reglab/statecodes huggingface dataset:
2023 New Jersey Revised Statutes › Title 52 - State Government, Departments and Officers › Section 52:27BBB-38 - Preparation of strategic revitalization plan.

52:27BBB-38 Preparation of strategic revitalization plan.
38. a. Concurrently with the preparation of the capital improvement and infrastructure plan pursuant to section 42 of P.L.2002, c.43 (C.52:27BBB-41), the board shall oversee the preparation of a strategic revitalization plan for the qualified municipality.
The strategic revitalization plan shall incorporate a blueprint for the economic, social, and cultural revitalization of the municipality through the promotion of development and redevelopment in both the downtown business district and residential neighborhoods. The plan shall promote diversification of land uses, including housing where appropriate, and enhance the linkages of these uses to the rest of the community. The plan shall ensure a full range of housing choices through redevelopment, new construction, rehabilitation, adaptive reuse of nonresidential buildings, to the extent possible, and the introduction of new housing into appropriate nonresidential settings. To the extent that the existing housing stock can be preserved, the plan shall encourage maintenance, rehabilitation and flexible regulation, where possible.
The plan shall promote economic development by encouraging strategic land assembly, site preparation and infill development and assure that infrastructure improvements support a central role for the municipality within the regional context. The plan shall include strategies for integrating port redevelopment, downtown regeneration and the revitalization of residential neighborhoods. The plan shall also provide for the maintenance and enhancement of a transportation system that capitalizes on high density settlement patterns by encouraging the use of public transit, walking, and alternative modes of transportation, including the use of water transportation, where appropriate.
In addition, the plan shall provide for maximum active and passive recreational opportunities and facilities at the neighborhood, local and regional levels by concentrating on the maintenance and rehabilitation of existing parks and open space while expanding and linking the system through redevelopment and reclamation projects.
The strategic revitalization plan shall be drafted by urban planners recruited through a comprehensive nationwide search.
b. The strategic revitalization plan shall be submitted to the chief operating officer, the mayor, each member of the governing body, the commissioner, the Governor, each member of the Senate and General Assembly, and each member of the regional impact council within six months after the first meeting of the board.
c. The strategic revitalization plan shall be adopted upon an affirmative vote of a majority of the full authorized membership of the board.
L.2002,c.43,s.38.
2023 New Jersey Revised Statutes › Title 52 - State Government, Departments and Officers › Section 52:27BBB-40 - Role of regional impact council.

52:27BBB-40 Role of regional impact council.
40. It shall be the role of the regional impact council to promote coordination among communities within the region surrounding a qualified municipality and to assist in the formulation of long range strategies to address regional issues, including public safety, economic development, housing, and environmental issues with the goal of improving the quality of life within the region.
In fulfilling this role, the responsibilities of the regional impact council shall include, but not be limited to:
a. the representation of the regional interest in the economic recovery of the qualified municipality through participation in the State Economic Recovery Board established pursuant to section 36 of P.L.2002, c.43 (C.52:27BBB-36);
b. the review of the strategic revitalization plan prepared pursuant to section 38 of P.L.2002, c.43 (C.52:27BBB-38), the capital improvement and infrastructure plan pursuant to section 42 of P.L.2002, c.43 (C.52:27BBB-41), and of the report submitted by the chief operating officer pursuant to section 8 of P.L.2002, c.43 (C.52:27BBB-8), and provision of comments and recommendations, as appropriate, in order to reflect regional concerns;
c. if deemed necessary and appropriate by the council, a review of the county master plan and other regional plans and development of recommendations for the county planning board or other regional entities in order to strengthen the functioning of the municipalities in the regional context;
d. the formulation of an action plan which includes a series of tasks necessary to enhance the functioning of the region, including planning, programs and projects and the identification of the technical, institutional and financial resources necessary to execute them, the agencies and organizations responsible for each activity and a timetable for completion; and
e. any recommendations for legislation deemed advisable by the board to enhance regional cooperation among municipalities and maximize the efficient utilization of federal, State, local and private resources.
L.2002,c.43,s.40.
2023 New Jersey Revised Statutes › Title 52 - State Government, Departments and Officers › Section 52:27BBB-42 - Property tax collection audit.

52:27BBB-42 Property tax collection audit.
43. In addition to the municipal management study, the chief operating officer in consultation with the mayor, shall cause to be conducted a property tax collection audit in order to ascertain those properties which are in arrears with regard to property taxes and subject to tax sale or foreclosure. The study shall identify the ownership of those properties, the length of time during which taxes have been in arrears, and the likelihood that the properties might be developed individually or assembled with adjacent properties for demolition or redevelopment.
Following the completion of the property tax collection audit, the chief operating officer shall submit the study to the Commissioner of Community Affairs, who shall designate the board to assist in the preparation of a demolition funding plan.
The State shall provide the necessary level of funding to allow for the demolition of unsafe structures and clearing of those lots for future development.
L.2002,c.43,s.43.
2023 New Jersey Revised Statutes › Title 52 - State Government, Departments and Officers › Section 52:27BBB-43 - Conveyance of right, title, interest in certain real property.

