reglab/statecodes huggingface dataset:
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-21.34 - Appropriations for payment of obligations incurred.

34:1B-21.34 Appropriations for payment of obligations incurred.
4. In each State fiscal year during which the authority has outstanding bonds or refunding bonds which have been issued pursuant to this act, or is obligated to make any payments under any contract or agreement entered into by the authority pursuant to subsection c. of section 3 of P.L.2006, c.102 (C.34:1B-21.33), the State Treasurer shall pay from the General Fund to the authority, in accordance with a contract or contracts between the State Treasurer and the authority, authorized pursuant to section 5 of P.L.2006, c.102 (C.34:1B-21.35), an amount equivalent to the debt service payable on the authority's then outstanding bonds or refunding bonds issued pursuant to this act during such fiscal year and any amounts required to be paid by the authority during such fiscal year under any contract or agreement entered into by the authority pursuant to subsection c. of section 3 of P.L.2006, c.102 (C.34:1B-21.33). Notwithstanding any other provision of any law, rule, regulation or order to the contrary, the authority shall be paid only such funds as shall be required by the provisions of any contract between the State Treasurer authorized and entered into pursuant to section 5 of P.L.2006, c.102 (C.34:1B-21.35) and further provided that the incurrence of any obligation of the State under any such contract, including any payments to be made thereunder from the General Fund, shall be subject to and dependent upon appropriations being made from time to time by the Legislature for the purposes of this act.
L.2006,c.102,s.4.
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-21.35 - Contracts to implement payment arrangement.

34:1B-21.35 Contracts to implement payment arrangement.
5. The State Treasurer and the authority are authorized to enter into one or more contracts to implement the payment arrangement that is provided for in section 4 of P.L.2006, c.102 (C.34:1B-21.34). The contract or contracts shall provide for payment by the State Treasurer of the amounts required to be paid pursuant to section 4 of P.L.2006, c.102 (C.34:1B-21.34) and shall set forth the procedure for the transfer of moneys for the purpose of paying such amounts. The contract or contracts shall contain such terms and conditions as are determined by the authority and the State Treasurer, and shall include, but not be limited to, terms and conditions necessary and desirable to secure any bonds or refunding bonds of the authority issued pursuant to this act or any obligations of the authority under any contract or agreement entered into by the authority pursuant to subsection c. of section 4 of P.L.2006, c.102 (C.34:1B-21.34); provided however, that notwithstanding any other provision of any law, rule, regulation or order to the contrary, the authority shall be paid only such amounts as shall be required by the provisions of any contract or contracts and further provided that the incurrence of any obligation of the State under any such contract or contracts, including any payments to be made thereunder from the General Fund, shall be subject to and dependent upon appropriations being made from time to time by the Legislature for the purposes of this act.
L.2006,c.102,s.5.
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-21.36 - Amounts provided by authority; projects, amounts, certain.

34:1B-21.36 Amounts provided by authority; projects, amounts, certain.
6. From the proceeds of the bonds issued pursuant to section 3 of P.L.2006, c.102 (C.34:1B-21.33) for State capital construction projects, the following amounts shall be provided by the authority from time to time, and applied as set forth in this section upon written request of the State Treasurer pursuant to an agreement between the authority and the State Treasurer authorized and entered into pursuant to this section:
a. From $270,000,000 in the aggregate from the proceeds of bonds issued after enactment of this act:
(1) an amount not to exceed $150,000,000 shall be utilized by the authority, pursuant to an agreement between the State Treasurer and the authority, to fund the capital costs of stem cell research facilities - New Brunswick;
(2) an amount not to exceed $50,000,000 shall be utilized by the authority, pursuant to an agreement between the State Treasurer and the authority, to fund the capital costs of biomedical research facilities;
(3) an amount not to exceed $50,000,000 shall be utilized by the authority, pursuant to an agreement between the State Treasurer and the authority, to fund the capital costs of stem cell research facilities - Newark;
(4) an amount not to exceed $10,000,000 shall be utilized by the authority, pursuant to an agreement between the State Treasurer and the authority, to fund the capital costs of blood collection facilities; and
(5) an amount not to exceed $10,000,000 shall be utilized by the authority, pursuant to an agreement between the State Treasurer and the authority, to fund the capital costs of cancer research facilities.
b. Any agreement entered into pursuant to this section shall specify the scope of the State capital construction project, the use of the proceeds of the bonds, the acquisition plan for the State capital construction project site, the proposed occupants and permitted uses of the State capital construction project, the proposed operational plan and operating budget for the project including any rental income from the project, and such other matters as the State Treasurer shall determine.
L.2006,c.102,s.6.
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-23 - Legislative findings and determinations

