reglab/statecodes huggingface dataset:
2023 New Jersey Revised Statutes › Title 55 - Tenement Houses and Public Housing › Section 55:18-8 - Expiration of lease; disposition of property

55:18-8. Expiration of lease; disposition of property
Upon expiration of a lease entered into under authority of this act:
a. If the lessee exercises an option to purchase, the municipality shall be entitled to the fair market value of the property and structure, as determined at the time of execution of the lease, plus interest on such value.
b. If the lessee declines to exercise such option, or to request or accept renewal of the lease on mutually agreeable terms, the property shall revert to the possession of the municipality, which may thereupon negotiate a lease or purchase with another housing corporation or resident first-time homebuyer under applicable terms and conditions authorized by this act.
c. (1) Upon sale of a property by the municipality under subsection b. of this section, any fund accumulated pursuant to section 8 of this act may be applied by the purchaser against the purchase price.
(2) Upon lease of a property by the municipality under subsection b. of this section, any fund accumulated pursuant to section 8 of this act shall be treated as in a renewal of lease by the original lessee, and the new lessee shall succeed to all the rights therein of the original lessee.
L.1983, c. 335, s. 8, eff. Sept. 2, 1983.
2023 New Jersey Revised Statutes › Title 55 - Tenement Houses and Public Housing › Section 55:18-9 - Waiver of requirements by municipality; conditions

55:18-9. Waiver of requirements by municipality; conditions
In order to avoid redundant or conflicting regulation, the municipal governing body may waive any requirement pursuant to the provisions of this act upon finding that the requirements for a federal or State program for provision of low- and moderate-income housing in which the resident first-time homebuyer or housing corporation is to participate and to which the property in question is to be subject fulfills the general purpose of the requirement waived or that the requirement if not waived would prevent or impede participation in the federal or State program.
L.1983, c. 335, s. 9, eff. Sept. 2, 1983.
2023 New Jersey Revised Statutes › Title 55 - Tenement Houses and Public Housing › Section 55:18-10 - Rules and regulations

55:18-10. Rules and regulations
The Commissioner of the Department of Community Affairs shall have the power to adopt, amend, revise and repeal rules and regulations to promote implementation of the provisions of this act.
L.1983, c. 335, s. 10, eff. Sept. 2, 1983.
2023 New Jersey Revised Statutes › Title 55 - Tenement Houses and Public Housing › Section 55:19-2 - Findings, declarations

55:19-2. Findings, declarations
The Legislature finds and declares:
a. For several years past economic decline has persisted in the urban centers of the State, despite programs created by both State and federal governments to aid local governments in stemming the decline and stimulating redevelopment.
b. The economic decline of these areas is linked to obsolescence and decay of capital assets, both public and private, and insufficiency of new capital investment for public facilities and amenities, productive industrial plants, and adequate housing.
c. In establishing the Urban Development Corporation, with the powers and functions prescribed in this act, it is the intention of the Legislature to create an instrument for utilizing the widest possible range of financing techniques to coordinate available private and public resources for the revitalization of our urban communities.
d. The corporation is intended to complement and supplement private-sector financing and development activities, and should not unnecessarily compete with or supplant responsible private-sector interest in the implementation of its projects.
L. 1985, c. 227, s. 2, eff. July 8, 1985.
2023 New Jersey Revised Statutes › Title 55 - Tenement Houses and Public Housing › Section 55:19-5 - Coordination with other State programs; advisory council

55:19-5. Coordination with other State programs; advisory council
a. In planning for the development and execution of projects authorized by this act, or for the exercise of any of the other powers conferred upon the corporation or its subsidiaries, the board shall consult with the heads of the principal departments of State government having responsibilities or conducting programs relevant to the power to be exercised or the locality in which it is to be exercised, so that the projects of the corporation and its subsidiaries may be coordinated with parallel or complementary programs of other State agencies, to their mutual support and common benefit.
b. For the purpose of assuring regular and effective liaison between the corporation and other public agencies and officers having responsibilities in areas related to the operations of the corporation, the Governor shall establish an advisory council to the board of directors and shall, from time to time and with the advice and consent of the Senate, designate to serve upon the council such persons, and in such number, as he deems necessary or expedient to furthering this purpose, from among representative members of county and municipal governments, State, local and regional authorities, boards and commissions, and other public bodies, whose activities may affect, or be affected by, the operations of the corporation.
c. In planning and carrying out projects pursuant to this act the corporation and its subsidiaries shall endeavor to enlist the cooperation and assistance, on a volunteer basis, of private business firms and individual business executives whose experience and training qualify them to advise on the design and coordination of aid and development programs for the revitalization of urban centers, and upon the most efficient and businesslike manner of managing and directing such programs.
L. 1985, c. 227, s. 5, eff. July 8, 1985.
2023 New Jersey Revised Statutes › Title 55 - Tenement Houses and Public Housing › Section 55:19-7 - Subsidiary corporations

