reglab/housing_qa huggingface dataset:
NJ Rev Stat § 40:37B-5 (2021)
2021 New Jersey Revised Statutes|Title 40 - Municipalities and Counties|Section 40:37B-5 - Appointment of members; terms; filling of vacancies

40:37B-5. Appointment of members; terms; filling of vacancies  After expiration of the period of 45 days following the first publication as provided in section 3 hereof of a notice regarding creation of an authority, 5 persons shall be appointed as the members of the authority. The members first appointed shall, by the resolution of appointment, be designated to serve for terms respectively expiring on the first days of the first, second, third, fourth and fifth Februarys next ensuing after the date of their appointment. On or after January 1 in each year after such first appointments, one person shall be appointed as a member of the authority for a term commencing on or after February 1 in such year and expiring on February 1 in the fifth year after such year. Each member shall hold office for the term of appointment and until his successor shall have been appointed and qualified. Any vacancy in the membership of the authority during an unexpired term shall be filled by appointment of a person as member for the unexpired term. A copy of any resolution appointing any such members, certified by the clerk of the governing body, may be filed in the office of the Secretary of State. A copy of any such certified resolution, duly certified by or on behalf of the Secretary of State, shall be admissible in evidence in any action or proceeding and shall be conclusive evidence of due and proper adoption and filing thereof as aforesaid and, except in an action or proceeding seeking only exclusion of the appointee from office, shall be conclusive evidence of the due and proper appointment of the members named therein. L.1967, c. 136, s. 5, eff. June 28, 1967.
NJ Rev Stat § 40:37B-6 (2021)
2021 New Jersey Revised Statutes|Title 40 - Municipalities and Counties|Section 40:37B-6 - Election of chairman and vice-chairman; appointment of other officers, agents and employees

40:37B-6. Election of chairman and vice-chairman; appointment of other officers, agents and employees  Every authority, upon the first appointment of its members and thereafter on or after February 1 in each year, shall annually elect from among its members a chairman and a vice chairman who shall hold office until February 1 next ensuing and until their respective successors shall have been appointed and qualified. Every authority may also appoint and employ a secretary, a treasurer, such professional and technical advisers and experts, and such other officers, agents and employees as it may require, and it shall determine their qualifications, terms of office, duties and compensation. L.1967, c. 136, s. 6, eff. June 28, 1967.
NJ Rev Stat § 40:37B-7 (2021)
2021 New Jersey Revised Statutes|Title 40 - Municipalities and Counties|Section 40:37B-7 - Vesting of powers; quorum

40:37B-7. Vesting of powers; quorum  The powers of the authority shall be vested in the members thereof in office from time to time and a majority of the entire authorized membership shall constitute a quorum at any meeting thereof. Action may be taken and motions and resolutions adopted by the authority at any meeting of the members thereof by vote of a majority of the members present, unless in any case the bylaws of the authority shall require a larger number. L.1967, c. 136, s. 7, eff. June 28, 1967.
NJ Rev Stat § 40:37B-8 (2021)
2021 New Jersey Revised Statutes|Title 40 - Municipalities and Counties|Section 40:37B-8 - Compensation and expenses

40:37B-8. Compensation and expenses  An authority may reimburse its members for necessary expenses incurred in the discharge of their duties. The resolution for the creation of an authority may provide that the members of the authority may receive compensation for their services within an annual and other limitations to be stated in such resolution, and in that event, each member may receive from the authority such compensation for his services as the authority may determine within the limitations stated in such resolution. The said provisions or limitations stated in any such resolution, may be amended, supplemented, repealed or added by subsequent resolution, but no reduction of any such limitation shall be effective during the remaining term of any member of the authority then in office except upon the written consent of the authority. No member of an authority shall receive any compensation for his services except as provided in this section. L.1967, c. 136, s. 8, eff. June 28, 1967.
NJ Rev Stat § 40:37B-9 (2021)
2021 New Jersey Revised Statutes|Title 40 - Municipalities and Counties|Section 40:37B-9 - Unlawful interest in contracts