34:1B-23. Legislative findings and determinations
The Legislature finds and determines that the economy of the State of New Jersey has suffered considerably in recent years because of the inflation and employment problems confronting this Nation; that the development of a strong motion picture and television industry would contribute substantially to the improvement of the State's economy; that the development of a strong motion picture and television industry would contribute to the social well-being of the State and its people; that New Jersey offers outstanding and unique human and natural resources for the development of a strong motion picture and television industry; that New Jersey's efforts and programs in the production of motion picture and television enjoy great public support and encouragement; and that the State requires an agency to promote the development of a viable State motion picture.
L.1977, c. 44, s. 2, eff. March 22, 1977.
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-24 - Motion Picture and Television Development Commission.

34:1B-24 Motion Picture and Television Development Commission.
3. a. There is hereby established in the New Jersey Economic Development Authority a Motion Picture and Television Development Commission.
b. The commission shall consist of 10 public members, who shall be appointed by the Governor with the advice and consent of the Senate, and the Chief Executive Officer of the New Jersey Economic Development Authority, the Secretary of State, the Chairman of the New Jersey State Council on the Arts, and the Commissioner of Labor and Workforce Development or their designees serving in an ex officio capacity. The Governor shall appoint from the 14 members a chairman who shall serve in that office at the pleasure of the Governor.
c. The public members of the commission shall be appointed initially for the following terms: three members for a term of two years; three members for a term of three years; and two members for a term of four years. The two public members appointed pursuant to P.L.2023, c.97 (C.34:1B-4.2 et al.) shall be appointed for an initial term of four years. The initial members shall serve from the date of the original appointment for the aforementioned specified terms and until their respective successors shall be duly appointed and qualified. The term of each such appointed member shall be designated by the Governor at the time of his appointment. The successors to the initially appointed members shall each be appointed for a term of four years, except that any person appointed to fill a vacancy shall serve only for the unexpired term.
d. The members of the commission shall serve without compensation, but the commission may reimburse its members for necessary expenses incurred in the discharge of their duties.
e. Notwithstanding the provisions of subsection b. of this section, or of any other law to the contrary, the Governor shall directly appoint the two public members added by P.L.2023, c.97 (C.34:1B-4.2 et al.) to the commission. Upon the expiration of the initial term of each public member appointed pursuant to this subsection, members of the commission shall be appointed pursuant to subsections b. and c. of this section.
L.1977, c.44, s.3; amended 1979, c.199, s.72; 2023, c.97, s.3.
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-25 - Organization; vote required; executive director and other employees

34:1B-25. Organization; vote required; executive director and other employees
The Motion Picture and Television Development Commission shall organize itself in such manner as it deems desirable and necessary, but no action shall be taken or motion or resolution adopted by the commission except by an affirmative vote of a majority of the authorized members of said body. The commission may appoint and employ an executive director and such other professional, technical, and clerical assistants as it may require, without regard to the provisions of Title 11, Civil Service, of the Revised Statutes.
L.1977, c. 44, s. 4, eff. March 22, 1977.
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-26 - Annual report

34:1B-26. Annual report
On or before December 31 of each year, the Motion Picture and Television Development Commission shall make an annual report of its activities for the Governor and the Legislature.
L.1977, c. 44, s. 5, eff. March 22, 1977.
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-27 - Powers.

34:1B-27 Powers.
6. The Motion Picture and Television Development Commission shall have the following powers:
a. To adopt such rules and regulations as it deems advisable with respect to the conduct of its own affairs.
b. To hold hearings, and to do or perform any acts which may be necessary, desirable or proper to carry out the purposes of this act.
c. To request and obtain from any department, division, board, bureau, commission, or other agency of the State or of any county, municipality, authority or other political subdivision within the State such assistance and data as will enable it properly to carry out its powers and duties hereunder.
d. To accept any federal funds granted, by act of Congress or by Executive Order, for all or any of the purposes of this act.
e. To accept any gifts, donations, bequests, or grants of funds from private and public agencies for all or any of the purposes of this act.
f. To coordinate the activities of similar councils or boards appointed by any city or county within the State for all or any of the purposes of this act.
g. To create advisory councils necessary for the performance of responsibilities pursuant to this act and to appoint members thereto.
h. To directly secure any and all location permits from any department, division, board, bureau, commission, or other agency of the State or from any county, municipality, authority, or other political subdivision within the State for applicants interested in motion picture and television production within the State.
i. to establish reasonable fees, pursuant to the provisions of the "Administrative Procedure Act," for the services provided by the commission.
L.1977,c.44,s.6; amended 2003, c.117, s.44.
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-28 - Programs to promote motion picture and television industry