55:19-7. Subsidiary corporations
a. The corporation shall have the right to exercise and perform its powers and functions through one or more subsidiaries. The corporation by resolution may direct any of its directors, officers or employees to organize a subsidiary pursuant to the corporation laws of this State. The resolution shall prescribe the purposes for which the subsidiary corporation is to be formed.
b. Such corporation shall be deemed a subsidiary whenever and so long as (1) more than half of the outstanding voting shares of such corporation are owned by the corporation, or (2) the corporation has the power to designate, and has so designated, a majority of the directors of such corporation.
c. The corporation may transfer to any subsidiary any money, property, real or personal or mixed, or any project, in order to carry out the purposes of this act. Each subsidiary shall have all the powers, privileges, immunities, tax exemptions and other exemptions of the corporation to the extent the same are not inconsistent with the statute or statutes pursuant to which such subsidiary was incorporated.
d. No officer or director of the corporation shall receive any additional compensation, either direct or indirect, other than reimbursement for actual expenses necessarily incurred in the performance of his duties, by reason of his serving as an officer or director of any subsidiary.
L. 1985, c. 227, s. 7, eff. July 8, 1986.
2023 New Jersey Revised Statutes › Title 55 - Tenement Houses and Public Housing › Section 55:19-8 - Joint ventures

55:19-8. Joint ventures
The corporation, or any subsidiary, may enter into agreements with any individual, partnership, trust, association or corporation, or any public agency, under which the corporation or subsidiary and such other entity or entities shall undertake a project as a joint venture, with the corporation or subsidiary providing such financial assistance, through loans, grants or the acquisition of an ownership interest in the project, and such technical or managerial assistance or advice, as the agreement may provide.
L. 1985, c. 227, s. 8, eff. July 8, 1986.
2023 New Jersey Revised Statutes › Title 55 - Tenement Houses and Public Housing › Section 55:19-9 - Loans for "projects."

55:19-9. Loans for "projects."
The corporation, or any subsidiary, may make loans to any individual, partnership, trust, association or corporation for the purpose of enabling such entity to undertake any work, improvement or other activity in a qualified municipality which, if undertaken by the corporation or a subsidiary, would be a "project" within the meaning of section 3 of this act. The corporation, or any subsidiary, may also pledge its credit for the repayment of any such loan made for like purposes by any financial institution in the State.
L. 1985, c. 227, s. 9, eff. July 8, 1986.
2023 New Jersey Revised Statutes › Title 55 - Tenement Houses and Public Housing › Section 55:19-10 - Subsidiary stock issuance

55:19-10. Subsidiary stock issuance
Any subsidiary, upon authorization by the corporation, may issue its stock and employ the proceeds of such sales for capital investment in, or other expenses in connection with, the projects of the subsidiary.
L. 1985, c. 227, s. 10, eff. July 8, 1986.
2023 New Jersey Revised Statutes › Title 55 - Tenement Houses and Public Housing › Section 55:19-11 - Self-dealing prohibition

55:19-11. Self-dealing prohibition
a. No director, officer, agent or employee of the corporation or of any of the corporation's subsidiaries shall take any official action on any matter in which he has a direct or indirect financial interest, except that the ownership of, or tenancy in, one's own private residence shall not be considered a financial interest for the purposes of this section.
b. Any action taken or approval granted by the corporation or any of its subsidiaries in violation of this subsection is voidable.
c. Any person who knowingly violates any provision of this section shall forfeit his office or employment and is guilty of a crime of the fourth degree.
L. 1985, c. 227, s. 10A, eff. July 8, 1985.
2023 New Jersey Revised Statutes › Title 55 - Tenement Houses and Public Housing › Section 55:19-12 - Authorized investment