52:27BBB-43 Conveyance of right, title, interest in certain real property.
44. The governing body of each qualified municipality shall convey to the board, for the period of rehabilitation, its right, title and interest in any real property, acquired through the purchase of any tax sale certificate covering that real property whose rights of redemption have been foreclosed under the In Rem Tax Foreclosure Act (1948), P.L.1948, c.96 (C.54:5-104.29 et seq.), so long as the liens have previously been offered by the municipality at a public tax lien sale.
L.2002, c.43, s.44; amended 2009, c.337, s.9.
2023 New Jersey Revised Statutes › Title 52 - State Government, Departments and Officers › Section 52:27BBB-44.1 - Preparation of economic stimulus package for qualified municipality

52:27BBB-44.1. Preparation of economic stimulus package for qualified municipality
16. Upon receipt of notification by the commissioner pursuant to section 4 of P.L.2002, c.43 (C.52:27BBB-4), the State Treasurer shall prepare an economic stimulus package designed to foster the revitalization of the qualified municipality and submit those recommendations, along with amounts necessary to achieve those revitalization objectives to the Governor, each member of the Senate and General Assembly, and each member of the State Economic Recovery Board for the qualified municipality established pursuant to section 36 of P.L.2002, c.43 (C.52:27BBB-36), within 60 days following the appointment of the last member. The economic stimulus package for the first municipality designated following the effective date of P.L.2002, c.43 (C.52:27BBB-1 et seq.) shall consist of those financing arrangements set forth in Article 5 of P.L.2002, c.43 (C.52:27BBB-44 through 52).
L.2002,c.108,s.16.
2023 New Jersey Revised Statutes › Title 52 - State Government, Departments and Officers › Section 52:27BBB-45 - Definitions relative to project financing.

52:27BBB-45 Definitions relative to project financing.
46. As used in this article:
"Authority reserves" means the unrestricted funds of the authority that have not been designated for authority programs;
"Bonds" means bonds, notes or other obligations issued by the authority pursuant to P.L.2002, c.43 (C.52:27BBB-1 et al.); and
"Refunding bonds" means bonds, notes or other obligations issued to refinance bonds, notes or other obligations previously issued by the authority pursuant to section 47 of P.L.2002, c.43 (C.52:27BBB-46).
L.2002,c.43,s.46.
2023 New Jersey Revised Statutes › Title 52 - State Government, Departments and Officers › Section 52:27BBB-47 - Payment to authority for debt service.

52:27BBB-47 Payment to authority for debt service.
48. a. The State Treasurer shall, in each State fiscal year, 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 49 of P.L.2002, c.43 (C.52:27BBB-48), an amount equivalent to the amount due to be paid in such State fiscal year to pay the debt service incurred for such State fiscal year on the bonds or refunding bonds of the authority issued pursuant to P.L.2002, c.43 (C.52:27BBB-1 et al.) and any additional costs authorized by section 47 of P.L.2002, c.43 (C.52:27BBB-46); and
b. In addition to such terms and conditions as are agreed upon pursuant to section 49 of P.L.2002, c.43 (C.52:27BBB-48), the contract or contracts shall provide that all such payments from the General Fund shall be subject to, and dependent upon, appropriations being made from time to time by the Legislature for these purposes.
L.2002,c.43,s.48.
2023 New Jersey Revised Statutes › Title 52 - State Government, Departments and Officers › Section 52:27BBB-48 - Contracts between State Treasurer and authority for debt service.

52:27BBB-48 Contracts between State Treasurer and authority for debt service.
49. 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 48 of P.L.2002, c.43 (C.52:27BBB-47). The contract or contracts shall provide for payment by the State Treasurer of the amounts required to be paid pursuant to section 48 of P.L.2002, c.43 (C.52:27BBB-47) and shall set forth the procedure for the transfer of moneys for the purpose of paying such moneys. The contract or contracts shall contain such terms and conditions as are determined by the parties, and shall include, but not be limited to, terms and conditions necessary pursuant to P.L.2002, c.43 (C.52:27BBB-1 et al.); provided, however, that 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 determined by the contract or contracts and further provided that the incurrence of any obligation of the State under the 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 P.L.2002, c.43 (C.52:27BBB-1 et al.).
L.2002,c.43,s.49.
2023 New Jersey Revised Statutes › Title 52 - State Government, Departments and Officers › Section 52:27BBB-49 - Series of special funds.

