33-B:1 Definitions. – This chapter may be referred to as the "Municipal Revenue Bond Act". For purposes of this chapter, unless a different meaning clearly appears from the context, the following words shall have the following meanings: I. " Authorized officers " means the treasurer of a municipality or regional water district and the […]
33-B:10 Investment Securities. – Notwithstanding any of the provisions of this chapter or any recitals in any bonds issued under this chapter, all such bonds shall be deemed to be investment securities under the Uniform Commercial Code. Source. 1988, 90:1, eff. June 17, 1988.
33-B:11 Separate Funds. – Any debt service fund, construction fund, debt service reserve fund, depreciation reserve fund or other fund established in connection with the issuance of bonds under this chapter shall be kept separate from other moneys of the municipality. The moneys deposited in any such funds, together with income derived from any […]
33-B:12 Trust Funds. – All moneys received pursuant to the provisions of this chapter, whether as proceeds from the issue of bonds, as revenues, or otherwise, shall be deemed to be trust funds to be held and applied solely as provided in this chapter. Source. 1988, 90:1, eff. June 17, 1988.
33-B:13 Tax Exemption. – Bonds issued under this chapter, their transfer and income from them, including any profit made on their sale, shall at all times be exempt from taxation within the state. Source. 1988, 90:1, eff. June 17, 1988.
33-B:14 Eligible Investments. – Bonds issued under this chapter are hereby made securities in which all public officers, agencies and authorities of the state and of its political subdivisions, insurance companies, investment companies, executors, administrators, trustees and other fiduciaries may properly and legally invest funds, including capital in their control or belonging to them. […]
33-B:15 Construction and Effect of Other Laws. – I. The provisions of this chapter shall be deemed to provide an additional and alternative method for the effectuation of the purposes of this chapter and shall be construed to be supplemental to, and not in derogation of, powers otherwise conferred by law on municipalities, provided, […]
33-B:2 Issuance of Revenue Bonds. – A municipality or regional water district may issue bonds or notes under this chapter for construction of revenue-producing facilities. Bonds issued by a municipality or regional water district under this chapter shall not be deemed to be a pledge of the faith and credit of the state or […]
33-B:3 Project Costs. – In addition to other lawful items, the costs to be financed by the issuance of bonds under this chapter may include interest during construction and for up to one year after completion of the revenue-producing facilities being financed as estimated by the authorized officers, the cost of architectural, engineering, financial […]
33-B:4 Trust or Security Agreement or Resolution. – Any bonds issued under this chapter may be secured by a resolution or by a trust or security agreement between the municipality and a corporate trustee, which may be any trust company or bank having the powers of a trust company within or without the state, […]
33-B:5 Credit Facilities and Insurance. – Any bonds issued under authority of this chapter may be issued by a municipality pursuant to lines of credit or other banking arrangements under such terms and conditions not inconsistent with this chapter, and under such agreements as the authorized officers may determine to be in the best […]
33-B:6 Pledge of Revenues or Other Property. – Any pledge of revenues, contract or other rights to receive revenues, or the proceeds thereof made by a municipality under this chapter shall be valid and binding and shall be deemed continuously perfected for the purposes of the Uniform Commercial Code and other laws from the […]
33-B:7 Enforcement of Rights. – Any owner of a bond issued by a municipality under the provisions of this chapter and any trustee under a trust or security agreement or resolution securing the same, except to the extent the rights herein given may be restricted by such agreement or resolution, may bring suit upon […]
33-B:8 Refunding Bonds. – A municipality, when authorized by its legislative body, may issue refunding bonds for the purpose of paying any of its bonds issued pursuant to this chapter at or prior to maturity or upon acceleration or redemption. Refunding bonds may be issued at such times prior to the maturity or redemption […]
33-B:9 Governmental Consents. – I. Bonds may be issued under this chapter without obtaining the consent of any department, division, commission, board, or agency of the state except as provided in paragraph II, and without any other proceedings or the happening of any condition or things other than those proceedings, conditions or things which […]