40:37B-9. Unlawful interest in contracts  No member, officer or employee of an authority shall have or acquire any interest, direct or indirect, in a public facility of the authority or in any property included or to be included in the holdings of the authority or in any contract or proposed contract for materials or services to be furnished to or used by the authority but neither the holding of any office or employment in the government of any county or municipality nor the owning of any other property within the State shall be deemed a disqualification for membership in or employment by an authority. A member of an authority may be removed by the governing body of the county for incapacity, inefficiency or neglect of duty or misconduct in office or other disqualifying cause and after he shall have been given a copy of the charges against him and, not sooner than 10 days thereafter, been afforded opportunity for a hearing, in person or by counsel, by such governing body with respect to such charges. L.1967, c. 136, s. 9, eff. June 28, 1967.
NJ Rev Stat § 40:37B-10 (2021)
2021 New Jersey Revised Statutes|Title 40 - Municipalities and Counties|Section 40:37B-10 - Purpose of authority

40:37B-10. Purpose of authority  The purpose of every county recreation authority shall be the improvement, establishment and development of recreational facilities within the county by or through the planning, acquisition, construction, improvement, maintenance or operation of any and all facilities for the recreation and entertainment of the public including but not limited to facilities for sports, exhibitions, games, ice-skating, boating, tennis, golf, a zoo and a nature center. L.1967, c. 136, s. 10, eff. June 28, 1967.
NJ Rev Stat § 40:37B-11 (2021)
2021 New Jersey Revised Statutes|Title 40 - Municipalities and Counties|Section 40:37B-11 - Creation of other authority for same or similar purposes prohibited

40:37B-11. Creation of other authority for same or similar purposes prohibited  No governing body which may create an authority pursuant to this act for any of the purposes hereinbefore set out shall thereafter create any other authority for the same or similar purpose which will be competitive with the public services to be rendered or furnished by the authority first established. L.1967, c. 136, s. 11, eff. June 28, 1967.
NJ Rev Stat § 40:37B-13 (2021)
2021 New Jersey Revised Statutes|Title 40 - Municipalities and Counties|Section 40:37B-13 - Facility charges

40:37B-13. Facility charges  Every authority is hereby authorized to charge and collect facility charges. Such facility charges may be charged to and collected from any governmental unit or person and such governmental unit or person shall be liable for and shall pay such facility charges to the authority at the time when and place where such charges are due and payable. L.1967, c. 136, s. 13, eff. June 28, 1967.
NJ Rev Stat § 40:37B-14 (2021)
2021 New Jersey Revised Statutes|Title 40 - Municipalities and Counties|Section 40:37B-14 - Compliance of facility charges with terms of lease or other agreement; adjustment of charges

40:37B-14. Compliance of facility charges with terms of lease or other agreement; adjustment of charges  The facility charges fixed, charged and collected by an authority with respect to any public facility shall comply with the terms of any lease or other agreement of the authority with regard to such public facility, and the facility charges fixed, charged and collected by an authority may be so adjusted that the revenues of the authority will at all times be adequate to pay all expenses of the authority, including the expenses of operation and maintenance of any public facility or other property owned or controlled by the authority, including insurance, improvements, replacements, reconstruction and any other required payments, and to pay the principal of and interest on any bonds, and to maintain such reserves or sinking funds for any of the foregoing purposes as may be required by the terms of any lease or other agreement of the authority or as may be deemed necessary or convenient and desirable by the authority. A copy of a schedule of such facility charges in effect shall be a public record. L.1967, c. 136, s. 14, eff. June 28, 1967.
NJ Rev Stat § 40:37B-15 (2021)
2021 New Jersey Revised Statutes|Title 40 - Municipalities and Counties|Section 40:37B-15 - Issuance of bonds and notes; contents of bond resolution

