34:1B-7.12. "Economic Recovery Fund" established
341 words·~2 min read·
/nj/title-34/chapter-1b/34-1b-7-12·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
3. a. The New Jersey Economic Development Authority shall establish and maintain a special nonlapsing fund to be known as the "Economic Recovery Fund," hereinafter the "fund," into which shall be deposited such moneys:
(1)as shall be paid to the fund by the State Treasurer pursuant to a contract between the State Treasurer and the authority authorized by this act;
(2)as shall be otherwise appropriated by the State for the purpose of such fund;
(3)if the authority so determines in any resolution authorizing any particular bonds, as shall be received by the authority from the sale of such bonds as provided by law;
(4)as shall be received by the authority from the repayment of loans made from the fund; and
(5)any other moneys or funds of the authority which it determines to deposit therein.
Moneys in the fund may be invested in such obligations as the authority may approve and interest or other earnings on such investments shall be credited to the fund.
b. In addition to any other powers which may be conferred on the authority by this act, the authority, by resolution, shall have the power to:
(1)pay all or part of the cost of any project or projects;
(2)make loans, guarantees, equity investments, and grants, or provide other forms of financing for any project; and
(3)provide for the funding, or refunding, of any bonds; further, the authority shall have the power to incur indebtedness, borrow money and issue bonds secured wholly by the moneys in the fund for the purpose of providing funds for the powers conferred by this paragraph and any other power of the authority.
c. The authority may, in any resolution authorizing the issuance of bonds or notes, create or authorize the creation within the fund of special program accounts, to be held in pledge or otherwise for payment or redemption of such bonds or notes, revenues or other purposes and to covenant as to the use and disposition of the moneys held in such accounts.
L.1992,c.16,s.3.