52:9Q-20. Financing of projects
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/nj/title-52/chapter-9q/52-9q-20·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
12. The fund created by P.L.1987, c.58 (C.52:9Q-9 et seq.) shall be used by the corporation to undertake projects in accordance with the goals, objectives, and priorities outlined in the plan and to make loans or grants for the purpose of financing projects which are consistent with the plan. Financing of projects pursuant to P.L.1987, c.58 (C.52:9Q-9 et seq.) shall be in a form, amount, and on terms as the corporation shall believe necessary in order to assure the economic feasibility of a project and to assure, to the greatest degree compatible with that purpose, the full recovery of costs incurred by the authority in the undertaking of the project.
The interest rate shall be sufficiently below the prevailing rate of interest to attract private participation in the loan program.
L. 1987, c. 58, s. 12; amended 2025, c.114, s.3.