34:1B-28. Programs to promote motion picture and television industry
The Motion Picture and Television Development Commission shall prepare and implement programs to promote a motion picture and television industry within the State. Such a program shall include but not be limited to:
a. The preparation and distribution of appropriate promotional and informational materials pointing out desirable locations within the State, explaining the benefits and advantages of producing within the State, and detailing the services available at the State and local level and within industry;
b. Facilitate cooperation from local government, State and Federal government agencies and private sector groups in regard to applications, locations, production, and ancillary facilities;
c. Cooperate with all sections of management and labor engaged in the motion picture and television industry.
L.1977, c. 44, s. 7, eff. March 22, 1977.
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-29 - Severability

34:1B-29. Severability
If any section, part, phrase, or provision of this act or the application thereof to any person, project or circumstances, be adjudged invalid by any court of competent jurisdiction, such judgment shall be confined in its operation to the section, part, phrase, provision or application directly involved in the controversy in which such judgment shall have been rendered and shall not affect or impair the validity of the remainder of this act or the application thereof to other persons, projects or circumstances.
L.1977, c. 44, s. 8, eff. March 22, 1977.
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-30 - Legislative findings

34:1B-30. Legislative findings
The Legislature finds:
a. During the past decade, a number of industrial plants and other facilities located in this State have permanently terminated operations or relocated operations to sites in other states or abroad; and,
b. These terminations and relocations have had a serious and undesirable impact upon the economies of the communities in which they have occurred and upon the State as a whole, lowering the value of land and improvements which are abandoned or devoted to less intensive uses than formerly; reducing employment, business and personal income, and the resources of the State to the extent these depend thereon; and increasing claims upon those resources; and,
c. Even more important than the impact of these closings on the general State economy and the public sector are the social and personal costs to working persons and their families of confronting the forbidding alternatives of, on the one hand, permanent unemployment, and on the other, either extensive mid-career retraining or forced relocation or both; and,
d. In a small number of cases across the nation, employees have met the threat of plant shutdown by collectively establishing a stock ownership trust to purchase the facility in question and to continue its operations under the direction of a trusteeship acting on behalf of the employee owners; and,
e. These trusts can serve to save jobs, continue economic development otherwise likely to be suspended and promote within the private enterprise system the goal or worker participation in the risks and rewards of equity ownership; and
f. In view of the facts hereinabove cited, and further in view of the avowed public policy of the Executive and Legislative branches to preserve and expand manufacturing and other economic activity in the State, the Legislature finds that a high priority must be given by relevant State agencies to the provision of technical and administrative assistance to workers seeking to save jobs by forming employee stock ownership trusts.
L.1981, c. 82, s. 1, eff. March 25, 1981.
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-32 - Study of best means to encourage employee stock ownership plans

34:1B-32. Study of best means to encourage employee stock ownership plans
The Department of Labor and Industry is directed to undertake a study as to the best means of providing encouragement and assistance to the formulation of employee stock ownership plans providing for the partial or total acquisition, through purchase, distribution in lieu of compensation or a combination of these or any other lawful means, of shares of stock or other instruments of equity in facilities by persons employed at these facilities in cases in which operations at these facilities would, absent employee equity ownership, be terminated, relocated outside of the State, or so reduced in volume as to entail the permanent layoff of a substantial number of the employees.
L.1981, c. 82, s. 3, eff. March 25, 1981.
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-33 - Conduct of study; considerations, consultations and investigations

34:1B-33. Conduct of study; considerations, consultations and investigations
In conducting its study, the department shall: a. consider Federal and State law relating directly or indirectly to these plans, and to the organization and operation of any trusts established pursuant thereto, including but not limited, to the Federal Internal Revenue Code and any regulations promulgated thereunder, the Federal Securities Act of 1933 and other Federal statutes providing for regulation of the issuance of securities, the Federal Employee Retirement Income Security Act of 1974, the Chrysler loan guarantee legislation enacted by the United States Congress in 1979, and other Federal and State laws relating to employment, compensation, taxation and retirement; b. consult with relevant persons in the public sector, including but not limited to, officers and employees of the New Jersey Economic Development Authority and of the Division of Economic Development in the Department of Labor and Industry, with relevant persons in the private sector, including trustees of any existing employee stock ownership trust and employees of any firm operating under such a trust, and with members of the academic community and of relevant branches of the legal profession; c. examine the experience of trusts organized pursuant to an employee stock ownership plan in this State or in any other state; and, d. make other investigations as it may deem necessary in carrying out the purposes of this act.
L.1981, c. 82, s. 4, eff. March 25, 1981.
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-34 - Development of plan