55:19-12. Authorized investment
Any public or private agency, organization, corporation, or association which is not legally barred from investing in the bonds or stock of the New Jersey Housing and Mortgage Finance Agency or any of its subsidiary corporations may lawfully invest in the corresponding securities of the corporation and its subsidiaries.
L. 1985, c. 227, s. 11, eff. July 8, 1985.
2023 New Jersey Revised Statutes › Title 55 - Tenement Houses and Public Housing › Section 55:19-13 - Employment tax credit

55:19-13. Employment tax credit
Any person, firm or corporation actively engaged in the conduct of business at a location within a project, as defined in this act, which is subject to the provisions of the "Corporation Business Tax Act (1945)," P.L. 1945, c. 162 (C.54:10A-1 et seq.), and the business of which at that location consists primarily of manufacturing or other business that is not retail sales or warehousing oriented, shall, for a period of two years from the date upon which an agreement for the undertaking of the project was entered into pursuant to section 8 or 9 of this act, be entitled to an annual credit against the amount of tax imposed under that act of $1,500.00 for each new employee employed at that location who is a resident of the qualified municipality and who immediately prior to such employment was unemployed at least 90 days or was dependent upon public assistance as the primary source of income. A credit for which an employer taxpayer qualifies under this section shall be allowed in the tax year next following the tax year of qualification, and may be continued into a second tax year if such qualification continues, but it shall be allowed only for those new employees who were employed for at least six consecutive months by the employer taxpayer in the year of qualification.
L. 1985, c. 227, s. 12, eff. July 8, 1985.
2023 New Jersey Revised Statutes › Title 55 - Tenement Houses and Public Housing › Section 55:19-14 - No eminent domain; municipal regulation

55:19-14. No eminent domain; municipal regulation
a. Neither the corporation nor any of its subsidiaries is authorized to acquire property by right of eminent domain.
b. Neither the corporation nor any of its subsidiaries shall undertake, or provide financial or other assistance for the undertaking of, a project involving any construction, demolition, improvement, alteration in the use or character of any tract of land, or alteration in the size, density or use of structures thereon, contrary to the applicable land-use regulations of the municipality in which the project is located, unless it shall first obtain, by variance, amending ordinance, or other lawful procedure, the consent of the municipality.
L. 1985, c. 227, s. 13, eff. July 8, 1985.
2023 New Jersey Revised Statutes › Title 55 - Tenement Houses and Public Housing › Section 55:19-15 - Prevailing wage rate

55:19-15. Prevailing wage rate
Any builder, contractor or subcontractor engaged upon a project within the meaning of this act, and any person, firm or corporation managing or operating such a project, including the corporation and its subsidiaries, shall pay the workmen employed in the construction, reconstruction, demolition, or rehabilitation thereof not less than the prevailing wage rate. The prevailing wage rate shall be determined by the Commissioner of the New Jersey Department of Labor in all cases, except that the prevailing wage rate shall be determined by the Secretary of the United States Department of Labor in accordance with the Davis-Bacon Act as amended (40 U.S.C. s. 276a to 276a-5), when the loan or other assistance given by the corporation in connection with the work, or the funds of the corporation or subsidiary thereof expended for the work, are the subject of direct or indirect federal assistance other than federal tax exemption of the interest paid on obligations of the corporation or a subsidiary thereof.
L. 1985, c. 227, s. 14, eff. July 8, 1985.
2023 New Jersey Revised Statutes › Title 55 - Tenement Houses and Public Housing › Section 55:19-17 - Urban Development Investment Fund created

55:19-17. Urban Development Investment Fund created
16. a. There is hereby created the Urban Development Investment Fund, into which shall be paid:
(1) Funds appropriated by section 17 of this act;
(2) Repayments of loans or other payments received by the corporation pursuant to agreements made under authority of section 6, 7, 8 or 9 of this act;
(3) Any income derived from investment pursuant to subsection b. of this section;
(4) Moneys collected as user fees and facility charges in connection with any civic project or utilities project managed or operated by the corporation as authorized by subsection w. of section 6 of this act; and
(5) Such additional funds as the Legislature may from time to time appropriate for the purpose.
b. The fund shall be in the custody and control of the corporation, which may invest and reinvest any portion thereof not immediately required for the purposes of the corporation in the manner provided by law for investment of public funds on projects and investments utilizing revenues from the sale of general obligation bonds, which projects shall be subject to the approval of the State Treasurer, and the Treasurer's actions shall be based solely on his fiduciary role to ensure that all applicable federal and State tax laws are adhered to regarding the investment of bond funds.
L.1985,c.227,s.16; amended 1991,c.228,s.3.
2023 New Jersey Revised Statutes › Title 55 - Tenement Houses and Public Housing › Section 55:19-19 - Project initiation within one year

