reglab/housing_qa huggingface dataset:
NJ Rev Stat § 49:2-7 (2021)
2021 New Jersey Revised Statutes|Title 49 - Sale of Securities|Section 49:2-7 - Powers as supplemental; inconsistent laws

49:2-7. Powers as supplemental; inconsistent laws  The powers granted in this act shall be supplemental and additional to any powers conferred by other laws upon public issuers and not in derogation of any powers now existing. To the extent the provisions of this act are inconsistent with any other law, this act shall control. L.1983, c. 243, s. 6, eff. July 1, 1983.
NJ Rev Stat § 49:2A-1 (2021)
2021 New Jersey Revised Statutes|Title 49 - Sale of Securities|Section 49:2A-1 - Short title.

49:2A-1 Short title.  1. This act shall be known and may be cited as the "New Jersey Bond Volume Cap Allocation Act." L.1987, c.393, s.1; amended 2009, c.76, s.1.
NJ Rev Stat § 49:2A-3 (2021)
2021 New Jersey Revised Statutes|Title 49 - Sale of Securities|Section 49:2A-3 - Definitions.

49:2A-3 Definitions.  3. As used in this act:  a. "Bond" means a revenue obligation, security, bond, note, debenture, certificate or other evidence of indebtedness of an issuer. b. "Carryforward" means that portion of the State volume cap for any calendar year which is unused during that calendar year and which is available to be carried forward to be used in later years pursuant to the Code. c. "Federal formula" means the formula or formulas for allocation of the State volume cap now or hereafter established pursuant to the Code. d. "Governmental bond" means any tax-exempt bond which is not a private activity bond. e. "Issuer" means the State or any political subdivision of the State or any entity issuing bonds on behalf of the State or any political subdivision of the State. f. "Private activity bond" and "private activity portion of governmental bonds" means a bond or portion thereof subject to any allocation of the State volume cap pursuant to the Code. g. "Tax-exempt bond" means a bond, note or other obligation the interest on which is not includible in federal gross income pursuant to section 103 of the Code. h. "Tax-credit bond" or "tax subsidy bond" is a bond the interest on which is included in gross income for federal income tax purposes, but in respect of which the holder receives a tax credit or, in the alternative, the issuer receives an interest subsidy payment, which tax credit or interest subsidy payment is predicated on the bond qualifying for such amounts under applicable provisions of the American Recovery and Reinvestment Act of 2009, Pub.L. No.111-5 or such other provision of federal law as may amend or supplement the Code from time to time. i. "Volume cap" means the annual dollar limitation on the issuance of tax-exempt private activity bonds and the private activity portion of governmental bonds now or hereafter imposed on issuers by the Code or any other annual dollar limitation on the issuance of tax-credit bonds or tax-subsidy bonds under the Code. L.1987, c.393, s.3; amended 2009, c.76, s.4.
NJ Rev Stat § 49:2A-4 (2021)
2021 New Jersey Revised Statutes|Title 49 - Sale of Securities|Section 49:2A-4 - Allocation of State volume cap.

49:2A-4 Allocation of State volume cap.  4. a. In order to ensure that the limited amounts of available tax-exempt private activity bond financing, tax-credit bond financing, and tax-subsidy bond financing are used in the most effective manner by issuers, the Governor is authorized to establish a procedure for allocation of the State volume cap which procedure may provide for a reallocation formula that differs from the federal formula. b. Any allocation procedure established by the Governor shall provide, by executive order or otherwise, that:  (1) The entire State volume cap be allocated to the Department of the Treasury for reallocation by the State Treasurer; (2) Any allocations made pursuant to this act be reviewed periodically and that unused allocations may be utilized for carryforward or rescinded for reallocation and carryforward, for reallocation, or for carryforward, as the case may be; and (3) Any department of State Government or issuer receiving an allocation may establish guidelines and procedures with respect to that allocation and, if permitted, with respect to the reallocation and carryforward of that allocation or the reallocation, or carryforward of that allocation, as the case may be. c. The allocation procedure and formula, if any, established by the Governor pursuant to this section shall be applicable to the allocation of the State volume cap for the 1988 calendar year, and, unless modified or revoked by further action of the Governor, shall be applicable to each calendar year thereafter. L.1987, c.393, s.4; amended 2009, c.76, s.5.
NJ Rev Stat § 49:2A-5 (2021)
2021 New Jersey Revised Statutes|Title 49 - Sale of Securities|Section 49:2A-5 - Annual report.

