reglab/statecodes huggingface dataset:
2023 New Jersey Revised Statutes › Title 52 - State Government, Departments and Officers › Section 52:27D-460 - Findings, declaration relative to "Revenue Allocation District Financing Act"

52:27D-460 Findings, declaration relative to "Revenue Allocation District Financing Act"
12. The Legislature finds and declares that:
a. There are areas within certain municipalities in this State that deter private capital investment because of the deteriorating condition of the land, buildings and infrastructure within those areas, or that have not experienced private capital investment due to inadequate infrastructure or adverse economic conditions.
b. These areas also create an economic burden for the municipality due to the limited tax base and underutilization of resources.
c. The scarcity of resources available to municipalities for redevelopment has severely hampered these municipalities' ability to rehabilitate these areas.
d. In order to redevelop these areas in a beneficial manner, municipalities should be provided the means to finance certain costs of redevelopment so as to open new avenues for private investment; stimulate commercial, industrial, recreational, cultural, entertainment, civic and educational enterprise; and create favorable conditions for increases in economic activity, property values, employment opportunities and the provision of affordable housing.
e. The use of new redevelopment tools as a catalyst for economic revitalization can be maximized if employed in conjunction with the redevelopment planning process established pursuant to P.L.1992, c.79 (C.40A:12A-1 et al.).
f. The State should consider, where appropriate, one or more of the following: whether the redevelopment project or plan promotes approaches and concepts to reduce congestion; enhance mobility; assist in the redevelopment of our municipalities; and otherwise improve the quality of life of our citizens.
g. It is, therefore, in the public interest to authorize the use of revenue allocation financing by municipalities and the dedication of payments in lieu of taxes toward the retirement of debt incurred in redevelopment, as set forth hereunder, to encourage private investment within areas that are blighted or in need of redevelopment or would otherwise remain unused.
L.2001,c.310,s.12.
2023 New Jersey Revised Statutes › Title 52 - State Government, Departments and Officers › Section 52:27D-463 - Proposed preliminary revenue allocation plan

52:27D-463. Proposed preliminary revenue allocation plan
15. The proposed preliminary revenue allocation plan shall include:
a. a certification by the municipal tax assessor of the property tax increment base of the district;
b. a statement of the revenues, if any, to be pledged to support bonds of the district, the percentage of such revenues to be so pledged, and a certification by the chief financial officer of the municipality of the revenue increment base for each of the pledged revenues other than the property tax revenue base. If the amount of any such revenue base cannot be certified, then the chief financial officer shall estimate the amount and describe the basis for preparing the estimate and the manner in which the revenue increment base will be determined after adoption of the plan;
c. a description of the proposed project or projects, an estimate of their cost, a proposed construction schedule, the projected amount of bonds to be issued and whether interest on such bonds is exempt from taxation for federal income tax purposes and the projected debt service on the bonds issued to finance the project;
d. a description of the development expected or planned within the district, including the identification of the developers, if any, other than the district agent or the municipality, and their contractual relationship, if any, with the district agent or the municipality;
e. an estimate of the taxable value of the assessed property within a district upon completion of the projects;
f. a projection of the amount of the pledged revenues during the period in which any bond will be outstanding;
g. a statement of whether or not the district agent intends to create a reserve for payment of project costs prior to the adoption of the final revenue allocation plan;
h. a statement of whether or not tax abatements or exemptions or special assessments are expected to be granted in the district; and
i. a fiscal impact statement for the taxing entities involved.
L.2001,c.310,s.15.
2023 New Jersey Revised Statutes › Title 52 - State Government, Departments and Officers › Section 52:27D-464 - Submission of ordinance as application

52:27D-464. Submission of ordinance as application
16. When an ordinance establishing or amending a district has passed first reading, it shall be submitted as an application, together with all included and incorporated certificates and documents and such additional documentation as the board may by rule prescribe, to the board.
The board shall approve the ordinance if it determines that:
a. the planned developments are likely to be realized and would not likely be accomplished by private enterprise without the creation of the district and the revenue allocation financing of the proposed project or projects;
b. the revenue increments and any other pledged revenues will be sufficient to pay debt service on bonds issued to effectuate the plan;
c. the credit of the municipality and its ability to pay the principal of and interest on its debts and to provide essential public services will not be impaired;
d. the creation of the district will contribute to the economic development of the municipality;
e. the size of the proposed district and the amount of the pledged revenues do not exceed the size and amount necessary to accomplish the purposes of the plan;
f. any insufficiency or shortfall in the amount of the revenue or guarantees pledged to pay debt service or bonds issued to effectuate the plan would not pose inappropriate risk or undue financial hardship to the taxpayers of the community;
g. there are no other factors which, in the determination of the board, will impair the credit of the municipality or reduce its ability to pay punctually the principal of and interest on its debts and supply other essential public improvements and services; and
h. the planned development does one or more of the following: promote approaches and concepts to reduce congestion; enhance mobility; assist in the redevelopment of our municipalities; and otherwise improve the quality of life of our citizens.
L.2001,c.310,s.16.
2023 New Jersey Revised Statutes › Title 52 - State Government, Departments and Officers › Section 52:27D-465 - Written recommendations by board

