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(Repealed by P.L.1-1995, SEC.91.)
2. Any bonds issued to either state in adjustment and liquidation of such claims shall be direct and general obligations of the authority, for which the full faith and credit of the authority shall be pledged. Said bonds are hereby made and declared to be bonds in which state officers and savings banks in both the state of New Jersey and the state of New York are authorized to invest funds within their control; and the authority is hereby authorized to pledge the moneys in its general reserve fund, established pursuant to chapter five of the laws of New Jersey of one thousand nine hundred and thirty-one, and chapter forty-eight of the laws of New York of one thousand nine hundred and thirty-one, as security for the payment of the interest upon said bond or bonds, and to apply the moneys therein to the payment of such interest, without prejudice, however, to its power to pledge the moneys in said general reserve fund as security for other bonds or obligations, and to apply the moneys therein to the fulfillment of undertakings assumed in connection with such other bonds or other obligations.
Cite this article: FindLaw.com - Indiana Code Title 14. Natural and Cultural Resources § 14-7-6-6 - last updated June 08, 2021 | https://codes.findlaw.com/in/title-14-natural-and-cultural-resources/in-code-sect-14-7-6-6/
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