49:2A-5 Annual report.  5. The Governor shall submit to the Legislature, after January 1, 1988 and on or before January 20, 1988, and after January 1 and on or before January 20 annually thereafter, a written report providing a review of the allocation of the State volume cap during the preceding calendar year and the preliminary allocation anticipated for the current calendar year. If the information concerning the preliminary allocation is not available on each January 20, the Governor shall submit that information to the Legislature as soon as the information is available. The annual report shall include for the year being reviewed and for the current calendar year, as may be applicable: a. A statement of the annual State volume cap; b. An explanation of any formula used or to be used for the allocation among issuers; c. The name of issuers granted any portion of the annual State volume cap, the amount of the State volume cap allocated to each issuer, the amount of bonds issued under the classifications of qualified private activity bonds set forth in section 146 of the Code and tax-credit bonds and tax-subsidy bonds under any other applicable section of the Code, a description of the nature of each bond issuance under the State volume cap and the private business use if any applicable to the bonds, and any elective carryforward and reallocation and the use and purposes thereof; and d. A statement of guidelines, terms and conditions, and procedures established by any department of State Government or issuer promulgated under the authority of section 4 of this act and under the authority of any executive action taken thereunder, and any action concerning the allocation of the State volume cap or any carryforward that is an exception or deviation from the standard guidelines, terms and conditions, and procedures. The Governor shall also submit to the Legislature in writing, as soon as is possible, any modification or revocation of an allocation procedure or formula established pursuant to section 4 of this act. L.1987, c.393, s.5; amended 2009, c.76, s.6.
NJ Rev Stat § 49:2B-1 (2021)
2021 New Jersey Revised Statutes|Title 49 - Sale of Securities|Section 49:2B-1 - Short title

49:2B-1. Short title  1. This act shall be known and may be cited as the "Refunding Bond Act of 1985."  L.1985,c.74,s.1.
NJ Rev Stat § 49:2B-2 (2021)
2021 New Jersey Revised Statutes|Title 49 - Sale of Securities|Section 49:2B-2 - Findings

49:2B-2. Findings  2. The Legislature finds that: a. Many series of bonds of the State have been issued periodically to fulfill the various purposes for which those bonds were authorized;  b. It has been necessary to sell some series of bonds of the State at times when interest rates in the municipal bond market have been higher than presently prevailing rates;  c. Projections indicate that, when interest rates decline in the municipal bond market, certain refinancing methods can be utilized to reduce, on a present value basis, the aggregate amount of principal and interest payable on bonds of the State;  d. Laws of the State enacted prior to the effective date of this act and authorizing the issuance of bonds do not provide the authority needed to utilize those refinancing methods;  e. Bonds of the State have heretofore and will hereafter be issued pursuant to those laws;  f. It is necessary for the State of New Jersey to provide for refinancing methods that will reduce, on a present value basis, the aggregate amount of principal and interest payable on bonds of the State in order to make more efficient use of the State's resources;  g. At the general election held in the month of November 1983, the people of the State approved, in accordance with the provisions of the Constitution of the State of New Jersey, the amendment of Article VIII, Section II, paragraph 3 of the Constitution to allow the Legislature to authorize actions which would facilitate greater financial flexibility in connection with the refinancing of all or a portion of any outstanding debts of liabilities of the State theretofore or thereafter created; and  h. The purpose of this Refunding Bond Act of 1985 is to implement the purpose of that amendment to the Constitution.  L.1985,c.74,s.2.
NJ Rev Stat § 49:2B-3 (2021)
2021 New Jersey Revised Statutes|Title 49 - Sale of Securities|Section 49:2B-3 - Definitions

