provided, that nothing […]
Section 35-A:22 – Insurance or Guaranty.
35-A:22 Insurance or Guaranty. – The bank is authorized and empowered to obtain from any department or agency of the United States of America or from any nongovernmental insurer any insurance or guaranty (to the extent now or hereafter available) as to, or of, or for, the payment or repayment of, interest or principal, […]