34:1B-77. Additional powers of authority
163 words·~1 min read·
/nj/title-34/chapter-1b/34-1b-77A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
8. a. The authority shall have, in addition to the powers enumerated in section 5 of P.L.1974, c.80 (C.34:1B-5), the power to enter into written agreements, including limited partnership agreements, with one or more professional investors or small business investment corporations or with one or more State agencies or authorities for the purposes of establishing a pool of moneys to be deposited in the assistance fund and to provide moneys, to be used exclusively for development loans to micro-business development corporations.
The pooled moneys provided by the authority from the assistance fund shall be fixed at an interest rate to be determined by the authority and shall be for a term not exceeding one year.
b. The authority may also accept grants, donations, and other private and public income, including payments of interest on loans made by the authority.
c. The authority shall deposit all moneys received under this section in the assistance fund established pursuant to section 5 of this act.
L.1995,c.206,s.8.