49:2B-3. Definitions  3. As used in this act: a. "Outstanding bonds" means any bonds of the State of New Jersey, and the interest coupons, if any, appertaining thereto, which have heretofore been issued or which are hereafter issued pursuant to any law of the State and which are direct obligations of the State for which the faith and credit of the State are pledged for the payment of the interest thereon as it shall become due and the payment of the principal at maturity.  b. "Government securities" means any bonds or other obligations which as to principal and interest constitute direct obligations of, or are unconditionally guaranteed by, the United States of America, including obligations of any federal agency to the extent those obligations are unconditionally guaranteed by the United States of America and any certificates or any other evidences of any ownership interest in those obligations of, or unconditionally guaranteed by, the United States of America or in specified portions of those obligations (which may consist of the principal of, or the interest on, those obligations).  c. "State Treasurer" means the Treasurer of the State of New Jersey. d. "Refinancing" means providing for the payment of an obligation at or prior to its maturity or upon redemption, as provided in this act.  e. "Refunding bonds" means bonds of the State issued under this act. L.1985,c.74,s.3; amended 1992,c.182,s.1.
NJ Rev Stat § 49:2B-4 (2021)
2021 New Jersey Revised Statutes|Title 49 - Sale of Securities|Section 49:2B-4 - Amount authorized

49:2B-4. Amount authorized  4. Refunding bonds of the State of New Jersey are authorized to be issued in an amount not to exceed the amount necessary to effectuate the refinancing of all or any portion of any series of outstanding bonds in accordance with the terms and conditions of section 5 of this act.  L.1985,c.74,s.4.
NJ Rev Stat § 49:2B-5 (2021)
2021 New Jersey Revised Statutes|Title 49 - Sale of Securities|Section 49:2B-5 - Refunding bonds, terms

49:2B-5. Refunding bonds, terms  5. a. Refunding bonds shall be serial bonds or term bonds or a combination thereof and shall be known as "refunding bonds." They may be subject to redemption prior to maturity, including any sinking fund redemptions, at any time not later than five years following the latest scheduled maturity date, determined without regard to any redemptions prior thereto, or any of the outstanding bonds to be refinanced thereby, and shall mature and be paid in no event later than 35 years following the date of issuance of the refunding bonds, but may be issued in whole or in part for a shorter term.  b. The issuing officials named in section 6 of this act may issue refunding bonds at any time for the purpose set forth in section 4 of this act, subject to the following provisions:  (1) Refunding bonds may be issued at any time prior to the maturity or redemption of the outstanding bonds to be refinanced thereby as the issuing officials shall determine;  (2) Each series of refunding bonds may be issued in a sufficient amount to pay or to provide for the payment of the principal of the outstanding bonds to be refinanced, together with any redemption premium on the outstanding bonds, any interest accrued or to accrue on the outstanding bonds to be refinanced to the date of payment of those outstanding bonds, the expenses of issuing the refunding bonds and the expenses, if any, of paying the outstanding bonds to be refinanced;  (3) No refunding bonds shall be issued unless the issuing officials shall first determine that the present value of the aggregate principal of and interest on the refunding bonds is less than the present value of the aggregate principal of and interest on the outstanding bonds to be refinanced, except that, for the purposes of this limitation, present value shall be computed using a discount rate equal to the yield of those refunding bonds, and yield shall be computed using an actuarial method based upon a 360-day year with semiannual compounding and upon the prices paid to the State by the initial purchasers of those refunding bonds; and  (4) Any refinancing authorized under this act may be effected by the sale of the refunding bonds and the application of the proceeds of the refunding bonds to the payment of the principal of the outstanding bonds to be refinanced thereby, together with any redemption premium thereon, any interest accrued or to accrue on those outstanding bonds to be refinanced to the date of payment of the outstanding bonds, the expenses of issuing the refunding bonds and the expenses, if any, of paying the outstanding bonds to be refinanced, as provided in this act.  L.1985,c.74,s.5.
NJ Rev Stat § 49:2B-6 (2021)
2021 New Jersey Revised Statutes|Title 49 - Sale of Securities|Section 49:2B-6 - Issuing officials