55:19-19. Project initiation within one year
The first projects under this act shall be initiated not later than one year from the date on which, following the appointment of its citizen members pursuant to the provisions of section 4 of this act, the board of directors shall organize the corporation.
L. 1985, c. 227, s. 18, eff. July 8, 1985.
2023 New Jersey Revised Statutes › Title 55 - Tenement Houses and Public Housing › Section 55:19-21 - Findings, determinations relative to urban redevelopment

55:19-21. Findings, determinations relative to urban redevelopment
2. The Legislature finds and determines that:
a. As one of the nation's most densely populated States and one of the earliest settled, New Jersey is beset by a host of urban problems attendant upon economic obsolescence, an aging infrastructure, long-term underinvestment and de-industrialization;
b. Although the State Development and Redevelopment Plan has fostered a more coordinated and integrated State planning process and has placed renewed emphasis on urban revitalization goals, the realization of those revitalization goals still presents a critical challenge to the private sector and the myriad of governmental entities whose policies touch urban areas;
c. The rapid pace of technological change with which the late twentieth century is associated, represented by the development and growth of the "information superhighway," and increasing world competition, spurred on by recent and ongoing international free trade agreements, threatens to further marginalize our already distressed and beleaguered urban centers;
d. Environmentally compromised sites present a particular challenge to the State's urban centers, particularly those with major associated cleanup liability and, notwithstanding the impressive strides taken by this Legislature to address remediation issues, further remedies are necessary in order to imbue those sites with renewed economic potential;
e. Given the number of years over which these problems have developed and in light of the enormity of the challenges which lay ahead, it is incumbent upon this Legislature to designate an entity that has as its primary focus the State's urban centers, and to provide that entity with resources to effectuate renewal in these urban areas;
f. At present, a vast and complex network of State agencies and policies which should cooperate in the identification and resolution of urban problems too often work at cross-purposes and so it is vital that this new entity bring together those agencies whose policies are most strongly felt in urban areas in order to promote their economic and social viability in a coordinated fashion;
g. There is a need for a redevelopment agency whose focus is developing and implementing strategic revitalization plans and neighborhood empowerment plans for urban neighborhoods to serve as the State's primary community development agency with particular focus on technical assistance, grants, low and no interest loans, loan guarantees, and capacity building for community development organizations; and
h. This legislative initiative is intended to implement the urban redevelopment initiative concept and philosophy articulated by the sponsor which calls for the establishment of an independent entity which will allow for a coordinated approach to urban revitalization and succeed in achieving its goals where previous urban efforts have failed.
L.1996,c.62,s.2.
2023 New Jersey Revised Statutes › Title 55 - Tenement Houses and Public Housing › Section 55:19-25 - Prioritization of projects

55:19-25. Prioritization of projects
6. The authority, in determining which projects to approve for financing, shall accord first priority to any project situated in a municipality which at the time the application for project financing is submitted is eligible to receive aid under the "Special Municipal Aid Act," P.L.1987, c.75 (C.52:27D-118.24 et seq.) and is coextensive with a "special needs district" designated pursuant to the "Quality Education Act of 1990," P.L.1990, c.52 (C.18A:7D-1 et seq.). Subsequent priority shall be assigned to projects in any municipality which, at the time the application for project financing is submitted, is coextensive with a "special needs district" and projects in a qualified municipality shall receive last priority. In making project financing decisions, the authority shall give preference to any project situated in an empowerment neighborhood designated pursuant to section 54 of P.L.1996, c.62 (C.55:19-69). With respect to projects for which costs are to be financed by the authority, the authority shall consider the following factors:
(1) the economic feasibility of the project;
(2) the extent of economic and related social distress in the municipality and the area to be affected by the project;
(3) the degree to which the project will advance State, regional and local development strategies;
(4) the likelihood that the project shall upon completion be capable of repaying all or part of any financing costs incurred;
(5) the relationship of the project to a comprehensive local development strategy, including other major projects undertaken within the municipality; and
(6) the degree to which the project interfaces with public transportation systems.
L.1996,c.62,s.6.
2023 New Jersey Revised Statutes › Title 55 - Tenement Houses and Public Housing › Section 55:19-26 - Volunteer cooperation, assistance of private business firms, executives

