40:66A-22 - Mortgage, pledge or disposal of garbage disposal system; exemptions
40:66A-22. Mortgage, pledge or disposal of garbage disposal system; exemptions
Neither the incinerator authority nor any local unit shall have power to mortgage, pledge, encumber or otherwise dispose of any part of the garbage disposal system, except that the incinerator authority may dispose of such part or parts thereof as may be no longer necessary for the purposes of the incinerator authority. The provisions of this section shall be deemed to constitute a part of the contract with the holder of any bonds. All property of an incinerator authority shall be exempt from levy and sale by virtue of an execution and no execution or other judicial process shall issue against the same nor shall any judgment against an incinerator authority be a charge or lien upon its property; provided, that nothing herein contained shall apply to or limit the rights of the holder of any bonds to pursue any remedy for the enforcement of any pledge or lien given by an incinerator authority on its system revenues.
L.1948, c. 348, p. 1375, s. 22.