52:27D-465. Written recommendations by board
17. a. The board may make written recommendations as to any aspect of the ordinance and the preliminary revenue allocation plan and any related fiscal matters of the municipality which in the opinion of the board shall be changed in order to effectuate the plan. The board may condition its approval of the ordinance upon the adoption of its recommendations by the municipality.
b. The board shall approve, approve with conditions, or disapprove the ordinance within 60 days of its receipt of an application which the board has deemed to be complete. If the board does not act within 60 days the ordinance shall be deemed approved. If the board disapproves the ordinance it shall, within 30 days of signifying its disapproval, set forth its reasons in writing. The municipality may amend the ordinance and resubmit it to the board.
c. Upon receipt of the approved ordinance from the board, the municipal governing body may adopt the ordinance at a meeting of the governing body by a majority of the authorized membership thereof.
L.2001,c.310,s.17.
2023 New Jersey Revised Statutes › Title 52 - State Government, Departments and Officers › Section 52:27D-466 - No alteration of established district without amending ordinance

52:27D-466. No alteration of established district without amending ordinance
18. After adoption of the ordinance establishing a district there shall be no expansion or contraction of the boundaries of the district, the designation of the district agent, or the designation of the pledged revenues without adoption of an amending ordinance approved by the board as provided in section 17 of P.L.2001, c.310 (C.52:27D-465) .
L.2001,c.310,s.18.
2023 New Jersey Revised Statutes › Title 52 - State Government, Departments and Officers › Section 52:27D-467 - Property tax increment base for altered districts

52:27D-467. Property tax increment base for altered districts
19. Whenever a district is expanded as permitted under section 18 of P.L.2001, c.310 (C.52:27D-466) the property tax increment base for any area added to the district shall be the aggregate taxable value of all property assessed which is located within the added area as of October 1 of the year preceding the year in which the area is added, as certified by the municipal assessor. The revenue increment base of all other eligible revenues shall include the amounts of all other eligible revenues from sources within the added area in the calendar year preceding the year in which the area is added, as certified by the chief financial officer of the municipality.
Whenever a district is contracted as permitted under section 18 of P.L.2001, c.310 (C.52:27D-466) the tax increment base and the increment base of all other eligible revenues of the district shall be adjusted as if that area had not been a part of the district at the time when it became part of the district.
L.2001,c.310,s.19.
2023 New Jersey Revised Statutes › Title 52 - State Government, Departments and Officers › Section 52:27D-469 - Eligible revenues

52:27D-469. Eligible revenues
21. The plan may include one or more of the following eligible revenues if the municipality is otherwise authorized by law to collect such revenues:
a. incremental payments in lieu of taxes, with respect to property located in the district, made pursuant to the "Five-Year Exemption and Abatement Law," P.L.1991, c.441 (C.40A:21-1 et seq.) or the "Long Term Tax Exemption Law," P.L.1991, c.431 (C.40A:20-1 et al.);
b. incremental revenues from payroll or wage taxes with respect to activities carried on within the district;
c. incremental revenue from lease payments made to the municipality or district agent with respect to property located in the district;
d. incremental revenue from payments in lieu of taxes or service charges with respect to property located within the district;
e. incremental revenue from parking taxes derived from parking facilities located within the district;
f. admissions and sales taxes received from the operation of a public facility which the district agent is authorized by law to retain;
g. sales and excise taxes which are derived from activities within the district and which are rebated to or retained by the municipality pursuant to the "New Jersey Urban Enterprise Zones Act," P.L.1983, c.303 (C.52:27H-60 et seq.) or any other law providing for such rebate or retention;
h. parking revenue from public parking facilities built as part of a project except for public parking facilities owned by parking authorities pursuant to the "Parking Authority Law," P.L.1948, c.198 (C.40:11A-1 et seq.);
i. assessments as allowed by law that are levied against properties in a district, if consented to by the governing body of the municipality in which the district is situated;
j. the property tax increment.
The incremental revenue for the revenues listed in subsections b., c., d. and e. of this section shall be calculated as the difference between the amount collected in any calendar year from any eligible revenue source included in the plan, less the revenue increment base for that eligible revenue.
L.2001,c.310,s.21.
2023 New Jersey Revised Statutes › Title 52 - State Government, Departments and Officers › Section 52:27D-470 - Adoption of final revenue allocation plan