55:19-26. Volunteer cooperation, assistance of private business firms, executives
7. In planning and carrying out projects pursuant to P.L.1996, c.62 (C.55:19-20 et al.) the authority and its subsidiaries shall endeavor to enlist the cooperation and assistance, on a volunteer basis, of private business firms and individual business executives whose experience and training qualify them to advise the authority and its subsidiaries on the design and coordination of aid and development programs for the revitalization of urban centers, and to advise upon the most efficient and businesslike manner of managing and directing such programs.
L.1996,c.62,s.7.
2023 New Jersey Revised Statutes › Title 55 - Tenement Houses and Public Housing › Section 55:19-27 - Additional powers of authority

55:19-27. Additional powers of authority
8. a. In order to carry out the purposes and provisions of P.L.1996, c.62 (C.55:19-20 et al.), the authority, in addition to any powers granted to it elsewhere in P.L.1996, c.62 (C.55:19-20 et al.), shall have the authority to form, purchase or assume control of one or more subsidiaries, in the manner and for the purposes set forth in this section.
b. The authority may form a subsidiary by filing with the Secretary of State a certificate of incorporation, which may be amended from time to time and which shall set forth the name of the subsidiary, its duration, the location of its principal office, the joint owners thereof, and the purposes of the subsidiary.
c. The directors of the subsidiary shall be members or employees of the authority, who shall constitute at least a majority, and such other persons representing any joint owner or owners as may be provided for in the agreement in connection with the incorporation of the subsidiary.
d. The subsidiary shall have all the powers vested in the authority which the authority may delegate to it by terms of the agreement of incorporation, except that it shall not have the power to contract indebtedness independently of the authority. The subsidiary and any of its properties, functions and activities shall have all the privileges, immunities, tax exemptions and other exemptions as the authority's property, functions and activities. The subsidiary shall also be subject to the restrictions and limitations to which the authority is subject. The subsidiary shall be subject to suit as if it were the authority itself.
e. Whenever the State or any municipality, commission, public authority, agency, officer, department, board, or division is authorized and empowered for any purposes of P.L.1996, c.62 (C.55:19-20 et al.) to cooperate and enter into agreements with the authority or to grant any consent to the authority or to grant, convey, lease or otherwise transfer any property to the authority or to execute any document, the State or such municipality, commission, public authority, agency, officer, department, board, or division shall have the same authorization and power for any of such purposes to cooperate and enter into agreements with the subsidiary, to grant consents to the subsidiary, to grant, convey, lease or otherwise transfer property to the subsidiary and to execute documents for the subsidiary.
f. Among the powers that shall be granted to a subsidiary corporation established by the authority, or which may be exercised by the authority itself, are:
(1) the power to participate as a co-owner or co-venturer in any activity financed by a loan from the authority; and
(2) the power to issue its stock and employ the proceeds of such sales for capital investment in, or other expenses in connection with, the projects of the subsidiary, upon authorization by the authority.
L.1996,c.62,s.8.
2023 New Jersey Revised Statutes › Title 55 - Tenement Houses and Public Housing › Section 55:19-28 - Joint ventures

55:19-28. Joint ventures
9. The authority, or any subsidiary, may enter into agreements with any individual, partnership, trust, association or corporation, or any public agency, under which the authority or subsidiary and such other entity or entities shall undertake a project as a joint venture, with the authority or subsidiary providing such financial assistance, through loans, grants or the acquisition of an ownership interest in the project, and such technical or managerial assistance or advice, as the agreement may provide.
L.1996,c.62,s.9.
2023 New Jersey Revised Statutes › Title 55 - Tenement Houses and Public Housing › Section 55:19-29 - Loans for projects

55:19-29. Loans for projects
10. The authority, or any subsidiary, may make loans to any individual, partnership, trust, association or corporation for the purpose of enabling such entity to undertake any work, improvement or other activity in a qualified municipality which, if undertaken by the authority or a subsidiary, would be a "project" within the meaning of section 3 of P.L.1992, c.62 (C.55:19-22). The authority, or any subsidiary, may also pledge its credit for the repayment of any such loan made for like purposes by any financial institution in the State.
L.1996,c.62,s.10.
2023 New Jersey Revised Statutes › Title 55 - Tenement Houses and Public Housing › Section 55:19-30 - Authority empowered to issue bonds

