MARVIN MANDEL, Governor                             2435

association or corporation or other body, public or
private, in respect to thereof. Such rates, rents, fees
and charges shall be fixed and adjusted in respect of the
aggregate of rates, rents, fees and charges from such
project so as to provide funds sufficient with other
revenues or moneys available therefor, if any, (1) to pay
the cost of maintaining, repairing and operating the
project and each and every portion thereof, to the extent
that the payment of such cost has not otherwise
adequately been provided for, (2) to pay the principal of
and the interest on outstanding bonds of the Authority
issued in respect of such project as the same shall
become due and payable and (3) to create and maintain
reserves required or provided for in any resolution
authorizing, or trust agreement securing such bonds of
the Authority, Such rates, rents, fees and charges
shall not be subject to supervision or regulation by any
department, commission, board, body, bureau or agency of
this State other than the Authority. A sufficient
amount of the revenues derived in respect of a project,
except such part of such revenues as may be necessary to
pay the cost of maintenance, repair and operation and to
provide reserves and for renewals, replacements,
extensions, enlargements and improvements as may be
provided for in the resolution authorizing the issuance
of any bonds of the Authority or in the trust agreement
securing the same, shall be set aside at such regular
intervals as may be provided in such resolution or trust
agree sent in a sinking or other similar fund which is
hereby pledged to, and charged with, the payment of the
principal of and the interest on such bonds as the same
shall become due, and the redemption price or the
purchase price of bonds retired by call or purchase as
therein provided. Such pledge shall be valid and binding
from the time when the pledge is made; the rates, rents,
fees and charges and other revenues or other moneys so
pledged and thereafter received by the Authority shall
immediately be subject to the lien of such pledge without
any physical delivery thereof or further act, and the
lien of any such pledge shall be valid and binding as
against all parties having claims of any kind in tort,
contract or otherwise against the Authority, irrespective
of whether such parties have notice thereof. Neither
the resolution nor any trust agreement nor any other
agreement nor any lease by which a pledge is created need
be filed or recorded except in the research of the
Authority. The use and disposition of moneys to the
credit of such sinking or other similar fund shall be
subject to the provisions of the resolution authorizing
the issuance of such bonds or of such trust agreement [,]
. [such] SUCH sinking or other similar [[funds]] FUND
may be a fund for all such bonds issued to finance
projects at a particular institution for higher education
or a particular hospital without distinction or priority