52:27D-470. Adoption of final revenue allocation plan
22. Before pledging any revenues, issuing any bonds, incurring any obligations or guaranteeing the obligations of any other entity with respect to the project costs of any project, the district agent shall adopt a final revenue allocation plan for that project. That plan shall include:
a. a description of the project or projects to be financed, including the projected cost and construction schedule;
b. a description of any development to be undertaken by any developer in connection with the project, including an estimate of the eligible revenues anticipated from the development;
c. a description of the eligible revenues to be pledged to the support of the project, or to the bonds or other obligations to be issued or incurred by the district agent;
d. a description of other anticipated projects for the district and the anticipated means of financing those projects;
e. a copy of any proposed bond resolution, contract, lease or other agreement to be adopted or authorized by the district agent. Any proposed bond resolution shall include a description of the security features of the bonds, including reserve funds or other security enhancements, if any, such as a municipal guarantee, qualified bond authorization, bond insurance or letter of credit; the maturity schedule for the bonds; the estimated interest rate; the period of capitalized interest, if any; an estimate of the costs of issuance, with identification of bond counsel, financial advisers, underwriters and other professionals engaged to assist in the issuance of bonds; lien priorities among projects, if any; and such other information as the board may require; and
f. a certification by the chief financial officer of the property tax increment base, if property tax increment revenue is to be pledged, and of the revenue increment base for each other pledged revenue. If the amount of any such revenue increment base cannot be certified, then the chief financial officer shall estimate the amount and describe the basis for preparing the estimate and the manner in which the revenue increment base will be determined after adoption of the final plan.
L.2001,c.310,s.22.
2023 New Jersey Revised Statutes › Title 52 - State Government, Departments and Officers › Section 52:27D-471 - Submissions of final revenue allocation plan

52:27D-471. Submissions of final revenue allocation plan
23. A final revenue allocation plan shall be submitted to the governing body of the municipality for approval by ordinance. When an ordinance embodying a final revenue allocation plan has been introduced in writing at a meeting of the governing body and approved on first reading, which may be by title, by a majority of the authorized membership thereof, it shall be submitted, together with all included and incorporated certificates and documents and such additional supporting documentation as the board may by rule prescribe, to the board.
The board shall approve the plan if it determines that:
a. the planned developments are likely to be realized and would not be accomplished by private enterprise without the creation of the district and the financing of the proposed project or projects;
b. the pledged revenues will be sufficient to pay debt service on bonds and discharge any obligations undertaken by the district agent to effectuate the plan;
c. the credit of the municipality and its ability to pay the principal of and interest on its debts and to provide essential public services will not be impaired;
d. any insufficiency or shortfall in the amount of the revenues or guarantees pledged to pay debt service or bonds issued to effectuate the plan would not pose inappropriate risk or undue financial hardship to the taxpayers of the community;
e. there are no other factors which, in the determination of the board, will impair the credit of the municipality or reduce its ability to pay punctually the principal of and interest on its debts and supply other essential public improvements and services; and
f. the planned development does one or more of the following: promote approaches and concepts to reduce congestion; enhance mobility; assist in the redevelopment of our municipalities; and otherwise improve the quality of life of our citizens.
L.2001,c.310,s.23.
2023 New Jersey Revised Statutes › Title 52 - State Government, Departments and Officers › Section 52:27D-472 - Written recommendations by board

52:27D-472. Written recommendations by board
24. a. The board may make written recommendations as to any aspect of the plan and any related fiscal matters of the municipality or the district agent which, in the determination of the board, must be changed in order to effectuate the plan, and the board may condition its approval of the plan upon the adoption of its recommendations.
b. The board shall approve, approve with conditions, or disapprove the plan within 60 days of its receipt of an application which the board has deemed to be complete. If the board does not act within 60 days the plan shall be deemed approved. If the board disapproves the plan it shall set forth its reasons in writing within 30 days of its disapproval. The governing body, upon recommendation of the district agent, may amend the ordinance and resubmit it to the board.
c. Upon receipt of the approved ordinance from the board the municipal governing body may adopt the ordinance at a meeting of the governing body by a majority of the authorized membership thereof. Any changes to the plan as embodied in the ordinance, including the pledge or utilization of eligible revenues subject, however, to any rights of bondholders shall be by amendment of the ordinance adopted and approved by the same method as prescribed in section 17 of P.L.2001, c.310 (C.52:27D-465) in connection with the proposed preliminary revenue allocation plan included in the ordinance establishing the district.
L.2001,c.310,s.24.
2023 New Jersey Revised Statutes › Title 52 - State Government, Departments and Officers › Section 52:27D-474 - Deposit of pledged revenues