55:19-30. Authority empowered to issue bonds
11. For the purpose of providing funds to pay all or any part of the cost of any project or projects, to make loans in accordance with the provisions of P.L.1996, c.62 (C.55:19-20 et al.), and for the funding or refunding of any bonds, the authority shall have the power to authorize or provide for the issuance of bonds pursuant to P.L.1996, c.62 (C.55:19-20 et al.).
L.1996,c.62,s.11.
2023 New Jersey Revised Statutes › Title 55 - Tenement Houses and Public Housing › Section 55:19-31 - Issuance of bonds

55:19-31. Issuance of bonds
12. By resolution, the authority shall have power to incur indebtedness, borrow money and issue its bonds for the purposes stated in section 11 of P.L.1996, c.62 (C.55:19-30); provided, however, that the authority shall not issue more than $100 million of bonds in any one year. Except as may otherwise be expressly provided by the authority, every issue of its bonds shall be general obligations of the authority payable from any revenues or moneys of the authority or any other contracted with or agreed upon source, subject only to any agreements with the holders of particular bonds or notes pledging any particular revenues or moneys. Bonds shall be authorized by resolution and may be issued in one or more series and shall bear that date or those dates, mature at that time or those times not exceeding 40 years from the date thereof, bear interest at a rate or rates, be in that denomination or those denominations, be in such form, either coupon or registered, carry such conversion or registration privileges, have such rank or priority, be executed in such manner, be payable from such sources in such medium of payment at such place or places within or without the State, and be subject to such terms of redemption (with or without premium) as the resolution may provide. Bonds of the authority may be sold by the authority at public or private sale at such price or prices as the authority shall determine.
L.1996,c.62,s.12.
2023 New Jersey Revised Statutes › Title 55 - Tenement Houses and Public Housing › Section 55:19-32 - Bond, other obligation deemed fully negotiable

55:19-32. Bond, other obligation deemed fully negotiable
13. Any provision of any law to the contrary notwithstanding, any bond or other obligation issued pursuant to P.L.1996, c.62 (C.55:19-20 et al.) shall be fully negotiable within the meaning and for all purposes of Title 12A, Commercial Transactions, of the New Jersey Statutes, and each holder or owner of such a bond or other obligation, or of any coupon appurtenant thereto, by accepting such bond or coupon shall be conclusively deemed to have agreed that such bond, obligation or coupon is and shall be fully negotiable within the meaning and for all purposes of Title 12A of the New Jersey Statutes.
L.1996,c.62,s.13.
2023 New Jersey Revised Statutes › Title 55 - Tenement Houses and Public Housing › Section 55:19-34 - Pledge of revenues, other moneys valid, binding

55:19-34. Pledge of revenues, other moneys valid, binding
15. Any pledge of revenues or other moneys made by the authority shall be valid and binding from the time that the pledge is made. The revenues or other moneys so pledged and thereafter received by the authority shall immediately be subject to the lien of such pledge without any physical delivery thereof or further act, and the lien of any such pledge shall be valid and binding as against all parties having claims of any kind in tort, contract or otherwise against the authority, irrespective of whether such parties have notice thereof. Neither the resolution nor any other instrument by which a pledge is created need be filed or recorded except in the records of the authority.
L.1996,c.62,s.15.
2023 New Jersey Revised Statutes › Title 55 - Tenement Houses and Public Housing › Section 55:19-35 - Lawful investments in authority securities

55:19-35. Lawful investments in authority securities
16. Any public or private agency, organization, corporation, or association which is not legally barred from investing in the bonds or stock of the New Jersey Housing and Mortgage Finance Agency or any of its subsidiary corporations may lawfully invest in the corresponding securities of the authority and its subsidiaries.
L.1996,c.62,s.16.
2023 New Jersey Revised Statutes › Title 55 - Tenement Houses and Public Housing › Section 55:19-36 - Liability on bonds