34:1B-34. Development of plan
Pursuant to the findings and conclusions of the study conducted as provided in sections 3. and 4. of this act, the Department of Labor and Industry shall develop a plan to encourage and assist the formulation of employee stock ownership plans providing for the acquisition by employees thereof of facilities in this State which are subject to closure or drastically curtailed operation and shall determine the amount of any costs of implementing the plan.
L.1981, c. 82, s. 5, eff. March 25, 1981.
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-35 - Annual reports to legislature

34:1B-35. Annual reports to legislature
The Commissioner of the Department of Labor and Industry shall within 1 year of the effective date of this act report the findings and conclusions of the study, together with details of the plan developed pursuant thereto, to the Legislature, and shall include in his report any recommendations for legislation which he deems appropriate. Thereafter the commissioner shall annually submit to the Legislature a report concerning the formation of new employee stock ownership trusts and the operation of existing employee stock ownership trusts in this State, and shall include in the report on account of State activity, during the previous year, in connection with these trusts.
L.1981, c. 82, s. 6, eff. March 25, 1981.
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-39 - Establishment of fund; source of deposits; use of funds

34:1B-39. Establishment of fund; source of deposits; use of funds
There is established the New Jersey Local Development Financing Fund, a special depository fund into which shall be deposited moneys for carrying out the purposes of this act. The fund shall be continuing and nonlapsing. The State Treasurer shall hold and account for the fund. The State Treasurer shall upon certification of the commissioner and warrant of the Director of the Division of Budget and Accounting pay from the fund to a sponsor the amount of moneys approved by the commissioner to be used for the support of projects as provided in this act. Moneys which may be deposited into the fund shall include, but are not limited to, the following:
(1) Proceeds from the sale of bonds which may be authorized by the State;
(2) Appropriations made by the Legislature;
(3) Funds provided by the Federal Government;
(4) Loan repayments, dividends and interest received in connection with loans and investments made pursuant to the provisions of this act; and
(5) Other funds which may be made available for the purpose of carrying out the provisions of this act.
Moneys deposited in the fund may be used for any purpose of this act, including, but not limited to, the payment, if approved by the State Treasurer, of reasonable and necessary administrative expenses incurred by the Department of Commerce and Economic Development, but not to exceed in any fiscal year 1% of the amount authorized to the fund pursuant to the "Community Development Bond Act of 1982" (P.L.1981, c. 486), and not provided by line item appropriation, in carrying out the provisions of this act, subject only to any agreements with the holders of particular bonds or notes. Moneys deposited in the fund may be invested in any direct obligations of, or obligations as to which the principal and interest thereof is guaranteed by, the United States of America or in such other obligations as the State Treasurer may approve.
Moneys deposited in the fund shall be used to provide financial assistance to sponsors for the implementation of projects. Financial assistance provided by the fund shall be used to meet eligible project costs.
L.1983, c. 190, s. 4, eff. May 23, 1983.
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-40 - Form, amount and terms of financial assistance; repayment

34:1B-40. Form, amount and terms of financial assistance; repayment
Financial assistance provided from the fund shall include, but not be limited to, loans, loan guarantees, grants, secondary mortgages and equity participation. The form, amount and terms of financial assistance provided shall be determined by the commissioner, subject to the availability of funds and requirements of this act. No more than 20% of the total financial assistance provided from the fund shall be in the form of grants or other nonlending assistance. Lending assistance from the fund shall be made on a revolving loan basis in order to assure the continued reutilization of the fund's resources. Any financial assistance provided from the fund to a participant through a sponsor shall be repaid to the fund by the participant on such terms as the commissioner shall determine.
L.1983, c. 190, s. 5, eff. May 23, 1983.
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-41 - Criteria for evaluating and ranking applications for financial assistance