52:27D-474. Deposit of pledged revenues
26. If the preliminary revenue allocation plan has designated any eligible revenues, in addition to or other than the property tax increment, as a pledged revenue, the other pledged revenues shall be deposited as provided in this section.
a. The collector of any pledged revenues shall certify to the municipal chief financial officer the amount of the eligible revenue collected in the preceding calendar year no later than January 30 of each year and shall pay to the municipality such amount, or the percentage thereof designated in the plan, beginning in the first calendar year after the creation of the district.
b. The municipality shall include in its budget the amount certified as collected in the preceding year and shall pay to the district agent for deposit in the revenue allocation financing fund the amount certified in the plan as designated for such payment.
c. Payments in lieu of taxes shall be deposited in four equal installments, regardless of the date or dates fixed for such payments by statute, agreement or otherwise.
L.2001,c.310,s.26.
2023 New Jersey Revised Statutes › Title 52 - State Government, Departments and Officers › Section 52:27D-475 - Submission of operating budget

52:27D-475. Submission of operating budget
27. The district agent shall submit its operating budget for the district annually to the Director of the Division of Local Government Services in the Department of Community Affairs. If the district agent certifies that the budget is in compliance with a preliminary or final financing plan and all other relevant statutes and rules, the director shall approve the budget within 45 days of receipt. If the director disapproves the budget he shall state the reasons therefor, in writing. The district agent may then make the necessary changes and resubmit the budget for approval. The director may adopt rules and regulations in accordance with the "Administrative Procedure Act," P.L.1968, c.410 (C.52:14B-1 et seq.), to ensure the fiscal integrity of districts and effectuate the intent of the "Revenue Allocation District Financing Act,"P.L.2001, c.310 (C.52:27D-459 et seq.).
L.2001,c.310,s.27.
2023 New Jersey Revised Statutes › Title 52 - State Government, Departments and Officers › Section 52:27D-476 - Revenue allocation fund for district

52:27D-476. Revenue allocation fund for district
28. The district agent shall establish and maintain a special fund called the "(Name of district agent) Revenue Allocation Fund," and herein referred to as "district fund" or "fund."
The fund shall be used by the district agent for purposes of the "Revenue Allocation District Financing Act,"P.L.2001, c.310 (C.52:27D-459 et seq.), including but not limited to:
a. paying the project costs;
b. paying the principal of and interest on bonds or other obligations issued or guaranteed pursuant to the "Revenue Allocation District Financing Act,"P.L.2001, c.310 (C.52:27D-459 et seq.);
c. prepaying the principal of and interest on the bonds or other obligations;
d. paying additional property tax increment revenue, if any, to taxing entities, as provided for in subsections b. and c. of section 29 of P.L.2001, c.310 (C.52:27D-477) or in the final revenue allocation plan; and
e. reimbursing the municipality for any payments made by the State pursuant to the "Municipal Qualified Bond Act," P.L.1976, c.38 (C.40A:3-1 et seq.) to pay debt service on any qualified bonds issued pursuant to section 35 of P.L.2001, c.310 (C.52:27D-483).
L.2001,c.310,s.28.
2023 New Jersey Revised Statutes › Title 52 - State Government, Departments and Officers › Section 52:27D-477 - Payment of project costs; distribution of moneys

52:27D-477. Payment of project costs; distribution of moneys
29. a. Prior to the adoption of a final revenue allocation plan, the district agent may draw money from the revenue allocation fund for purposes of paying all project costs incurred in connection with the development of the final revenue allocation plan as provided in the approved operating budget, including a reserve for project costs if such reserve is part of the preliminary plan.
b. At the end of each calendar year, any moneys in the fund not pledged to bondholders or otherwise required by the district agent for development of the plan shall be distributed to the appropriate taxing or revenue collecting entities that shall forgo the pledged revenues. The revenues shall be distributed by the district agent in proportion to the taxing effort of each taxing or revenue collecting entity in the year of distribution; except that no revenues deposited in the fund shall be included in the calculation of any adjustment payments payable to an intermunicipal account pursuant to statute.
c. After the adoption of the final revenue allocation plan the district agent may decide to distribute to the taxing or revenue collecting entities that shall forgo the revenues pursuant to the "Revenue Allocation District Financing Act," sections 11 through 41 of P.L.2001, c.310 (C.52:27D-459 et seq.) a portion of the revenue increments received by the district agent not pledged to the payment of debt service or necessary to pay project costs. The revenues shall be distributed in proportion to the taxing or revenue collecting effort of each such taxing or revenue collecting entity in the year of distribution.
d. Moneys in the fund may be invested in the State of New Jersey Cash Management Fund established pursuant to section 1 of P.L.1977, c.281 (C.52:18A-90.4) or in any securities that a local government is permitted to purchase pursuant to section 8 of P.L.1977, c.396 (C.40A:5-15.1).
L.2001,c.310,s.29.
2023 New Jersey Revised Statutes › Title 52 - State Government, Departments and Officers › Section 52:27D-478 - Termination, dissolution of district