52:27BBB-49 Series of special funds.
50. a. The authority shall establish and maintain a series of special funds as provided in sections 51 and 52 of P.L.2002, c.43 (C.52:27BBB-50 and C.52:27BBB-51) into which shall be deposited such moneys: (1) as shall be paid to the funds by the State Treasurer for the purposes of those funds; (2) as shall be appropriated by the State for the purpose of such funds; (3) as shall be deposited into the funds in accordance with the "Annual Qualified Municipal Capital and Economic Recovery Program" and the "Qualified Municipality Capital and Economic Recovery Financial Plan" adopted pursuant to section 45 of P.L.2002, c.43 (C.52:27BBB-44) and (4) any other moneys or funds of the authority which it determines to deposit therein. Moneys in the funds may be invested in such obligations as the authority may approve and interest or other earnings on such investments shall be credited to the funds.
b. In addition to the powers of the authority set forth in section 5 of P.L.1974, c.80 (C.34:1B-5) and other powers which may be conferred on the authority or the executive director by P.L.2002, c.43 (C.52:27BBB-1 et al.), the authority, by resolution, shall have the power to: (1) pay all or part of the cost of an eligible project; and (2) make loans, guarantees, equity investments, and grants, or provide other forms of financing for an eligible project.
c. The purpose of the special funds established pursuant to subsection a. of this section shall be to provide loans, guarantees, equity investments, and grants or other forms of financing of a sufficient scale and visibility to expand and sustain economic activity in qualified municipalities, both within the central business district and port district and in order to encourage revitalization of the municipality's neighborhoods outside of the central business district through the rehabilitation, acquisition, demolition and redevelopment of property within those neighborhoods, the improvement of municipally-owned water supply and distribution facilities, and, where necessary, the remediation of brownfields sites to foster redevelopment. Grants shall be made available to qualified municipalities in order to strengthen the provision of municipal services through capital construction and reconstruction of public buildings and financial assistance necessary to allow for the purchase of equipment considered vital to the sustenance of municipal public services, particularly public safety.
L.2002,c.43,s.50.
2023 New Jersey Revised Statutes › Title 52 - State Government, Departments and Officers › Section 52:27BBB-51.1 - Two-year commitment for moneys made available.

52:27BBB-51.1 Two-year commitment for moneys made available.
7. Notwithstanding the provisions of subsection a. of section 52 of P.L.2002, c.43 (C.52:27BBB-51), moneys made available pursuant thereto may be committed for a period not to exceed two years following the effective date of P.L.2007, c.176 (C.52:27BBB-2.2 et al.).
L.2007, c.176, s.7.
2023 New Jersey Revised Statutes › Title 52 - State Government, Departments and Officers › Section 52:27BBB-52 - Conditions on tax-exempt entities receiving funding.

52:27BBB-52 Conditions on tax-exempt entities receiving funding.
53. Any entity which is otherwise tax-exempt pursuant to Title 54 of the Revised Statutes and which receives funding pursuant to the "Municipal Rehabilitation and Economic Recovery Act,"P.L.2002, c.43 (C.52:27BBB-1 et al.) to finance the purchase of any real property or construction of any improvement which would otherwise be tax-exempt shall be subject to the following conditions:
a. The entity shall pay an annual service charge for a period of 20 years following the receipt of funding pursuant thereto, which shall be negotiated by the tax-exempt entity and the chief operating officer on behalf of the qualified municipality according to the formula set forth pursuant to section 12 of P.L.1991, c.431 (C.40A:20-12).
b. The board shall approve in advance any facility plans or other such documentation produced by the tax-exempt entity which include detailed information concerning the projects proposed to be funded with the matching grants and the agreement negotiated by the chief operating officer pursuant to subsection a. of this section.
The receipt of matching funds by such an entity pursuant to P.L.2002, c.43 (C.52:27BBB-1 et al.) shall be conditioned upon compliance with the provisions of this section, as determined by the board.
L.2002,c.43,s.53.
2023 New Jersey Revised Statutes › Title 52 - State Government, Departments and Officers › Section 52:27BBB-56 - "Residential property" defined; tax credit for certain principal residences.

52:27BBB-56 "Residential property" defined; tax credit for certain principal residences.
57. a. For the purposes of subsection b. of this section, "residential property" shall include land, a dwelling house or a condominium unit under the form of real property ownership provided for under the "Condominium Act," P.L.1969, c.257 (C.46:8B-1 et seq.).
b. A taxpayer who shall not previously have occupied property owned by the taxpayer as a principal residence and who, during the taxable year, purchases residential property within a qualified municipality for the purpose of occupying the property as the taxpayer's principal residence shall be allowed in that taxable year, and for four taxable years thereafter, a credit not to exceed $5,000 against the tax otherwise due under N.J.S.54A:1-1 et seq. The credit shall be allowed beginning in any taxable year during the period of rehabilitation and economic recovery.
No taxpayer filing either a single or a joint return shall be eligible for a credit under this section: (1) if, in a prior taxable year, the taxpayer or the taxpayer's spouse, either singly or jointly with each other or with another, shall have owned and occupied as a principal residence any residential property; or (2) if the taxpayer or the taxpayer's spouse has received an annual stipend pursuant to section 18 of P.L.2002, c.43 (C.52:27BBB-18).
In the case of a husband and wife who elect to file separate tax returns, each shall, unless otherwise ineligible, be entitled to one-half of the credit allowed.
If a taxpayer who shall have been allowed a credit under the provisions of this section with respect to the purchase of residential property fails to occupy the property as the taxpayer's principal residence within one year after the date of the purchase, or terminates occupation of the property as the taxpayer's principal residence within 10 years after the date of the purchase or the date on which such occupation shall have commenced, whichever is later, the taxpayer shall be liable for tax in an amount equal to the credit previously so allowed.
L.2002,c.43,s.57.
2023 New Jersey Revised Statutes › Title 52 - State Government, Departments and Officers › Section 52:27BBB-57 - Prevailing wage rate on construction contracts under act.

