New Jersey Acts Saved from Repeal ACTS SAVED 27 § 11-7(2)

2. Bonds issued in accordance with the provisions of this act shall be a direct obligation of the state of New Jersey, and the faith and credit of the state is pledged for the payment of the interest thereon as same shall become due, and the payment of the principal at maturity. The principal and interest of such bonds shall be exempt from taxation by the state, or by any county, municipality, school district or other taxing district within the state.