55:19-36. Liability on bonds
17. Neither the members of the authority nor any person executing bonds issued pursuant to P.L.1996, c.62 (C.55:19-20 et al.) shall be liable personally on the bonds by reason of the issuance thereof. Bonds or other obligations issued by the authority pursuant to P.L.1996, c.62 (C.55:19-20 et al.) shall not be in any way a debt or liability of the State or of any political subdivision thereof and shall not create or constitute any indebtedness, liability or obligation of the State or of any political subdivision, either legal, moral or otherwise, and nothing contained in P.L.1996, c.62 (C.55:19-20 et al.) shall be construed to authorize the authority to incur any indebtedness on behalf of or in any way to obligate the State or any political subdivision, and all such bonds shall contain on the face thereof a statement to that effect.
L.1996,c.62,s.17.
2023 New Jersey Revised Statutes › Title 55 - Tenement Houses and Public Housing › Section 55:19-37 - Conflicts prohibited; remedies

55:19-37. Conflicts prohibited; remedies
18. a. No member, officer, agent or employee of the authority or of any of its subsidiaries shall take any official action on any matter in which he or she has a direct or indirect financial interest, except that the ownership of, or tenancy in, one's own private residence shall not be considered a financial interest for the purposes of this section.
b. Any action taken or approval granted by the authority or any of its subsidiaries in violation of this section is voidable.
c. Any person who knowingly violates any provision of this section shall forfeit his office or employment and is guilty of a crime of the fourth degree.
L.1996,c.62,s.18.
2023 New Jersey Revised Statutes › Title 55 - Tenement Houses and Public Housing › Section 55:19-38 - Prevailing wages

55:19-38. Prevailing wages
19. Any builder, contractor or subcontractor engaged upon a project within the meaning of P.L.1996, c.62 (C.55:19-20 et al.), and any person, firm or authority managing or operating such a project, including the authority and its subsidiaries, shall pay the workmen employed in the construction, reconstruction, demolition, or rehabilitation thereof not less than the prevailing wage rate. The prevailing wage rate shall be determined by the Commissioner of Labor in all cases, except that the prevailing wage rate shall be determined by the Secretary of the United States Department of Labor in accordance with the Davis-Bacon Act as amended (40 U.S.C. 276a to 276a-5), when the loan or other assistance given by the authority in connection with the work, or the funds of the authority or subsidiary thereof expended for the work, are the subject of direct or indirect federal assistance other than federal tax exemption of the interest paid on obligations of the authority or a subsidiary thereof.
L.1996,c.62,s.19.
2023 New Jersey Revised Statutes › Title 55 - Tenement Houses and Public Housing › Section 55:19-39 - Public hearing on project

55:19-39. Public hearing on project
20. a. Under the jurisdiction and at the discretion of the authority, there may be a public hearing on each project, the cost of which is estimated to exceed $250,000, within the municipality in which the project is to be located. In the event that a hearing is to be conducted, the authority shall cause notice of the hearing to be published in at least two newspapers of general circulation within the municipality at least 15 days prior to the date of the hearing and shall also file the notice at least 15 days prior to the date of the hearing with the governing body of the county and municipality in which the project is to be located.
The notice shall summarize the project and specify where and how additional information may be obtained.
b. All testimony presented at the hearing and all material submitted to the authority within 15 days following the hearing shall be included in a hearing record to be prepared and made available to the public by the authority.
c. The governing body of the county or municipality in receipt of the notice prescribed in subsection a. of this section may file with the authority, within 15 days following the hearing, a written objection to the project, stating in detail the nature of the objection.
d. The authority shall respond in writing to any objection filed pursuant to subsection c. of this section, including specific responses to the data, views, and arguments contained in the objection.
L.1996,c.62,s.20.
2023 New Jersey Revised Statutes › Title 55 - Tenement Houses and Public Housing › Section 55:19-40 - Property, securities of authority, tax exempt; in lieu of tax payments