52:27BBB-57 Prevailing wage rate on construction contracts under act.
59. Not less than the prevailing wage rate shall be paid to any workers employed in the performance of construction contracts undertaken in connection with any projects undertaken pursuant to P.L.2002, c.43 (C.52:27BBB-1 et al.). The prevailing wage rate shall be the rate determined by the Commissioner of Labor pursuant to the provisions of P.L.1963, c.150 (C.34:11-56.25 et seq.).
L.2002,c.43,s.59.
2023 New Jersey Revised Statutes › Title 52 - State Government, Departments and Officers › Section 52:27BBB-58 - Affirmative action program on EDA projects

52:27BBB-58. Affirmative action program on EDA projects
60. In order to fulfill its obligation to establish an affirmative action program for the hiring of minority and female workers employed in the performance of construction contracts undertaken in connection with a project undertaken or financed by the authority pursuant to P.L.2002, c.43 (C.52:27BBB-1 et al.) in a qualified municipality, the authority shall comply with all requirements for pre-apprenticeship and apprenticeship applicable to the authority in that qualified municipality on or after the determination by the commissioner that the municipality fulfills the definition of a qualified municipality pursuant to section 4 of P.L.2002, c.43 (C.52:27BBB-4).
L.2002,c.43,s.60; amended 2002, c.108, s.11.
2023 New Jersey Revised Statutes › Title 52 - State Government, Departments and Officers › Section 52:27BBB-59 - Arbitrator to consider rehabilitation when deciding certain labor disputes.

52:27BBB-59 Arbitrator to consider rehabilitation when deciding certain labor disputes.
61. For the purposes of section 3 of P.L.1977, c.85 (C.34:13A-16), when deciding the award in a dispute involving public fire or police departments of the qualified municipality during the rehabilitation term, the arbitrator or panel of arbitrators shall, when considering the interests and welfare of the public and the lawful authority of the employer, include in those assessments the fact that the municipality is under rehabilitation pursuant to P.L.2002, c.43 (C.52:27BBB-1 et al.).
L.2002,c.43,s.61.
2023 New Jersey Revised Statutes › Title 52 - State Government, Departments and Officers › Section 52:27BBB-60 - Arrangements with other public entities by qualified municipalities.

52:27BBB-60 Arrangements with other public entities by qualified municipalities.
62. During the rehabilitation and economic recovery terms, the qualified municipality may enter into arrangements with other municipalities, counties, local public authorities, or the State, for the purpose of affording the municipality those benefits which may accrue pursuant to any laws providing for contracted provision of goods or services. Notwithstanding any other provision of law to the contrary all State agencies are authorized to enter into such agreements or arrangements with the qualified municipality during the rehabilitation and economic recovery terms as are necessary or useful in furthering the purposes of P.L.2002, c.43 (C.52:27BBB-1 et al.).
L.2002, c.43, s.62; amended 2009, c.337, s.10.
2023 New Jersey Revised Statutes › Title 52 - State Government, Departments and Officers › Section 52:27BBB-61 - Contract to contain provision for termination.

52:27BBB-61 Contract to contain provision for termination.
63. a. All contracts and agreements entered into by the qualified municipality during the rehabilitation term pursuant to P.L.2002, c.43 (C.52:27BBB-1 et al.) shall contain provisions stating that the director or chief operating officer may, upon 30 days' notice, terminate the contract or agreement for any reason without payment of penalty or damages. This subsection shall not apply to collective bargaining agreements.
b. All contracts and agreements entered into by the qualified municipality during the rehabilitation term pursuant to P.L.2002, c.43 (C.52:27BBB-1 et al.) may be terminated by the mayor, upon 30 days' notice, for any reason, without payment of penalty or damages, during the economic recovery term. This subsection shall not apply to collective bargaining agreements.
L.2002, c.43, s.63; amended 2009, c.337, s.11.
2023 New Jersey Revised Statutes › Title 52 - State Government, Departments and Officers › Section 52:27BBB-62 - Moratorium on regional contribution agreements

52:27BBB-62. Moratorium on regional contribution agreements
66. Upon the date upon which the commissioner determines that the municipality fulfills the definition of a qualified municipality pursuant to section 4 of P.L.2002, c.43 (C.52:27BBB-4) and during the rehabilitation term, there shall be a moratorium on regional contribution agreements pursuant to P.L.1985, c.222 (C.52:27D-301 et al.) in any qualified municipality.
L.2002,c.43,s.66; amended 2002, c.108, s.12.
2023 New Jersey Revised Statutes › Title 52 - State Government, Departments and Officers › Section 52:27BBB-63.1 - School districts affected by economic recovery term.