52:27D-478. Termination, dissolution of district
30. Subject to the limitations contained in the "Revenue Allocation District Financing Act," sections 11 through 41 of P.L.2001, c.310 (C.52:27D-459 et seq.), each district shall remain in existence until obligations for any project in that district cease to be outstanding; provided, however, the district may be terminated if sufficient moneys have been deposited in the revenue allocation fund, which, when invested in obligations of or guaranteed by the United States government, will be sufficient to pay when due the principal of and interest on the bonds at maturity or any redemption date or full payment of any other obligations, and if the board approves the dissolution of the district. The Division of Local Government Services in the Department of Community Affairs may recommend to the municipality the dissolution of a district which has not taken substantial steps to implement the plan, so long as there are no bonded obligations outstanding or contractual obligations to pay any part of project costs.
L.2001,c.310,s.30.
2023 New Jersey Revised Statutes › Title 52 - State Government, Departments and Officers › Section 52:27D-479 - Calculation of general tax rate.

52:27D-479 Calculation of general tax rate.
31. a. In calculating the general tax rate levied each year, the aggregate amount of the ratable increments of the revenue allocation districts that have been pledged to bondholders or are otherwise required by the district agent for the development of the plan shall not be considered a part of the total taxable value of land and improvements within the municipality.
b. In calculating the net valuation on which school district taxes and county taxes are apportioned, the aggregate amount of the ratable increments in the revenue allocation district shall be excluded.
c. For purposes of this section, "ratable increment" means the taxable value of all property assessed within a revenue allocation district for the tax year, minus the property tax increment base.
L.2001, c.310, s.31; amended 2009, c.90, s.17.
2023 New Jersey Revised Statutes › Title 52 - State Government, Departments and Officers › Section 52:27D-480 - Powers of district agent following adoption of ordinance

52:27D-480. Powers of district agent following adoption of ordinance
32. Upon approval of the resolution by the board and adoption of an ordinance approving or adopting: a. the final revenue allocation plan by the municipal governing body, or b. a determination regarding a particular project for which there exist sufficient eligible revenues within the district to pay the principal of and interest on obligations issued to finance such project, the district agent shall have the power to incur indebtedness, borrow money and issue its bonds or notes for purposes of financing a project or funding or refunding its bonds or notes. If the district agent is the municipal governing body, any pledge of revenues or funds and obligations incurred shall be limited to the revenues and property accruing to the municipality as district agent and shall not be deemed to include any other municipal revenue or property unless such revenues are pledged or obligations are incurred pursuant to the "Revenue Allocation District Financing Act,"P.L.2001, c.310 (C.52:27D-459 et seq.). The district agent may from time to time issue its bonds or notes in such principal amounts as in the opinion of the district agent are necessary to provide sufficient funds for all or any portion of project costs, including the payment, funding or refunding of the principal of or interest or redemption premiums on any bonds or notes issued by it, whether the bonds or notes or interest to be funded or refunded has or has not become due; the establishment or increase of such reserves to secure or to pay the bonds or notes or interest thereon; and all other costs or expenses of the district agent incident to and necessary to carrying out its corporate purposes and powers.
Any provisions of law to the contrary notwithstanding, a bond issued pursuant to the "Revenue Allocation District Financing Act," sections 11 through 41 of P.L.2001, c.310 (C.52:27D-459 et seq.) shall be fully negotiable within the meaning and for all purposes of Title 12A of the New Jersey Statutes, and each holder of the bond, or a coupon appurtenant thereto, by accepting the bond or coupon shall be conclusively deemed to have agreed that the bond or coupon is and shall be fully negotiable within the meaning and for the purposes of that title.
L.2001,c.310,s.32.
2023 New Jersey Revised Statutes › Title 52 - State Government, Departments and Officers › Section 52:27D-481 - Issuance of bonds, notes

52:27D-481. Issuance of bonds, notes
33. Bonds or notes of the district agent shall be authorized by a resolution or resolutions of the district agent and may be issued in one or more series and shall bear such dates, mature at such times, bear interest at such rates of interest per annum, be in such 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 and in such medium of payment at such places within or without the State, and be subject to such terms of redemption, with or without premium, as the resolution or resolutions may provide.
Nothwithstanding the provisions of any other law to the contrary related to such district agent, bonds or notes of the district agent may be sold at public or private sale at such price and in such manner as the district agent shall determine. Every bond shall mature and be paid not later than 35 years from the date thereof.
Bonds or notes may be issued under the provisions of the "Revenue Allocation District Financing Act," sections 11 through 41 of P.L.2001, c.310 (C.52:27D-459 et seq.) without any other proceeding or the occurrence of any other conditions or other things than those proceedings, conditions or things which are specifically required by the "Revenue Allocation District Financing Act," sections 11 through 41 of P.L.2001, c.310 (C.52:27D-459 et seq.).
Bonds or notes of the district agent issued under the provisions of the "Revenue Allocation District Financing Act," sections 11 through 41 of P.L.2001, c.310 (C.52:27D-459 et seq.) shall contain a statement to the effect that they are issued pursuant to the "Revenue Allocation District Financing Act," sections 11 through 41 of P.L.2001, c.310 (C.52:27D-459 et seq.) and entitled to the provisions of the "Revenue Allocation District Financing Act," sections 11 through 41 of P.L.2001, c.310 (C.52:27D-459 et seq.).
L.2001,c.310,s.33.
2023 New Jersey Revised Statutes › Title 52 - State Government, Departments and Officers › Section 52:27D-482 - Bonds, notes considered general obligations

