40A:20-7. Additional powers of urban renewal entities
184 words·~1 min read·
/nj/title-40a/chapter-20/40a-20-7A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
7. An urban renewal entity shall have the following powers, in addition to those conferred by the law under which the entity is formed:
a. To accept loans or grants from federal, State, county or municipal governments, or from any agency, instrumentality or authority created by one or more of those governments, in aid of the project owned, or to be acquired or undertaken by the entity.
b. To borrow money at such rate of interest as may be limited by the terms of the financial agreement, to mortgage or pledge its property, both real and personal, and to secure the payment of is obligations.
c. To obtain, or aid in obtaining, from the federal or State government any insurance or guarantee or commitment therefor, as to the payment or repayment of interest or principal, or both, or any part thereof, of any loan or other extension of credit, or any instrument evidencing or securing the same, obtained or to be obtained or entered into by it, and to enter into any agreement, contract or other instrument with respect to insurance or guarantee.
L.1991,c.431,s.7.