40:37B-15. Issuance of bonds and notes; contents of bond resolution  For the purpose of raising funds to pay the cost of any public facility or facilities or for the purpose of funding or refunding any bonds, an authority shall have power to authorize or provide for the issuance of bonds and in anticipation thereof notes pursuant to this act, by a resolution (in this act sometimes referred to as "bond resolution" ) which shall: (a) describe in brief and general terms sufficient for reasonable identification the public facility or facilities or part thereof, (in this act sometimes called "project" ) to be constructed or acquired, or describe the bonds which are to be funded or refunded (if any); (b) state the cost or estimated cost of the project (if any); and (c) provide for the issuance of the bonds in accordance with section 16 of this act. L.1967, c. 136, s. 15, eff. June 28, 1967.
NJ Rev Stat § 40:37B-16 (2021)
2021 New Jersey Revised Statutes|Title 40 - Municipalities and Counties|Section 40:37B-16 - Purpose of issuance; series bonds; maturity; interest; denominations; execution; redemption; types of bonds

40:37B-16. Purpose of issuance; series bonds; maturity; interest; denominations; execution; redemption; types of bonds  Upon adoption of a bond resolution, an authority shall have power to issue its bonds or notes for the purpose of financing the project or of funding or refunding the bonds described therein. Such bonds or notes shall be authorized by the bond resolution and the bonds may be issued in one or more series and shall bear such date or dates, mature at such time or times not exceeding 40 years from the date thereof, bear interest at a rate or rates within such maximum rate (not exceeding 6% per annum), be in such denomination or denominations, be in such form either coupon or registered, carry such conversion or registration privileges, have such rank or priority, be executed in such manner, be payable from such sources in such medium of payment at such place or places within or without the State, and be subject to such terms of redemption (with or without premium) as the bond resolution may provide. The authority may issue such types of bonds as it may determine, including (without limiting the generality of the foregoing) bonds on which the principal and interest are payable (a) exclusively from the income and revenues of the project financed with the proceeds of such bonds; (b) exclusively from the income and revenues of certain designated projects whether or not they are financed in whole or in part with the proceeds of such bonds; or (c) from its revenues generally. Any such bonds may be additionally secured by a pledge of any grant or contributions from any governmental unit or person or a pledge of any income or revenues of the authority from any source whatsoever. L.1967, c. 136, s. 16, eff. June 28, 1967.
NJ Rev Stat § 40:37B-17 (2021)
2021 New Jersey Revised Statutes|Title 40 - Municipalities and Counties|Section 40:37B-17 - Act as sole authority for issuance of bonds; inapplicability of other laws

40:37B-17. Act as sole authority for issuance of bonds; inapplicability of other laws  This act shall be complete authority for the issuance of bonds by an authority, and the provisions of any other law shall not apply to the issuance of such bonds. L.1967, c. 136, s. 17, eff. June 28, 1967.
NJ Rev Stat § 40:37B-18 (2021)
2021 New Jersey Revised Statutes|Title 40 - Municipalities and Counties|Section 40:37B-18 - Sale of bonds and notes

40:37B-18. Sale of bonds and notes  Bonds and notes of an authority may be sold, as hereinafter provided, at public or private sale at such price or prices as the authority shall determine; provided, however, that the interest cost to their average maturity of the money received for any group of bonds sold in a single transaction (computed according to standard tables of bond values) shall not exceed 6% per annum. No obligations shall be sold for less than par value and interest accrued to date of delivery. L.1967, c. 136, s. 18, eff. June 28, 1967.
NJ Rev Stat § 40:37B-19 (2021)
2021 New Jersey Revised Statutes|Title 40 - Municipalities and Counties|Section 40:37B-19 - Bond anticipation notes; sale; report

40:37B-19. Bond anticipation notes; sale; report  All bond anticipation notes may be sold at private sale pursuant to resolution of the authority, or by its treasurer expressly designated by resolution to sell such notes. The treasurer making any such sale shall report in writing to the authority at the next meeting thereof as to the principal amount, interest rate, and maturities of the notes sold, the price obtained and the name of the purchaser. L.1967, c. 136, s. 19, eff. June 28, 1967.
NJ Rev Stat § 40:37B-20 (2021)
2021 New Jersey Revised Statutes|Title 40 - Municipalities and Counties|Section 40:37B-20 - Public sale of bonds upon sealed proposals; exceptions; deposit; confirmation of private sale

