32:13A-7 - Tunnel revenue bonds

32:13A-7.  Tunnel revenue bonds
    The commission is hereby authorized to provide by resolution, at one time or  from time to time, for the issuance of tunnel revenue bonds of the county of  Gloucester for the purpose of paying the cost as herein above defined of the  tunnel, which resolution shall recite an estimate of such cost.  The principal  and interest of such bonds shall be payable solely from the special fund herein  provided for such payment.  The bonds shall be dated, shall bear interest at  such rate or rates not exceeding six per cent per annum, payable semiannually,  shall mature at such time or times not exceeding forty years from their date,  as may be determined by the commission, and may be made redeemable before  maturity, at the option of the commission, at such price or prices, not  exceeding the par value thereof and a premium of five per cent, and under such  terms and conditions as may be fixed by the commission prior to the issuance of  the bonds.  The commission shall determine the form of the bonds, including the  interest coupons to be attached thereto, and shall fix the denomination or denominations of the bonds and the place or places of payment of principal and  interest thereof, which may be at any bank or trust company within or without  the state.  The bonds shall be signed by the chairman of the board of chosen  freeholders of the county and by the chairman of the commission, under the  official seal of the commission, attested by the secretary and treasurer of the  commission, and the coupons attached thereto shall bear the facsimile signature  of the chairman of the commission.  All bonds issued under this chapter shall  contain a statement on their face that the county shall not be obligated to pay  the same or the interest thereon except from the revenues of the tunnel.  In  case any officer whose signature shall appear upon the bonds and coupons shall  cease to be such officer before the delivery of such bonds, such signature  shall nevertheless be valid and sufficient for all purposes the same as if he had remained in office until such delivery.  All tunnel revenue bonds issued under the provisions of this chapter shall have and are hereby declared to have  all the qualities and incidents of negotiable instruments under the negotiable  instruments law of the state.  Provision may be made for the registration of  any of the bonds in the name of the owner as to principal alone and also as to  both principal and interest.  The commission may sell such bonds in such manner  and for such price as it may determine to be for the best interests of the  county, taking into consideration the financial responsibility of the purchaser  and the terms and conditions of the purchase, and especially the availability  of the proceeds of the bonds when required for payment of the cost of the  tunnel, but no such sale shall be made at a price so low as to require the  payment of interest on the money received therefor at more than six per cent  per annum, computed with relation to the absolute maturity of the bonds in  accordance with standard tables of bond values.  The proceeds of such bonds  shall be used solely for the payment of the cost of the tunnel and shall be  checked out by the chairman of the commission under such restrictions, if any,  as the commission may provide.  If the proceeds of such bonds, by error of calculation or otherwise, shall be less than the cost of the tunnel, additional  bonds may in like manner be issued to provide the amount of such deficit, and  unless otherwise provided in the trust indenture hereinafter mentioned, shall  be deemed to be of the same issue and shall be entitled to payment from the  same fund without preference or priority of the bonds first issued for the  tunnel.  If the proceeds of the bonds shall exceed the cost of the tunnel, the  surplus shall be paid into the fund hereinafter provided for the payment of  principal and interest of such bonds.  Prior to the preparation of definitive  bonds, the commission may, under like restrictions, issue temporary bonds, with  or without coupons, exchangeable for definitive bonds upon the issuance of the  latter.  The commission may also provide for the replacement of any bond which  shall become mutilated or be destroyed or lost.  Such tunnel revenue bonds may  be issued without any other proceedings or the happening of any other  conditions or things than those proceedings, conditions and things which are  specified and required by this chapter, any other law to the contrary  notwithstanding.