49:2B-6. Issuing officials  6. The Governor, State Treasurer and Comptroller of the Treasury or any two of those officials (hereinafter referred to as "the issuing officials") are authorized to carry out the provisions of this act relating to the issuance of refunding bonds, and shall determine all matters in connection therewith subject to the provisions of this act. If any of those officials shall be absent from the State or incapable of acting for any reason, his powers and duties shall be exercised and performed by the person authorized by law to act in his place as a State official.  L.1985,c.74,s.6.
NJ Rev Stat § 49:2B-7 (2021)
2021 New Jersey Revised Statutes|Title 49 - Sale of Securities|Section 49:2B-7 - Pledge

49:2B-7. Pledge  7. Refunding bonds issued in accordance with the provisions of this act shall be a direct obligation of the State of New Jersey and the faith and credit of the State are pledged for the payment of the interest thereon as it shall become due and the payment of the principal at maturity. The principal and interest on refunding bonds shall be exempt from taxation by the State or by any county, municipality or other taxing district of the State.  L.1985,c.74,s.7.
NJ Rev Stat § 49:2B-8 (2021)
2021 New Jersey Revised Statutes|Title 49 - Sale of Securities|Section 49:2B-8 - Authentication

49:2B-8. Authentication  8. Refunding bonds shall be signed in the name of the State by the Governor or by his facsimile signature, under the Great Seal of the State (which seal may be by facsimile or by way of any other form of reproduction on the refunding bonds), and attested by the manual or facsimile signature of the Secretary of State, or an Assistant Secretary of State, shall be countersigned by the facsimile signature of the Comptroller of the Treasury and may be authenticated by an authenticating agent or bond registrar, as the issuing officials shall determine. Interest coupons, if any, attached to the bonds shall be signed by the facsimile signature of the Comptroller of the Treasury. Refunding bonds may be issued notwithstanding that any of the officials signing them or whose facsimile signatures appear on the refunding bonds or coupons shall cease to hold office at the time of that issue or at the time of the delivery of the bonds to the purchaser.  L.1985,c.74,s.8.
NJ Rev Stat § 49:2B-9 (2021)
2021 New Jersey Revised Statutes|Title 49 - Sale of Securities|Section 49:2B-9 - Recitals

49:2B-9. Recitals  9.a. Refunding bonds shall recite that they are issued for the purposes set forth in section 4 of this act and that they are issued in pursuance of this act and that this act was enacted in accordance with the provisions of the Constitution of the State of New Jersey. The recital in the bonds shall be conclusive evidence of the authority of the State to issue those bonds and of their validity. Any refunding bonds containing that recital shall in any suit, action or proceeding involving their validity be conclusively deemed to be fully authorized by this act and to have been issued, sold, executed and delivered in conformity therewith and with all other provisions of statutes applicable thereto, and shall be incontestable for any cause.  b. Refunding bonds shall be issued in denominations and in forms, whether coupon, fully registered or book-entry, and with or without provisions for interchangeability thereof, as may be determined by the issuing officials. L.1985,c.74,s.9.
NJ Rev Stat § 49:2B-10 (2021)
2021 New Jersey Revised Statutes|Title 49 - Sale of Securities|Section 49:2B-10 - Issues as separate series, interest payable

