55:19-46. New Jersey Redevelopment Investment Fund
312 words·~1 min read·
/nj/title-55/chapter-19/55-19-46A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
27. a. There is hereby created the New Jersey Redevelopment Investment Fund, or "fund," a revolving loan pool to be used for the purpose of making loans, loan guarantees or grants pursuant to the provisions of this act, into which shall be paid:
(1)moneys received from the sale of authority bonds;
(2)funds appropriated by section 68 of P.L.1996, c.62 as may be determined by the authority;
(3)repayments of loans or other payments, including repayments of principal and interest on loans, received by the authority pursuant to agreements made under authority of section 5, 8, 9 or 10 of P.L.1996, c.62 (C.55:19-24, C.55:19-27, C.55:19-28 or C.55:19-29);
(4)any income derived from investment pursuant to subsection b. of this section;
(5)moneys collected as user fees and facility charges in connection with any civic project or utilities project managed or operated by the authority as authorized by subsection z. of section 5 of P.L.1996, c.62 (C.55:19-24); and
(6)such additional funds as the Legislature may from time to time appropriate for the purpose.
b. The fund shall be in the custody and control of the authority, which may invest and reinvest any portion thereof not immediately required for the purposes of the authority in the manner provided by law for investment of public funds on projects and investments utilizing revenues from the sale of general obligation bonds, which projects shall be subject to the approval of the State Treasurer, and the State Treasurer's actions shall be based solely on his fiduciary role to ensure that all applicable federal and State tax laws are adhered to regarding the investment of bond funds.
c. The authority may resell any loan or loans made by the authority pursuant to this act to any buyer or buyers; the proceeds of any such sales shall be returned to the fund established pursuant to this section.
L.1996,c.62,s.27.