52:27BBB-63.1 School districts affected by economic recovery term.
12. a. Notwithstanding the provisions of section 67 of P.L.2002, c.43 (C.52:27BBB-63) or any other section of law to the contrary, upon the commencement of the economic recovery term in a qualified municipality pursuant to the provisions of section 6 of P.L.2002, c.43 (C.52:27BBB-6), a school district which is contiguous with that qualified municipality shall become or remain, as applicable, a Type I school district and, except at otherwise provided pursuant to subsection b. of this section, shall be governed by the provisions of Title 18A of the New Jersey Statutes relating to Type I districts.
b. The terms of the appointed members of the board of education in office at the time of the commencement of the economic recovery term shall continue to, and cease upon, the appointment of members to the Type I school district board of education by the mayor or other chief executive officer of the qualified municipality. The terms of the newly-appointed members shall be staggered. Any elected members of the board of education in office at the time of the commencement of the economic recovery term shall continue in office until the expiration of their respective terms and the qualification of their respective successors following appointment to the Type I school district board of education by the mayor or other chief elected officer of the qualified municipality. c. At the April school election in the fourth school year following the commencement of the economic recovery term in a qualified municipality, the board of education of the district shall place the question of the classification status of the district as a Type I or Type II district before the voters, which election shall be conducted in accordance with the provisions of Title 19 of the Revised Statutes concerning school elections.
If the voters of the district elect to become a Type II district, it shall be governed by the provisions of Title 18A of the New Jersey Statutes relating to Type II districts and the members of the board of education at the time of the election shall remain and continue in office until the expiration of their respective terms and the qualification of their respective successors.
If the voters of the district elect to remain a Type I district, it shall be governed in accordance with the provisions of Title 18A of the New Jersey Statutes relating to Type I districts.
d. The provisions of section 68 of P.L.2002, c.43 (C.52:27BBB-64) shall not be applicable to a school district subject to this section.
L.2009, c.337, s.12.
2023 New Jersey Revised Statutes › Title 52 - State Government, Departments and Officers › Section 52:27BBB-64 - Board of education minutes subject to veto provisions

52:27BBB-64. Board of education minutes subject to veto provisions
68. a. Notwithstanding the provisions of Title 18A or any other law, rule, or regulation to the contrary, the minutes of every meeting of the board of education of a school district contiguous with a qualified municipality subject to level II or level III monitoring and identified by the commissioner pursuant to section 4 of P.L.2002, c.43 (C.52:27BBB-4) shall be subject to the veto provisions set forth in subsection b. of this section. This section shall not apply to State-operated school districts established pursuant to P.L.1987, c.399 (C.18A:7A-34 et seq.).
b. A true copy of the minutes of every meeting of a board of education described in subsection a. of this section shall be forthwith delivered by and under the certification of the secretary thereof to the Governor. No action taken at that meeting of the board of education shall have force or effect until 15 days after a copy of the minutes shall have been so delivered unless during that 15-day period the Governor shall approve those minutes, in which case the action shall become effective upon that approval. If, in the 15-day period, the Governor returns the copy of those minutes with a veto of any action taken by the board of education or any member thereof at that meeting, the action shall be null and void and of no effect.
L.2002,c.43,s.68; amended 2002, c.108, s.14.
2023 New Jersey Revised Statutes › Title 52 - State Government, Departments and Officers › Section 52:27BBB-65 - Severability.

52:27BBB-65 Severability.
71. If any section, subsection, paragraph, sentence or other part of P.L.2002, c.43 (C.52:27BBB-1 et al.) is adjudged unconstitutional or invalid, that judgment shall not affect, impair or invalidate the remainder of this act, but shall be confined in its effect to the section, subsection, paragraph, sentence or other part of this act directly involved in the controversy in which that judgment shall have been rendered.
L.2002,c.43,s.71.
2023 New Jersey Revised Statutes › Title 52 - State Government, Departments and Officers › Section 52:27BBB-67 - Declarations relative to tax lien financing; purposes of act.