52:27D-482. Bonds, notes considered general obligations
34. Each issue of bonds or notes of the district may, if it is determined by the district agent, be general obligations thereof payable out of any revenues, receipts or funds held by the district agent, subject only to any agreements with the holders of particular bonds or notes pledging any particular revenues or funds, and may be secured by one or more of the following:
a. pledge of eligible revenues and any other revenues derived from leases, sales agreements, service contracts or similar contractual arrangements with one or more persons, firms, partnerships or corporations, whether or not the same relate to the project or part thereof financed with the bonds or notes;
b. pledge of grants, subsidies, contributions or other payments to be received from the United States of America or any instrumentality thereof, or from any State, county or municipal governmental body or agency;
c. a first mortgage on all or any part of the property, real or personal, of the district agent then owned or thereafter to be acquired; or
d. pledge of any moneys, funds, accounts, securities and other funds, including the proceeds of the bonds or notes.
L.2001,c.310,s.34.
2023 New Jersey Revised Statutes › Title 52 - State Government, Departments and Officers › Section 52:27D-485 - Pledge of district agent valid, binding

52:27D-485. Pledge of district agent valid, binding
37. Any pledge of revenues, receipts, moneys, funds, levies, sales agreements, service contracts or other property or instruments made by the district agent shall be valid and binding from the time when the pledge is made. The revenues, receipts, moneys, funds or other property so pledged and thereafter received by the district agent or a subsidiary shall immediately be subject to the lien of the pledge without any physical delivery thereof or further act, and the lien of any pledge shall be valid and binding as against all parties having claims of any kind in tort, contract or otherwise against the district agent irrespective of whether the parties have notice thereof. Neither the resolution nor any other instrument by which a pledge under this section is created need be filed or recorded except in the records of the district agent.
L.2001,c.310,s.37.
2023 New Jersey Revised Statutes › Title 52 - State Government, Departments and Officers › Section 52:27D-486 - Immunity from personal liability

52:27D-486. Immunity from personal liability
38. Neither the directors of the district agent nor any person executing bonds or notes issued pursuant to the "Revenue Allocation District Financing Act," P.L.2001, c.310 (C.52:27D-459 et seq.) shall be liable personally on the bonds or notes by reason of the issuance thereof.
L.2001,c.310,s.38.
2023 New Jersey Revised Statutes › Title 52 - State Government, Departments and Officers › Section 52:27D-487 - Establishment of reserves, funds, account

52:27D-487. Establishment of reserves, funds, account
39. The district agent may establish such reserves, funds or account as may be, in its discretion, necessary or desirable to further the accomplishment of the purposes of the district agent or to comply with the provisions of any agreement made by or any resolution of the district agent.
The State and all public officers, governmental units and agencies thereof, all banks, trust companies, savings banks and institutions, building and loan associations, savings and loan associations, investment companies, and other persons carrying on a banking business, all insurance companies, insurance associations and other persons carrying on an insurance business, and all executors, administrators, guardians, trustees and other fiduciaries may legally invest any sinking funds, moneys or other funds belonging to them or within their control in any bonds or notes issued pursuant to the "Revenue Allocation District Financing Act," P.L.2001, c.310 (C.52:27D-459 et seq.), and such bonds or notes shall be authorized security for any and all public deposits.
L.2001,c.310,s.39.
2023 New Jersey Revised Statutes › Title 52 - State Government, Departments and Officers › Section 52:27D-488 - Bonds exempt from taxation

52:27D-488. Bonds exempt from taxation
40. Bonds, notes or other obligations issued pursuant to the "Revenue Allocation District Financing Act," P.L.2001, c.310 (C.52:27D-459 et seq.) are for an essential public and governmental purpose, and the bonds, notes or other obligations, their transfer and the interest and premium, if any, thereon and the income therefrom, including any profit made on the sale thereof, and all assessments, charges, funds, revenues, income and other moneys pledged or available to pay or secure the payments of the bonds, or interest thereon, shall be exempt from taxation of every kind by the State and the municipality, except transfer inheritance and estate taxes unless exemptions from those taxes have been provided under other laws.
L.2001,c.310,s.40.
2023 New Jersey Revised Statutes › Title 52 - State Government, Departments and Officers › Section 52:27D-489 - Severability

52:27D-489. Severability
41. If any section, part, phrase, or provision of the "Revenue Allocation District Financing Act," P.L.2001, c.310 (C.52:27D-459 et seq.) of 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 the "Revenue Allocation District Financing Act," P.L.2001, c.310 (C.52:27D-459 et seq.) or the application thereof to other persons, projects or circumstances.
L.2001,c.310,s.41.
2023 New Jersey Revised Statutes › Title 52 - State Government, Departments and Officers › Section 52:27D-489g - Payment to developers from municipalities.

