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MARVIN MANDEL, Governor 2449
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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 agreement 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] RECORDS 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 sinking or other similar
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
of one over another; provided the Authority in any such
resolution or trust agreement may provide that such
sinking or other similar fund shall be the fund for a
particular project at an institution for higher education
or a hospital and for the bonds issued to finance a
particular project and may, additionally, permit and
provide for the issuance of bonds having a subordinate
lien in respect of the security herein authorized to
other bonds of the Authority and, in such case, the
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