TOWNS, CITIES, VILLAGE DISTRICTS, AND UNINCORPORATED PLACES
MUNICIPAL REVENUE BONDS
33-B:5 Credit Facilities and Insurance.
Any bonds issued under authority of this chapter may be issued by a municipality pursuant to lines of credit or other banking arrangements under such terms and conditions not inconsistent with this chapter, and under such agreements as the authorized officers may determine to be in the best interests of the municipality. In addition to other security provided herein or otherwise by law, bonds issued by a municipality under this chapter may be secured, in whole or in part, by insurance or by letters or lines of credit or other credit facilities issued to the municipality by any bank, trust company or other financial institution, within or without the state, and the municipality may pledge or assign any of the revenues from its revenue-producing facilities as security for the reimbursement by the municipality to the issuers of such letters or lines of credit, insurance or credit facilities of any payments made thereunder.
Source. 1988, 90:1, eff. June 17, 1988.