52:27D-489g Payment to developers from municipalities.
7. a. Up to the limits established in subsection b. of this section, and in accordance with a redevelopment incentive grant agreement, the municipality shall pay to the developer incremental eligible revenues directly realized from activities or business operations on the redevelopment project premises and may also pay eligible revenues derived from the project area.
b. Up to 75 percent of the incremental local revenues collected pursuant to subsection d. of section 11 of P.L.2009, c.90 (C.52:27D-489k) may be pledged towards the municipal portion, if any, of an incentive grant.
c. All administrative costs associated with the local incentive grant shall be assessed to the applicant and be retained by the municipality from its annual payments to the developer.
L.2009, c.90, s.7; amended 2010, c.10, s.7.
2023 New Jersey Revised Statutes › Title 52 - State Government, Departments and Officers › Section 52:27D-489i1 - Provisions applied to mixed used parking project.

52:27D-489i1 Provisions applied to mixed used parking project.
3. Notwithstanding any provision of the "New Jersey Economic Stimulus Act of 2009," P.L.2009, c.90 (C.52:27D-489a et al.) to the contrary, the following provisions shall apply to a mixed use parking project that is restricted under categories (vi) or (viii) of subparagraph (b) of paragraph (3) of subsection b. of section 6 of P.L.2009, c.90 (C.52:27D-489f) and undertaken by a municipal redeveloper after the effective date of P.L.2022, c.75 (C.52:27D-489i1 et al.), for which a redevelopment incentive grant is awarded:
a. A municipal redeveloper shall submit a temporary certificate of occupancy for such proposed mixed use parking project no later than June 30, 2026.
b. (1) Except as provided in paragraph (2) of this subsection, a redevelopment incentive grant award shall be equal to 100 percent of the total project costs allocated to the parking component of the project and 40 percent of the total project costs allocated to the non-parking component of a proposed mixed use parking project.
(2) A redevelopment incentive grant award shall be equal to 100 percent of the total project costs allocated to the parking component of the project and 80 percent of the total project costs allocated to the non-parking component of the mixed use parking project if the mixed use parking project is:
(a) constructed upon all or a portion of a project site that was previously the subject of an award of tax credits pursuant to the "Urban Transit Hub Tax Credit Act," P.L.2007, c. 346 (C.34:1B-207 et seq.) or the "New Jersey Economic Stimulus Act of 2009," P.L.2009, c. 90 (C.52:27D-489a et al.), but the tax credits were not issued;
(b) an entertainment venue with seating capacity in excess of 5,000; or
(c) constructed to be utilized by a visitor center or youth center within or adjacent to a national historic park.
c. The terms of any approval, granted by the authority, for a proposed mixed use parking project undertaken by a municipal redeveloper, which has not yet commenced construction activities other than demolition or site work, may be modified to reflect the terms established pursuant to P.L.2022, c.75 (C.52:27D-489i1 et al.), upon application to the authority for review and approval; provided, however, the developer shall not be required to pay any fee that may be established under law or regulation related to the application for modification. All dates of required action by a municipal redeveloper contained in an approval, granted by the authority, shall be automatically extended by the thirty-month period corresponding to the temporary certificate of occupancy submission date established by subsection a. of this section.
d. All proposed mixed use parking projects shall comply with Leadership in Energy and Environmental Design (LEED) standards, to the extent that the United States Green Building Council shall have promulgated standards for the project type proposed.
L.2022, c.75, s.3
2023 New Jersey Revised Statutes › Title 52 - State Government, Departments and Officers › Section 52:27D-489j - Assistance to developer to enhance credit.

52:27D-489j Assistance to developer to enhance credit.
10. The New Jersey Economic Development Authority, or any other State agency, may provide assistance to a developer in order to enhance its credit for the purpose of securing private project financing on more favorable terms.
L.2009, c.90, s.10.
2023 New Jersey Revised Statutes › Title 52 - State Government, Departments and Officers › Section 52:27D-489k1 - Short title.

52:27D-489k1 Short title.
1. Sections 1 through 11 of this act shall be known and may be cited as the "Economic Redevelopment and Growth Grant Bond Financing Act."
L.2018, c.97, s.1.
2023 New Jersey Revised Statutes › Title 52 - State Government, Departments and Officers › Section 52:27D-489k5 - Incentive grant pledge may be secured by a mortgage.

