18A:72A-11 - Further powers of authority

18A:72A-11.  Further powers of authority
    The authority is authorized to fix, revise, charge and collect rates, rents,  fees and charges for the use of and for the services furnished or to be  furnished by each project and to contract with any person, partnership, association or corporation, or other body, public or private, in respect thereof.  Such rates, rents, fees and charges shall be fixed and adjusted in respect of the aggregate of rents, rates, fees and charges from such project so  as to provide funds sufficient with other revenues or moneys, if any:

     (a) 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 been adequately provided for;

     (b) 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

     (c) 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 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 by which a pledge is created need be filed or recorded except in the  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. Except as may otherwise be provided in such resolution or such trust agreement, such sinking or other similar fund shall be a fund for all such bonds issued to finance projects at a participating college 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 a participating college 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 authority may create separate sinking or other similar funds in respect of  such subordinate lien bonds.
 
L.1967, c.271.