40:37B-20. Public sale of bonds upon sealed proposals; exceptions; deposit; confirmation of private sale  All bonds shall be sold at public sale upon sealed proposals, except that bonds may be sold at private sale: (a) Without any previous public offering (1) if constituting all or part of an authorized issue of $20,000.00 or less; or (2) if sold to any board, body, agency, commission, instrumentality, district, authority or political subdivision of any local unit, or of the State, or of the Federal Government; or (b) if no legally acceptable bid is received at advertised public offering, such bonds or any of them may be sold within 30 days after the advertised date for public bidding; provided, however, that no bonds shall bear interest at any rate of interest which is higher than the rate or maximum rate specified in the notice of sale, nor contain substantially different provisions from those specified in said notice. Any purchaser of bonds at private sale, other than a public body, shall deposit a certified or cashier's or treasurer's check drawn upon a bank or trust company in an amount equal to 5% of the amount of bonds purchased and such amount shall be applied as in the case of a deposit made at a public sale. Any private sale of bonds shall be made or confirmed by resolution of the authority adopted by not less than a 2/3 vote of the full membership thereof, setting forth the date, maturities, interest rate and price of the bonds and the name of the purchaser. L.1967, c. 136, s. 20, eff. June 28, 1967.
NJ Rev Stat § 40:37B-21 (2021)
2021 New Jersey Revised Statutes|Title 40 - Municipalities and Counties|Section 40:37B-21 - Notice of public bond sale; contents; publication

40:37B-21. Notice of public bond sale; contents; publication  A public sale of bonds shall be advertised at least once at least 7 days prior thereto in a newspaper qualified for publication of a bond resolution of the authority and in a publication carrying municipal bond notices and devoted primarily to financial news or the subject of State and municipal bonds and published in the city of New York or in New Jersey. A notice of public sale of bonds shall set forth: (a) the principal amount, date, denomination and maturities of the bonds offered for sale; (b) the rate or rates of interest or maximum rate or rates of interest to be borne by the bonds; (c) the terms and conditions of such public sale; (d) such other provisions as may be determined by the authority. L.1967, c. 136, s. 21, eff. June 28, 1967.
NJ Rev Stat § 40:37B-22 (2021)
2021 New Jersey Revised Statutes|Title 40 - Municipalities and Counties|Section 40:37B-22 - Terms and conditions of sale

40:37B-22. Terms and conditions of sale  (a) All bidders shall be required to deposit a certified or cashier's or treasurer's check, drawn upon a bank or trust company, equal to not less than 2% of the bonds to secure the authority in part from any loss resulting from the failure of the bidder to comply with the terms of his bid, or as liquidated damages for such failure. (b) All bids for bonds shall publicly opened and announced at the advertised time and place of sale. Such bids as comply with the terms of the notice of sale shall be considered, and any bid not complying with the terms of such notice may be rejected. All bids received may be rejected. (c) Bonds of 2 or more issues may be sold on the basis of combined maturities, or the maturities of each issue offered for sale. (d) Bonds may be offered for sale at a single rate of interest, or bidders may be requested to name a single rate of interest, but no proposal shall be considered which offers to pay less than the principal amount of bonds offered for sale or which names a rate of interest higher than the lowest rate of interest stated in any legally acceptable proposal. As between proposals naming the same lowest rate of interest, the proposal offering to accept the least amount of bonds shall be accepted, the bonds to be accepted shall be those first maturing, and as between such proposals, the proposal offering to pay the greatest premium shall be accepted. The amount of premium bid for the bonds shall in no event exceed $1,000.00 for the principal amount of bonds offered for sale. In order to effect the foregoing, a sufficient number of the last maturing bonds shall be of the denomination of $1,000.00 or less. (e) Bonds may be offered for sale at different rates of interest for the same issue or different rates of interest for different issues, or parts thereof, or bidders may be requested to name any such rates of interest. No proposal shall be considered which offers to pay an amount less than the principal amount of bonds offered for sale or under which the total loan is made at an interest cost higher than the lowest net interest cost to the authority under any legally acceptable proposal. Such net interest cost shall be computed in each instance by adding to the total principal amount of bonds bid for, the total interest cost to maturity in accordance with such bid and by deduction therefrom of the amount of premium, if any, bid. (f) The authority may establish additional terms or conditions of sale. L.1967, c. 136, s. 22, eff. June 28, 1967.
NJ Rev Stat § 40:37B-23 (2021)
2021 New Jersey Revised Statutes|Title 40 - Municipalities and Counties|Section 40:37B-23 - Sale of bonds by treasurer; report