34:1B-41. Criteria for evaluating and ranking applications for financial assistance
The commissioner shall evaluate and rank each application for financial assistance for a project in accordance with the following criteria:
a. Primary criterion:
(1) The number of unemployed persons in the municipality in which the project is to be located.
b. Secondary criteria:
(1) The number of permanent jobs to be created or maintained directly by the project, excluding the period of construction or development;
(2) The number of jobs preserved by the completion of the project in the case of an existing enterprise;
(3) The increase in the valuation of real property in the municipality as a result of the completion of the project;
(4) The percentage of the total eligible project cost to be financed from private resources;
(5) The percentage of total eligible project cost to be financed by federal aid; and
(6) Whether the project will result in the maintenance or provision of at least the same number of housing units at comparable rates as exists prior to the undertaking of the project.
c. Other criteria:
(1) Whether the project will be located in an area targeted for economic development and receiving federal, State or local development incentives under other programs;
(2) The extent to which the project will contribute to an economic revitalization of a municipality or region;
(3) The extent to which the project will promote the rehabilitation of the physical environment of the immediate area in which it is to be located;
(4) The degree to which the project will advance State or regional planning and development strategies;
(5) The extent to which the location of the project is accessible to and promotes the use of public transportation; and
(6) The degree of community support for and participation in the planning of the project.
L.1983, c. 190, s. 6, eff. May 23, 1983.
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-42 - Schedule of application periods; ranking of applications; finding of feasibility

34:1B-42. Schedule of application periods; ranking of applications; finding of feasibility
The commissioner shall annually establish a schedule of discrete application periods for the next year, provided that no period shall be less than one month nor more than six months. At the end of each application period, the commissioner shall rank and order all applications received during the period, after evaluation of each application in accordance with the specific criteria provided in section 6 of this act and, if a project is justified in relation to competing applications and the amount of funds available, the commissioner shall make a preliminary finding of feasibility and communicate to the applicant sponsor any recommended changes in the project plan and any conditions to the provision of assistance under this act, not inconsistent with this act or any other law. An application which does not receive a preliminary finding of feasibility within an application period shall be considered rejected, and shall be eligible for consideration in any future evaluation of projects only upon the submission of a new application.
L.1983, c. 190, s. 7, eff. May 23, 1983.
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-43 - Project plan; contents; determinations prior to final approval

34:1B-43. Project plan; contents; determinations prior to final approval
a. Prior to final approval of financial assistance under this act, the project sponsor shall file with the commissioner a project plan which shall provide such information as the commissioner deems necessary, and which shall include:
(1) A marketability and proposed land-use study supported by appropriate appraisal reports;
(2) A plan for the utilization of minority contractors and assurance of equal opportunity for employment in connection with the project;
(3) A statement of the impact of the project on the natural, historic and social environment;
(4) Where applicable, a plan for relocating project area residents;
(5) Any additional information, drawings, plans, reports, or estimates which the commissioner may require;
(6) A statement of the impact of the project on the State transportation system, including provisions concerning access to public transportation and impact on highway capacity and traffic flow;
(7) A statement of the impact of the project on energy consumption and of measures included to promote energy conservation;
(8) Evidence of the fiscal stability of the participants in the project, other than the sponsor, including the posting of a bond by the participants, and such other evidence as the commissioner shall require; and
(9) A resolution in support of the project by the governing body of the municipality in which the project is to be located.
b. Prior to the issuance of final approval of financial assistance under this act, the commissioner shall determine: (1) that the commitment of private resources to the project is guaranteed as to the amount of these resources and as to the schedule of their availability for meeting project costs and that these private resources will provide at least 50% of the total eligible project cost; (2) that the project has met or is reasonably assured of meeting the requirements of any pertinent law, ordinance and administrative regulation, including but not limited to environmental protection and affirmative action requirements; (3) that the project would not be undertaken but for the provision of that financial assistance and that the project would not be undertaken in its intended scope without the provision of financial assistance pursuant to this act and will be economically viable with this assistance; (4) that there exists adequate assurance of repayment of financial assistance where repayment is required; and (5) that the participants in the project are of a good moral character. At the same time he shall furnish his findings to the presiding officers of both houses of the Legislature and to the Director of the Division of Budget and Program Review in the Office of Legislative Services.
L.1983, c. 190, s. 8, eff. May 23, 1983.
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-44 - Approval or disapproval of application; notice