49:2B-10. Issues as separate series, interest payable  10. When refunding bonds are issued from time to time, the refunding bonds of each issue shall constitute a separate series to be designated by the issuing officials. Each series of refunding bonds shall bear rates of interest as may be determined by the issuing officials, which interest shall be payable at such times and in such manner as may be determined by the issuing officials.  L.1985,c.74,s.10; amended 1992,c.182,s.2.
NJ Rev Stat § 49:2B-11 (2021)
2021 New Jersey Revised Statutes|Title 49 - Sale of Securities|Section 49:2B-11 - Sale

49:2B-11. Sale  11. Refunding bonds may be issued and sold at public or private sale at prices and terms, conditions and regulations as the issuing officials may prescribe.  L.1985,c.74,s.11.
NJ Rev Stat § 49:2B-12 (2021)
2021 New Jersey Revised Statutes|Title 49 - Sale of Securities|Section 49:2B-12 - Temporary bonds

49:2B-12. Temporary bonds  12. Until permanent refunding bonds can be prepared, the issuing officials may, in their discretion, issue in lieu of the permanent refunding bonds, temporary refunding bonds in a form and with privileges as to registration and exchange for permanent refunding bonds as may be determined by the issuing officials.  L.1985,c.74,s.12.
NJ Rev Stat § 49:2B-14 (2021)
2021 New Jersey Revised Statutes|Title 49 - Sale of Securities|Section 49:2B-14 - Application of trust amounts

49:2B-14. Application of trust amounts  14. The moneys and the principal of and interest on government securities held in trust as provided in section 13 of this act shall be applied for the purposes provided in this act, and those amounts are appropriated for those purposes.  L.1985,c.74,s.14.
NJ Rev Stat § 49:2B-15 (2021)
2021 New Jersey Revised Statutes|Title 49 - Sale of Securities|Section 49:2B-15 - Replacement of lost bonds or coupons

49:2B-15. Replacement of lost bonds or coupons  15. If any coupon refunding bonds or coupons thereunto appertaining or any registered refunding bonds become lost, mutilated or destroyed, a new refunding bond or coupon shall be executed and delivered of like tenor, in substitution for the lost, mutilated or destroyed refunding bonds or coupons, upon the owner furnishing to the issuing officials evidence satisfactory to them of the loss, mutilation or destruction, proof of ownership and such security and indemnity and reimbursement for expenses as the issuing officials may require.  L.1985,c.74,s.15.
NJ Rev Stat § 49:2B-16 (2021)
2021 New Jersey Revised Statutes|Title 49 - Sale of Securities|Section 49:2B-16 - Application of accrued interest

49:2B-16. Application of accrued interest  16. Accrued interest received upon the sale of refunding bonds shall be applied to the discharge of a like amount of interest upon those bonds when due. Any expense incurred by the issuing officials for advertising, engraving, printing, clerical, authenticated, registering, trustees, escrow agents, legal, financial, advisory or other services necessary or convenient to carry out the duties imposed upon them by the provisions of this act, as well as the overhead and other expenses of the Department of the Treasury properly allocable to the cost of the State Treasurer performing the duties provided in this act, shall be paid from the proceeds of the sale of the bonds, by the State Treasurer upon warrant of the Comptroller of the Treasury, in the same manner as other obligations of the State are paid.  L.1985,c.74,s.16.
NJ Rev Stat § 49:2B-17 (2021)
2021 New Jersey Revised Statutes|Title 49 - Sale of Securities|Section 49:2B-17 - Maturities

49:2B-17. Maturities  17. Each series of refunding bonds shall mature, including any sinking fund redemptions, at those times not later than five years following the latest scheduled maturity date, determined without regard to any redemptions prior thereto, of any of the outstanding bonds to be refunded thereby, but in no event later than 35 years following the date of issuance of the refunding bonds, and in those amounts as the issuing officials shall determine in accordance with the provisions of this act. The issuing officials may reserve to the State by appropriate provision in the refunding bonds of any series the power to redeem all or any of those bonds prior to maturity at prices and upon such terms and conditions as may be provided in those bonds.  L.1985,c.74,s.17.