52:27BBB-67 Declarations relative to tax lien financing; purposes of act.
2. It is hereby declared to be in the public interest and to be the policy of the State to assist qualified municipalities by facilitating the creation of capital markets structures to fund public improvements or purposes at a reduced cost not otherwise available in the absence of such capital markets structures, particularly for qualified municipalities that are not otherwise able to access the capital markets for such purposes. It is hereby further declared that qualified municipalities are owed millions of dollars annually in unpaid property taxes, and that such uncollected taxes adversely impact qualified municipalities' ability to timely collect the moneys necessary to meet their operating expeditures and provide for the delivery of necessary government services, amplifying the risk of future real property tax increases and negatively impacting those taxpayers who timely remit payment. It is hereby further declared that limited means exist for qualified municipalities to expedite the collection of delinquent taxes, that as a result, such delinquencies often remain unpaid, and that the assignment sale of the tax liens related to such delinquent taxes will enable qualified municipalities to expedite the receipt of anticipated revenues and provide a funding source that will enable such qualified municipalities to more effectively carry out their public purposes. Accordingly, one of the purposes of this act is to authorize, create and establish a corporation empowered to acquire from a qualified municipality all or a portion of the qualified municipality's tax liens. Additional purposes of this act are: to authorize the sale by a qualified municipality of all or a portion of the tax liens to the corporation; to authorize the transfer to and the receipt by the corporation of the tax liens; to authorize the corporation to issue securities of the corporation for the purposes authorized in this act, payable solely from and secured solely by such portion of the tax liens as the corporation may designate and pledge to secure the securities, together with the investment income thereon and any reserve funds created by the corporation from any portion of the proceeds of the securities; to authorize the corporation to hold and invest the portion of the net proceeds of the sale of the securities pending direction by a qualified municipality and the portion of a qualified municipality's tax liens sold to the corporation which are not pledged to secure securities of the corporation; to authorize the corporation to acquire, hold, operate, maintain, improve and dispose of real and personal property; and to authorize the corporation to manage the portion of the net proceeds of the sale of the securities pending direction by a qualified municipality and all or a portion of a qualified municipality's tax liens sold to the corporation for the purposes and in the manner authorized in this act.
L.2003,c.120,s.2.
2023 New Jersey Revised Statutes › Title 52 - State Government, Departments and Officers › Section 52:27BBB-73 - Securities, ancillary facility not debt, liability of State.

52:27BBB-73 Securities, ancillary facility not debt, liability of State.
8. The securities and any ancillary facility shall not be a debt or liability of the State, a qualified municipality or any agency or instrumentality of either thereof (other than the corporation as set forth in this act), either legal, moral or otherwise, and nothing contained in this act shall be construed to authorize the corporation to incur any indebtedness on behalf of or in any way to obligate the State or a qualified municipality (excluding a qualified municipality's obligation, if any, to repurchase or substitute for a tax lien pursuant to the terms set forth in the sale agreement), and the securities and any ancillary facility shall contain on the face thereof, or other prominent place thereon, in bold typeface, a statement to the foregoing effect.
L.2003,c.120,s.8.
2023 New Jersey Revised Statutes › Title 52 - State Government, Departments and Officers › Section 52:27BBB-74 - Tax exemptions.

52:27BBB-74 Tax exemptions.
9. a. It is hereby determined that the creation of the corporation and the carrying out of its authorized purposes is in all respects a public and governmental purpose for the benefit of the people of a qualified municipality and for the improvement of financial security of a qualified municipality, and that said purposes are public purposes and that the corporation will be performing an essential governmental function in the exercise of the powers conferred upon it by this act.
b. The property of the corporation and its income and operations shall be exempt from all State taxation.
c. The securities and the interest thereon and the income derived from all funds, revenues, incomes and other moneys received for or to be received by the corporation and the properties and income thereon acquired and held by the corporation or its designee as a result of the foreclosure or other liquidation of tax liens shall be exempt from all taxes levied pursuant to the provisions of Title 54 of the Revised Statutes or Title 54A of the New Jersey Statutes, except for transfer inheritance and estate taxes levied pursuant to Subtitle 5 of Title 54 of the Revised Statutes.
d. In the case of any securities, the interest on which is exempt from federal and State (personal and corporate) income tax, the corporation may prescribe restrictions on the use of the proceeds thereof and related matters as may be necessary to assure such exemption, if any, and the recipients of such proceeds shall then be bound thereby to the extent such restrictions shall be made applicable to them. Any such recipient, including without limitation, a qualified municipality, is authorized to execute a tax regulatory agreement with the corporation and the execution of such an agreement may be treated as a condition to receiving any such proceeds.
L.2003,c.120,s.9.
2023 New Jersey Revised Statutes › Title 52 - State Government, Departments and Officers › Section 52:27BBB-75 - State pledges, agreements with parties.

52:27BBB-75 State pledges, agreements with parties.
10. a. The State hereby pledges and agrees with the corporation, the owners of the securities and benefitted parties, that until all securities and ancillary facilities, together with the interest thereon and all costs and expenses in connection with any action or proceedings by or on behalf of owners of securities or benefitted parties, are fully paid and discharged the State will (1) not limit or alter the rights of the corporation to fulfill the terms of its agreements with the owners or benefitted parties and (2) not in any way impair the rights and remedies of the owners or benefitted parties or the security for the securities or ancillary facilities. The State is authorized and directed to include this pledge and agreement in sale agreements and the corporation is authorized and directed to include this pledge and agreement in any contract with the owners of the securities and benefitted parties.
b. Prior to the date that is one year and one day after the corporation no longer has any securities or ancillary facilities outstanding, the corporation shall have no authority to file a voluntary petition under chapter 9 of the federal bankruptcy code or the corresponding chapter or sections as may, from time to time, be in effect, and neither any public officer nor any organization, entity or other person shall authorize the corporation to be or become a debtor under chapter 9, or any successor or corresponding chapter or sections, during this period. The State hereby covenants with the owners of the securities and benefitted parties that the State will not limit or alter the denial of the corporation under this subsection during the period referred to in the preceding sentence. The corporation is authorized and directed to include this covenant as an agreement of the state in any contract with the owners of the securities and benefitted parties.
L.2003,c.120,s.10.
2023 New Jersey Revised Statutes › Title 52 - State Government, Departments and Officers › Section 52:27BBB-76 - Immunity.