34:1B-44. Approval or disapproval of application; notice
Upon receipt of any revised project plan prepared as a result of any recommendations made pursuant to the provisions of section 7 of this act, and of any information required pursuant to the provisions of section 8 of this act, the commissioner shall approve or disapprove any application by a sponsor for designation of a project as an eligible project and for assistance to that project under this act. The commissioner shall within 10 days of his approval or disapproval: (1) transmit notice thereof to the sponsor, to the presiding officers of both houses of the Legislature and to the Director of the Division of Budget and Program Review in the Office of Legislative Services; and (2) in the case of the approval of a project as an eligible project, transmit to the State Treasurer a copy of the notice of his approval, together with a statement of his determination, pursuant to section 5 of this act, of the terms of financial assistance.
L.1983, c. 190, s. 9, eff. May 23, 1983.
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-45 - Arrangement for financial assistance; repayment

34:1B-45. Arrangement for financial assistance; repayment
Upon receipt of a copy of the notice of approval of a project as an eligible project and accompanying statement of the terms of financial assistance, the State Treasurer shall arrange with the sponsor of the eligible project the provision of financial assistance for which the project has been approved. The terms of financial assistance shall require that any assistance from the fund provided by the sponsor to a participant shall be repaid to the fund by the participant.
L.1983, c. 190, s. 10, eff. May 23, 1983.
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-46 - Report

34:1B-46. Report
The commissioner shall require each sponsor of an eligible project receiving assistance from the New Jersey Local Development Financing Fund pursuant to the provisions of this act annually to submit a report of the sponsor's activities undertaken in furtherance of the purposes of this act.
L.1983, c. 190, s. 11, eff. May 23, 1983.
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-47 - Findings, declarations

34:1B-47. Findings, declarations
The Legislature finds and declares:
a. That entrepreneurship is a vital component of the national heritage that fosters the health and dynamism of the overall economy;
b. That despite their contribution as major generators of employment, small businesses are struggling to survive in the private sector;
c. That due to a historical legacy of disregard and discrimination, minorities and women control a disproportionately small fraction of the productive resources of the State and are therefore largely excluded from the mainstream of the overall economy;
d. That the problems of inadequate capital and management expertise that pertain to businesses owned by minorities and women are the same problems that pertain, in varying degrees, to all small businesses;
e. That the public sector at both the national and State levels has recognized the appropriateness of the role of encouraging small businesses generally and women and minorities in particular;
f. That the continuing disparity of capital accumulation in the South Jersey region has hampered the survival of small entrepreneurs and the economic development and independence of minorities and women, and has limited opportunities for enterprise development by individuals from each of these populations;
g. That economic development within the small business and minority communities and among women increases the prosperity of the entire State by generating revenues and reducing the State burden of unemployment, welfare and other supportive social services;
h. That in order to promote these goals it is necessary to establish a permanent government entity, an authority, with a long-term mandate for the delivery of financial and overall assistance to small businesses and businesses owned by minorities and women;
i. That the authority shall focus efforts clearly on areas of greatest need and shall have a commitment toward the establishment of quality programs;
j. That the authority shall be responsible, both directly and as an intermediary, for providing financing and for coordinating a wide range of intensive and ongoing business expertise;
k. That the authority shall pursue its mandate in accordance with a well-conceived business strategy and underwriting standards that approximate those utilized by traditional lenders;
L. That the authority's success in fulfilling its mandate shall be measured by the ultimate viability of the enterprises it assists.
L. 1985, c. 386, s. 1, eff. Dec. 18, 1985.
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-48 - Definitions

34:1B-48. Definitions
For the purposes of this act:
a. "Authority" means the New Jersey Development Authority for Small Businesses, Minorities and Women's Enterprises established pursuant to the provisions of this act;
b. "Board" means the board of directors of the New Jersey Development Authority for Small Businesses, Minorities and Women's Enterprises established pursuant to the provisions of this act;
c. "Eligible business" means a small business or a minority or women's business determined to be eligible to receive assistance and participate in programs according to the standards established pursuant to this act;
d. "Minority" means a person who is:
(1) Black, which is a person having origins in any of the black racial groups in Africa; or
(2) Hispanic, which is a person of Spanish or Portuguese culture, with origins in Mexico, South or Central America, or the Caribbean islands, regardless of race; or
(3) Asian-American, which is a person having origins in any of the original peoples of the Far East, Southeast Asia, and Indian subcontinent, Hawaii, or the Pacific Islands; or
(4) American Indian or Alaskan native, which is a person having origins in any of the original peoples of North America;
e. "Minority business" means a business in which at least 51% of the beneficial ownership of the business is held by minorities, and in which the majority of the management are minorities;
f. "Small business" means a business in which at least 51% of the beneficial ownership of the business is held by persons other than minorities or women and the majority of the management of which is other than minorities or women, and which business is of a type and size defined by the Commissioner of the Department of Commerce and Economic Development as a small business, which definition shall be similar to that of the federal Small Business Administration;
g. "Women" means a woman, regardless of race;
h. "Women's business" means a business in which at least 51% of the beneficial ownership of the business is held by women, and in which the majority of the management are women.
L. 1985, c. 386, s. 2, eff. Dec. 18, 1985.
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-51 - Loans, other extensions of credit

