40A:12A-81 Powers of redevelopment entity.
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/nj/title-40a/chapter-12a/40a-12a-81·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
8. a. To the extent that the statute under which a redevelopment entity was established, section 4 of P.L.1992, c.79 (C.40A:12A-4) or P.L.1960, c.183 (C.40:37A-44 et seq.) in the case of a county improvement authority, confers on that entity the power to borrow funds and incur debt, the redevelopment entity may exercise those powers in furtherance of its land banking obligations subject to the conditions and limitations set forth in section 4 of P.L.1992, c.79 (C.40A:12A-4) or P.L.1960, c.183 (C.40:37A-44 et seq.).
b. To the extent that the statute under which the redevelopment entity was established, section 4 of P.L.1992, c.79 (C.40A:12A-4) or P.L.1960, c.183 (C.40:37A-44 et seq.) in the case of a county improvement authority, provides that the municipality may guarantee its debt or other borrowing, the municipality may also guarantee its debt or other borrowing under the same terms and conditions, in furtherance of the entity's obligations as a land bank entity.
c. The guaranteeing of debt and borrowing of funds permitted under subsections a. and b. of this section only shall be permitted so long as the land banking agreement itself also explicitly permits these actions.
L.2019, c.159, s.8.