52:27BBB-76 Immunity.
11. Neither any member of the corporation nor any officer, employee or agent of the corporation, while acting within the scope of his or her authority, shall be subject to any personal liability resulting from exercising or carrying out of any of the corporation's purposes or powers.
L.2003,c.120,s.11.
2023 New Jersey Revised Statutes › Title 52 - State Government, Departments and Officers › Section 52:27BBB-77 - Rules, regulations.

52:27BBB-77 Rules, regulations.
12. The corporation may adopt any rule and regulation to effectuate the purposes of this act and, if it does so, shall apply the procedures of the "Administrative Procedure Act," P.L.1968, c.410 (C.52:14B-1 et seq.), with respect thereto.
L.2003,c.120,s.12.
2023 New Jersey Revised Statutes › Title 52 - State Government, Departments and Officers › Section 52:27BBB-78 - Liberal construction.

52:27BBB-78 Liberal construction.
13. This act and all powers granted hereby shall be liberally construed to effectuate its intent and their purposes, without implied limitations thereon. This act shall constitute full and complete authority for all things herein contemplated to be done. All rights and powers herein granted shall be cumulative with those derived from other sources and shall not, except as expressly stated herein, be construed in limitation thereof. Insofar as the provisions of this act are inconsistent with the provisions of any other act, general or special, the provisions of this act shall be controlling. If any clause, sentence, paragraph, section or part of this act be adjudged by any court of competent jurisdiction to be invalid, the judgment shall not affect, impair or invalidate the remainder hereof, but shall be applied in its operation to the clause, sentence, paragraph, section or part hereof directly involved in the controversy in which the judgment shall have been rendered.
L.2003,c.120,s.13.
2023 New Jersey Revised Statutes › Title 52 - State Government, Departments and Officers › Section 52:27BBB-79 - Title 54 unaffected; precedence of act.

52:27BBB-79 Title 54 unaffected; precedence of act.
14. Title 54 of the Revised Statutes shall remain in full force and effect. In the event of any conflict between this act and Title 54 of the Revised Statutes, this act shall be given precedence over such other law.
L.2003,c.120,s.14.
2023 New Jersey Revised Statutes › Title 52 - State Government, Departments and Officers › Section 52:27BBBB-2 - Findings, declarations relative to municipal stabilization and recovery.

52:27BBBB-2 Findings, declarations relative to municipal stabilization and recovery.
2. The Legislature finds and declares that:
a. The short and long-term fiscal stability of local government units is essential to the interests of the citizens of this State to assure the efficient and effective provision of necessary governmental services vital to public health, safety, and welfare, including the fiscal health of our State's municipalities.
b. In certain extreme cases, local governments that experience severe fiscal distress become incapable of addressing the circumstances that led to that extraordinary distress or of developing a comprehensive plan for financial rehabilitation and recovery.
c. It is necessary and appropriate for the State to take action to assist local governments experiencing severe budget imbalances and other conditions of severe fiscal distress or emergency by requiring prudent fiscal management and operational efficiencies in the provision of public services.
d. As the State entity primarily responsible for the financial integrity and stability of all local government units, the Local Finance Board should be authorized, under certain limited circumstances, to develop a comprehensive rehabilitation plan for local governments that are experiencing severe fiscal distress, and to act on behalf of local government units to remedy the distress.
L.2016, c.4, s.2.
2023 New Jersey Revised Statutes › Title 52 - State Government, Departments and Officers › Section 52:27BBBB-3 - Definitions relative to municipal stabilization and recovery.

52:27BBBB-3 Definitions relative to municipal stabilization and recovery.
3. As used in P.L.2016, c.4 (C.52:27BBBB-1 et al.):
"Commissioner" means the Commissioner of Community Affairs.
"Director" means the Director of the Division of Local Government Services in the Department of Community Affairs.
"Director's designee" means one or more individuals designated by the director, as the director deems appropriate, to act in the director's stead or exercise one or more of the authorities granted to the director by the Local Finance Board pursuant to the terms of P.L.2016, c.4 (C.52:27BBBB-1 et al.).
"Fiscal distress" means a fiscal condition based on a municipality's tax rate, cash deficit, insufficient percentage of tax collections, insufficient collection of other revenues, over-anticipation of the revenues of prior years, non-liquidation of interfund transfers, reliance on emergency authorizations, continual rollover of tax anticipation notes, inefficiencies in the provision of municipal services such that associated costs substantially exceed costs for similar services in other municipalities, or other factors indicating a constrained ability to meet the municipality's budgetary requirements.
"Governing body" means the municipal council, committee, board, or other entity having control of the finances of a municipality, and shall include the mayor.
"Local Finance Board" means the Local Finance Board in the Division of Local Government Services in the Department of Community Affairs.
"Municipality in need of stabilization and recovery" means a municipality that: (1) has experienced a decrease of more than 50 percent in its total assessed non-equalized property values during the five-year period terminating at the end of the tax year immediately preceding the enactment of P.L.2016, c.4 (C.52:27BBBB-1 et al.), as determined by the director; and (2) has experienced an increase in outstanding debt exceeding 50 percent during the immediately preceding five-year period, as determined by the director, and upon the recommendation of the director finding that the municipality is experiencing fiscal distress, the commissioner determines the municipality should appropriately be subject to the provisions of P.L.2016, c.4 (C.52:27BBBB-1 et al.).
L.2016, c.4, s.3.
2023 New Jersey Revised Statutes › Title 52 - State Government, Departments and Officers › Section 52:27BBBB-6 - Preparation of annual budget for municipality in need of stabilization and recovery.