34:1B-51. Loans, other extensions of credit
a. The authority may make long-term or short-term loans or other extensions of credit to eligible businesses under terms and conditions established by the authority. The authority shall establish uniform underwriting standards for loans and other extensions of credit, which shall include minimum equity requirements, and the use by the businesses of an approved accounting system. The authority may, either as a condition of granting the loan or at any time during the term of the loan, and in conjunction with the Commissioner of the Department of Commerce and Economic Development, require the use by the businesses of technical assistance approved by it.
b. The authority may cooperate with the New Jersey Economic Development Authority and the federal Small Business Administration in arranging assistance for eligible businesses or may participate with these agencies in providing loans or other extensions of credit to eligible businesses.
c. The authority may contract with any depository institution to maintain a portion of its funds on deposit for a specified period of time at a specified rate of interest as part of an arrangement whereby the depository institution agrees to make loans or other extensions of credit to eligible businesses, except that the compensating balance so deposited shall not be treated as a guarantee.
L. 1985, c. 386, s. 5, eff. Dec. 18, 1985.
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-52 - Waiver of bonding requirements

34:1B-52. Waiver of bonding requirements
a. The authority shall establish requirements as may be necessary and practical for the use of minority or women's businesses on projects financed in whole or in part by the authority. The authority may waive bonding requirements in full or in part in order to facilitate the use of a minority or women's business if:
(1) The minority or women's business has been rejected by two surety companies authorized to do business in this State; and
(2) The minority or women's business meets the underwriting standards established pursuant to subsection p. of section 4 of this act.
The authority may require a cash deposit, increase the amount of retention, or limit or eliminate periodic payments. No waiver may be extended more than three times to any one contractor.
b. The authority may provide assistance to eligible businesses which are unable to secure bonding for projects other than those financed by the authority. Upon presentation of evidence in writing that an eligible business has been rejected by two surety companies authorized to do business in this State, and if the applicant meets the underwriting standards established pursuant to subsection p. of section 4 of this act, the authority may guarantee the performance of the applicant through a letter of credit or by other means.
L. 1985, c. 386, s. 6, eff. Dec. 18, 1985.
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-53 - Issuance of bonds

34:1B-53. Issuance of bonds
The authority shall, by resolution of the board, have the power to incur indebtedness, borrow money and issue bonds to provide long-term and short-term financing to eligible businesses pursuant to the provisions of this act. Every issue of its bonds shall be general obligations of the authority payable from any revenues of the authority, subject only to agreements with the holders of particular bonds or notes pledging any particular revenues or moneys. The bonds may be issued in one or more series and shall bear dates, mature at times not exceeding 40 years, bear interest at rates, be in a form, either coupon or registered, carry any conversion or registration privileges, have any rank or priority, be executed in a manner, be payable from a source in a medium of payment at places inside or outside the State, and be subject to any terms of redemption, with or without premium, as the resolution may provide. Bonds of the authority may be sold by the authority at a public or private sale at prices as the authority may determine.
L. 1985, c. 386, s. 7, eff. Dec. 18, 1985.
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-54 - No State liability

34:1B-54. No State liability
Bonds and notes of the authority issued under the provisions of this act shall not be in any way a debt or liability of the State or of any political subdivision thereof or be or constitute a pledge of the faith and credit of the State or of any political subdivision thereof but all bonds and notes, unless funded or refunded by the bonds or notes of the authority, shall be payable solely from revenues or funds pledged or available for their payment as authorized in this act. Each bond and note shall contain on its face a statement to the effect that the authority is obligated to pay the principal thereof or the interest thereon only from revenues or funds of the agency and that neither the State nor any political subdivision thereof is obligated to pay the principal or interest and that neither the faith and credit nor the taxing power of the State or any political subdivision thereof is pledged to the payment of the principal of or the interest on the bonds or notes.
L. 1985, c. 386, s. 8, eff. Dec. 18, 1985.
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-55 - Bonds fully negotiable