52:27D-489k5 Incentive grant pledge may be secured by a mortgage.
5. a. In lieu of, or in addition to, the provisions of section 4 of P.L.2018, c.97 (C.52:27D-489k4), the municipality may provide in the agreement that the incentive grant pledge, if any, is to be secured by a mortgage. In that event the mortgage may also be assigned and pledged to the repayment of the bonds authorized herein.
b. The assignment of any mortgage that secures an incentive grant pledge, if any, may also be an absolute assignment of all or part of the municipality's right, title, and interest in the mortgage and, to the extent assigned, any moneys realized from the foreclosure of the mortgaged property shall not be included in the general funds of the municipality.
c. After the bonds are paid and no longer deemed to be outstanding, the assignment of the mortgage shall terminate.
L.2018, c.97, s.5.
2023 New Jersey Revised Statutes › Title 52 - State Government, Departments and Officers › Section 52:27D-489k6 - Bonds exempt from taxation.

52:27D-489k6 Bonds exempt from taxation.
6. All bonds issued pursuant to sections 1 through 11 of P.L.2018, c.97 (C.52:27D-489k1 et seq.), are hereby declared to be issued by a political subdivision of this State and for an essential public and governmental purpose and the bonds, and the interest thereon and the income therefrom, and all facility charges, funds, revenues, and other moneys pledged or available to pay or secure the payment of the bonds, or interest thereon, shall at all times be exempt from taxation except for transfer inheritance and estate taxes.
L.2018, c.97, s.6.
2023 New Jersey Revised Statutes › Title 52 - State Government, Departments and Officers › Section 52:27D-489k7 - Pledge, covenant, agreement by State with bondholders.

52:27D-489k7 Pledge, covenant, agreement by State with bondholders.
7. The State of New Jersey does hereby pledge to and covenant and agree with the holders of any bonds issued pursuant to sections 1 through 11 of P.L.2018, c.97 (C.52:27D-489k1 et seq.) that the State will not limit or alter the terms of any agreement, ordinance, or resolution made in connection with the security for and the issuance and sale of any bonds, so as to in any way impair the rights or remedies of such holders, and will not modify in any way the exemption from taxation provided for in sections 1 through 11 of P.L.2018, c.97 (C.52:27D-489k1 et seq.) until the bonds, together with interest thereon, with interest on any unpaid installments of interest, and all costs and expenses in connection with any action or proceeding by or on behalf of such holders, are fully met and discharged or provided for.
L.2018, c.97, s.7.
2023 New Jersey Revised Statutes › Title 52 - State Government, Departments and Officers › Section 52:27D-489k8 - Severability.

52:27D-489k8 Severability.
8. If any section, subsection, clause or provision of the "Economic Redevelopment and Growth Grant Bond Financing Act," sections 1 through 11 of P.L.2018, c.97 (C.52:27D-489k1 et seq.), shall be adjudged to be unconstitutional or ineffective in whole or in part, to the extent that it is not adjudged unconstitutional or is not ineffective, it shall be valid and effective and no other section, subsection, clause or provision of the "Economic Redevelopment and Growth Grant Bond Financing Act," sections 1 through 11 of P.L.2018, c.97 (C.52:27D-489k1 et seq.), shall on account thereof be deemed invalid or ineffective, and the inapplicability or invalidity of any section, subsection, clause or provision of the "Economic Redevelopment and Growth Grant Bond Financing Act," sections 1 through 11 of P.L.2018, c.97 (C.52:27D-489k1 et seq.), in any one or more instances or under any one or more circumstances shall not be taken to affect or prejudice in any way its applicability or validity in any other instance or under any other circumstance.
L.2018, c.97, s.8.
2023 New Jersey Revised Statutes › Title 52 - State Government, Departments and Officers › Section 52:27D-489k9 - Filing of bond resolution, ordinance for public inspection.

52:27D-489k9 Filing of bond resolution, ordinance for public inspection.
9. An authority or municipality, as applicable, shall cause a copy of any bond resolution or bond ordinance, as applicable, adopted by it to be filed for public inspection in the office of the municipal clerk of the municipality wherein the project financed by the bonds is located. In the case of an authority, the resolution also shall be filed for public inspection in its office. The authority or municipality may cause to be published, at least once in a newspaper published or circulating in the municipality, if there be one, and if not, in a newspaper published and circulating in the county, a notice stating the fact and date of the adoption and the places where the bond resolution or bond ordinance, as applicable, has been so filed for public inspection along with the date of the first publication of the 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 bond ordinance, as applicable, or the validity of any covenants, agreements or contracts provided for by the bond resolution or bond ordinance, as applicable, shall be commenced within 20 days after the first publication of that 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 or bond ordinance, as applicable, referred to in said notice, or the validity of any covenants, agreements, or contracts provided for by said bond resolution or bond ordinance, as applicable, shall be commenced or instituted within 20 days after the first publication of the notice, then all 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.2018, c.97, s.9.