40:37B-23. Sale of bonds by treasurer; report  The authority, by resolution, may designate its treasurer to sell and award bonds in accordance with the advertised terms of public sale. The treasurer making any such sale shall report in writing to the authority at the next meeting thereof as to the principal amount, interest rate, and maturities of the bonds sold, the price obtained and the name of the purchaser. L.1967, c. 136, s. 23, eff. June 28, 1967.
NJ Rev Stat § 40:37B-24 (2021)
2021 New Jersey Revised Statutes|Title 40 - Municipalities and Counties|Section 40:37B-24 - Unlawful acts in issuance or sale of obligations

40:37B-24. Unlawful acts in issuance or sale of obligations  In the issuance or sale of obligations, it shall be unlawful for the authority or any member thereof or any official: (a) to pay or agree to pay, directly or indirectly, any bonus, commission, fee or other compensation or consideration for the issuance or for the sale of obligations and any amount so paid may be recovered for the authority; (b) to make any agreement with any purchaser or bidder, or his representative, regarding the deposit or disposition of any moneys received or to be received from such sale and every such agreement shall be void; (c) to make any agreement pertaining to the sale of obligations which contains provisions as to any other matter, and such sale and any such agreement shall be void; (d) to make any agreement or "service contract" with respect to publication of notice of sale and printing of bonds or notes, the providing of a legal opinion or for any of such services, whether or not accompanied by an offer to bid for or purchase obligations. Any such agreement or contract shall be void and any amount so paid may be recovered for the authority except, however, agreements made directly with a newspaper, bond printer or an attorney licensed to practice law in the State in which he has his office. A municipal bond dealer, banker, or financial expert may be engaged or employed as a financial advisor to provide financial services in connection with the sale of obligations, including the preparation of a bidding circular or prospectus, but no such financial advisor shall purchase any such obligations at any public or private sale, but any such purchase shall not affect the validity of the obligations and the authority shall recover any compensation and profit resulting therefrom to such financial advisor. L.1967, c. 136, s. 24, eff. June 28, 1967.
NJ Rev Stat § 40:37B-25 (2021)
2021 New Jersey Revised Statutes|Title 40 - Municipalities and Counties|Section 40:37B-25 - Failing copy of bond resolution; publication of notice

40:37B-25. Failing copy of bond resolution; publication of notice  An authority shall cause a copy of any bond resolution adopted by it to be filed for public inspection in its office and in the office of the clerk of the governing body of the county and may thereupon cause to be published at least once in a newspaper published or circulating in the county a notice stating the fact and date of such adoption and the places where such bond resolution has been so filed for public inspection and also the date of the first publication of such notice and also stating that any action or proceeding of any kind or nature in any court questioning the validity or proper authorization of bonds provided for by the bond resolution, or the validity of any covenants, agreements or contracts provided for by the bond resolution shall be commenced within 20 days after the first publication of such notice. If any such notice shall at any time be published and if no action or proceeding questioning the validity or proper authorization of bonds provided for by the bond resolution referred to in said notice, or the validity of any covenants, agreements or contracts provided for by said bond resolution shall be commenced or instituted within 20 days after the first publication of said notice, then all residents and taxpayers and owners of property in the county and all other persons shall be forever barred and foreclosed from instituting or commencing any action or proceeding in any court, or from pleading any defense to any action or proceeding, questioning the validity or proper authorization of such bonds, or the validity of such covenants, agreements or contracts, and said bonds, covenants, agreements and contracts shall be conclusively deemed to be valid and binding obligations in accordance with their terms and tenor. L.1967, c. 136, s. 25, eff. June 28, 1967.