34:1B-55. Bonds fully negotiable
Any bond or other obligation issued by the authority pursuant to this act shall be fully negotiable, within the meaning and for the purposes of Title 12A of the New Jersey Statutes, and each holder of a bond or other obligation or any coupon appurtenant thereto, by accepting the bond or coupon, shall be conclusively deemed to have agreed that the bond, obligation or coupon is and shall be fully negotiable within the meaning and for the purposes of Title 12A.
L. 1985, c. 386, s. 9, eff. Dec. 18, 1985.
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-56 - Power to covenant

34:1B-56. Power to covenant
In order to secure the payment of its bonds and in addition to its other powers, the authority shall have power by resolution to covenant and agree with the several holders of the bonds, as to:
a. The custody, security, use, expenditure or application of the proceeds of the bonds;
b. Payment of the principal of or interest on the bonds, or any other obligations, and the sources and methods thereof, the rank or priority of the bonds or obligations as to any lien or security, or the acceleration of the maturity of the bonds or obligations;
c. The use and disposition of any moneys of the authority, including all revenues or other moneys derived or to be derived from any of the authority's activities;
d. The pledging, setting aside, depositing or trusteeing all or any part of the revenues or other moneys of the authority to secure the payment of the principal or interest on the bonds or any other obligations and the powers and duties of any trustees with regard thereto;
e. The setting aside out of the revenues or other moneys of the authority of reserves and sinking funds, and the source, custody, security, regulation, application and disposition thereof;
f. The rents, fees or other charges for the use of any projects, including any part of any project previously constructed or acquired and any part, replacement or improvement of any project subsequently constructed or acquired, and the fixing, establishment, collection and enforcement of the same;
g. Limitation on the issuance of additional bonds or any other obligations or on the incurrence of indebtedness of the authority;
h. Vesting in trustees, fiscal or escrow agents within or without the State property, rights, powers and duties in trust as the authority may determine and limiting the rights, duties and powers of those trustees or agents;
i. Payment of costs or expenses incident to the enforcement of the bonds or of the provisions of the resolution or of any covenant or contract with the holders of the bonds;
j. The procedure, if any, by which the terms of any covenant or contract with, or duty to, the holders of bonds may be amended or abrogated, the amount of bonds the holders of which must consent thereto, and the manner in which that consent may be given or evidenced; or
k. Any other matter or course of conduct which, by recital in the resolution, is declared to further secure the payment of the principal of or interest on the bonds.
L. 1985, c. 386, s. 10, eff. Dec. 18, 1985.
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-57 - Casino authority investments

34:1B-57. Casino authority investments
On obligations purchased or monies otherwise invested by the Casino Reinvestment Development Authority as required by section 33 of P.L. 1984, c. 218 (C. 5:12-181), the authority shall covenant and agree to guarantee the Casino Reinvestment Development Authority at least the rate of return established by subsection d. of section 14 of P.L. 1984, c. 218 (C. 5:12-162). The Casino Reinvestment Development Authority shall have a priority interest with respect to obligations purchased or monies otherwise invested in the authority, so long as the security interest is perfected in the manner set forth within Title 12A of the New Jersey Statutes.
L. 1985, c. 386, s. 11, eff. Dec. 18, 1985.
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-58 - Contracts binding

34:1B-58. Contracts binding
All provisions of the resolution and all covenants and agreements shall constitute valid and legally-binding contracts between the authority and the several holders of the bonds, regardless of the time of issuance of the bonds, and shall be enforceable by holders by appropriate action, suit or proceeding in any court of competent jurisdiction or by proceeding in lieu of prerogative writ.
L. 1985, c. 386, s. 12, eff. Dec. 18, 1985.
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-59 - No personal interest

34:1B-59. No personal interest
No member of the board, officer, employee or agent of the authority shall have an interest, either directly or indirectly, in any project, transaction or business activity in which the authority is a party.
L. 1985, c. 386, s. 13, eff. Dec. 18, 1985.
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-60 - Expenses from revenues

34:1B-60. Expenses from revenues
All expenses incurred in carrying out the provisions of this act shall be payable solely from revenues or funds provided or to be provided under the provisions of this act and nothing in this act shall be construed to authorize the authority to incur any indebtedness or liability on behalf of or payable by the State or any political subdivision thereof.
L. 1985, c. 386, s. 14, eff. Dec. 18, 1985.