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Session Laws, 1971
Volume 707, Page 1139   View pdf image
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Marvin Mandel, Governor                       1139

price or purchase price of the bonds. The pledge shall be valid and
binding from the time when it is made; the rentals or other revenues
so pledged and thereafter received by the Commission shall immedi-
ately be subject to the lien of the pledge without any physical
delivery thereof or further act, and the lien of any pledge of that
kind shall be valid and binding as against all parties having claims
of any kind in tort, contract or otherwise against the Commission,
irrespective of whether those parties have notice thereof.

(c) Filing and recordation. Neither the resolution nor any trust
agreement by which a pledge is created need be filed or recorded
except in the records of the Commission. The use and disposition of
monies to the credit of the sinking fund shall be subject to the
provisions of the trust agreement. Except as may otherwise be
provided in the trust agreement, the sinking fund shall be a fund
for all of those revenue bonds without distinction or priority of one
over another.

631K. Trust funds.

All monies received by the Commission pursuant to the provisions
of this subheading as proceeds from the sale of revenue bonds and as
revenues shall be deemed to be trust funds, to be held and applied
solely as provided in this subheading. Any officer to whom, or any
bank or trust company to which, those monies shall be paid shall act
as trustee of the monies and shall hold and apply them for the pur-
poses hereof, subject to the regulations this subheading and the
trust agreement may provide.

631L. Remedies.

Any holder of bonds issued under the provisions of this subheading
or of any of the coupons appertaining thereto, and the trustee, except
to the extent the rights herein given may be restricted by the trust
agreement, may, either at law or in equity, by suit, action, mandamus
or other proceedings, protect and enforce any and all rights under
the laws of this State or granted hereunder or under the trust
agreement, and may enforce and compel the performance of all duties
required by this subheading or by the trust agreement to be performed
by the Commission or by any officer thereof, including the fixing,
charging and collecting of rentals and other rates, fees and charges
for the use of the projects.

631M. Bonds eligible for investment.

Bonds issued under the provisions of this subheading are hereby
made securities in which all public officers and public agencies of the
State and its political subdivisions and all banks, trust companies,
savings and loan associations, investment companies and others
carrying on a
banking business, all insurance companies and insur-
ance associations and others carrying on an insurance business, all
administrators, executors, guardians, trustees and other fiduciaries,
and all other persons may legally and properly invest funds includ-
ing capital in their control or belonging to them. Those bonds are
hereby made securities which may properly and legally be deposited
with and received by any State or municipal officer or any agency or
political subdivision of the State for any purpose for which the
deposit of bonds or other obligations of the State is now or may
hereafter be authorized by law.


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Session Laws, 1971
Volume 707, Page 1139   View pdf image
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