52:27BBBB-6 Preparation of annual budget for municipality in need of stabilization and recovery.
8. In a municipality in need of stabilization and recovery, the director may prepare the annual budget or instruct the municipal governing body to prepare and submit a proposed annual budget. If the municipal governing body is submitting a proposed annual budget, the director shall fix a date for the municipal governing body to submit that budget to the Local Finance Board, and the board may approve the budget, modify it or instruct the director to prepare an alternative budget. If the director prepares the budget, it shall be submitted to the Local Finance Board for its approval. Once a budget is approved by the Local Finance Board, the budget shall be deemed adopted.
a. The director shall have the authority to make temporary appropriations necessary for the period prior to the adoption of the budget, and to make emergency temporary appropriations pursuant to N.J.S.40A:4-20 to meet an urgent situation or event which immediately endangers the health, safety, or property of the residents of the municipality, and to make emergency appropriations pursuant to N.J.S.40A:4-46.
b. The director shall have the authority to spend money and authorize expenditures, in accordance with the approved budget or any temporary or emergency appropriations.
L.2016, c.4, s.8.
2023 New Jersey Revised Statutes › Title 52 - State Government, Departments and Officers › Section 52:27BBBB-7 - Delegation of power by director.

52:27BBBB-7 Delegation of power by director.
9. The director may delegate to the director's designee any power granted to the Director pursuant to P.L.2016, c.4 (C.52:27BBBB-1 et al.). The designation to a director's designee shall be in writing and filed with the Local Finance Board. Any action of a director's designee taken subsequent to the delegation shall be deemed to have been taken by the Director. If any claims are asserted against the director's designee, the director's designee shall, for that purpose only, be considered a State officer within the scope of the "New Jersey Tort Claims Act," N.J.S.59:1-1 et seq.
L.2016, c.4, s.9.
2023 New Jersey Revised Statutes › Title 52 - State Government, Departments and Officers › Section 52:27BBBB-8 - Initiative, referendum approved by voters deemed advisory; exceptions.

52:27BBBB-8 Initiative, referendum approved by voters deemed advisory; exceptions.
10. In a municipality in need of stabilization and recovery, any initiative approved by the voters of the municipality pursuant to section 17-35 of P.L.1950, c.210 (C.40:69A-184) and any referendum approved pursuant to section 17-36 of P.L.1950, c.210 (C.40:69A-185) shall be advisory only and may be followed, or disregarded, by the Local Finance Board and the director in their discretion. The provisions of this section shall not apply to a referendum approved pursuant to section 11 of P.L.2016, c.4 (C.52:27BBBB-9).
L.2016, c.4, s.10.
2023 New Jersey Revised Statutes › Title 52 - State Government, Departments and Officers › Section 52:27BBBB-9 - Resolutions issued by director deemed sufficient.

52:27BBBB-9 Resolutions issued by director deemed sufficient.
11. a. Notwithstanding the provisions of any law or regulation, including, without limitation, the "Local Bond Law," N.J.S.40A:2-1 et seq., and the "Municipal Qualified Bond Act," P.L.1979, c.38 (C.40A:3-1 et seq.), that requires the adoption of an ordinance or resolution to authorize any action of a municipality, a resolution issued by the director shall suffice in lieu of a municipal ordinance or resolution for all purposes, except for bond ordinances, in a municipality in need of stabilization and recovery.
b. In the case of bond ordinances in a municipality in need of stabilization and recovery, the director's resolution in lieu of such ordinances shall be published in full in a newspaper circulating in the municipality and a copy of the resolution shall be filed for public inspection with the municipal clerk of the municipality in need of stabilization and recovery. The publication of the director's resolution shall occur not less than 10 days prior to the time and place of a public hearing to be had on the resolution. The resolution shall become effective on the 45th day after the public hearing, unless:
(1) the resolution is modified by the director subsequent to the meeting, in which case there shall be a second public hearing on no less than 10 days' notice; or
(2) there is filed with the municipal clerk within 45 days of the hearing, a petition requesting a referendum in said municipality signed by either five percent or 10,000 of the registered voters of said municipality, whichever is lesser.
If a petition is filed, the resolution pertaining to the bond measures issued by the director shall be submitted to the registered voters of said municipality at the next general or regular municipal election and in the same manner and form as other public questions to be voted upon by voters of a single municipality.
L.2016, c.4, s.11.