52:27D-476. Revenue allocation fund for district

177 words·~1 min read·/nj/title-52/chapter-27d/52-27d-476

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28. The district agent shall establish and maintain a special fund called the "(Name of district agent) Revenue Allocation Fund," and herein referred to as "district fund" or "fund."

The fund shall be used by the district agent for purposes of the "Revenue Allocation District Financing Act,"P.L.2001, c.310 (C.52:27D-459 et seq.), including but not limited to:

a. paying the project costs;

b. paying the principal of and interest on bonds or other obligations issued or guaranteed pursuant to the "Revenue Allocation District Financing Act,"P.L.2001, c.310 (C.52:27D-459 et seq.);

c. prepaying the principal of and interest on the bonds or other obligations;

d. paying additional property tax increment revenue, if any, to taxing entities, as provided for in subsections b. and c. of section 29 of P.L.2001, c.310 (C.52:27D-477) or in the final revenue allocation plan; and

e. reimbursing the municipality for any payments made by the State pursuant to the "Municipal Qualified Bond Act," P.L.1976, c.38 (C.40A:3-1 et seq.) to pay debt service on any qualified bonds issued pursuant to section 35 of P.L.2001, c.310 (C.52:27D-483).

L.2001,c.310,s.28.