55:19-40. Property, securities of authority, tax exempt; in lieu of tax payments
21. The exercise of the powers granted by P.L.1996, c.62 (C.55:19-20 et al.) shall constitute the performance of an essential governmental function and the authority shall not be required to pay any taxes or assessments upon or in respect of a project, or any property or moneys of the authority, and the authority, its projects, property and moneys and any bonds and notes issued under the provisions of P.L.1996, c.62 (C.55:19-20 et al.), their transfer and the income therefrom, including any profit made on the sale thereof, shall at all times be free from taxation of every kind by the State except for transfer, inheritance and estate taxes and by any political subdivision of the State; provided, that any person occupying a project whether as lessee, vendee or otherwise shall, as long as title thereto shall remain in the authority, pay to the political subdivision in which such project is located a payment in lieu of taxes which shall equal the taxes on real and personal property, including water and sewer service charges or assessments, which such person would have been required to pay had it been the owner of such property during the period for which such payment is made and neither the authority nor its projects, properties, money or bonds and notes shall be obligated, liable or subject to lien of any kind for the enforcement, collection or payment thereof. If and to the extent the proceedings under which the bonds authorized to be issued under the provisions of P.L.1996, c.62 (C.55:19-20 et al.) so provide, the authority may agree to cooperate with such person occupying a project, in connection with any administrative or judicial proceedings for determining the validity or amount of such payments and may agree to appoint or designate and reserve the right in and for such person to take all action which the authority may lawfully take in respect of such payments and all matters relating thereto, provided such person shall bear and pay all costs and expenses of the authority thereby incurred at the request of such person or by reason of any such action taken by such person on behalf of the authority. If such person occupying a project has paid the amounts in lieu of taxes required by this section to be paid, such person shall not be required to pay any such taxes for which a payment in lieu thereof has been made to the State or to any political subdivision, any other statute to the contrary notwithstanding.
L.1996,c.62,s.21.
2023 New Jersey Revised Statutes › Title 55 - Tenement Houses and Public Housing › Section 55:19-41 - Agreements between contiguous municipalities to share project revenues

55:19-41. Agreements between contiguous municipalities to share project revenues
22. The governing bodies of any two contiguous municipalities within which is located or is to be located a New Jersey Redevelopment Authority project situated in part within each municipality, may by reciprocal ordinances enter into agreements with each other to share all tax revenues, payments in lieu of taxes or other revenues as shall be derived from the entire project, and to which they are by law entitled, in such proportion as they deem proper.
L.1996,c.62,s.22.
2023 New Jersey Revised Statutes › Title 55 - Tenement Houses and Public Housing › Section 55:19-42 - Responsibility of each municipality set forth in agreement

55:19-42. Responsibility of each municipality set forth in agreement
23. Any agreement entered into pursuant to section 22 of P.L.1996, c.62 (C.55:19-41) for the sharing of payments and revenues derived from a project shall also set forth the manner in which the costs of municipal services for such project are to be apportioned and specify the services to be supplied by each municipality in sufficient detail so as to permit the owners, occupants and users of property within the project to determine the responsibilities of each participating municipality.
L.1996,c.62,s.23.
2023 New Jersey Revised Statutes › Title 55 - Tenement Houses and Public Housing › Section 55:19-43 - Investments permitted

55:19-43. Investments permitted
24. Notwithstanding any restriction contained in any other law, the State and all political subdivisions of this State, and all other persons who are or may hereafter be authorized to invest in bonds or other obligations of the State, may invest any sinking funds, moneys or other funds, including capital, belonging to them or within their control in any bonds or notes issued by the authority under the provisions of P.L.1996, c.62 (C.55:19-20 et al.).
L.1996,c.62,s.24.
2023 New Jersey Revised Statutes › Title 55 - Tenement Houses and Public Housing › Section 55:19-44 - P.L.1996, c.62 complete authority for issuance of bonds

55:19-44. P.L.1996, c.62 complete authority for issuance of bonds
25. The foregoing sections of P.L.1996, c.62 (C.55:19-20 et al.) shall be deemed to provide a complete method for the doing of things authorized thereby and shall be regarded as not in conflict with, or as restrictive of, powers conferred by any other laws, and the provisions of P.L.1996, c.62 (C.55:19-20 et al.) shall be complete authority for the issuance of bonds by the authority and the provisions of any other laws shall not apply to the issuance of such bonds.
L.1996,c.62,s.25.
2023 New Jersey Revised Statutes › Title 55 - Tenement Houses and Public Housing › Section 55:19-45 - Submission of New Jersey Redevelopment Strategy document

55:19-45. Submission of New Jersey Redevelopment Strategy document
26. With its first annual report, and every second year thereafter, the authority shall submit a New Jersey Redevelopment Strategy document, setting forth the goals and priorities governing the selection of the projects it anticipates participating in or assisting; and the authority shall annually review and evaluate the projects actually undertaken in light of the goals and priorities established therefor by the New Jersey Redevelopment Strategy document. In selecting projects for its participation, and in evaluating those projects in which it has participated, the authority shall devise and employ techniques for forecasting and measuring relevant indices of accomplishment of its goals of economic revitalization, including specifically:
a. the number of jobs created, or to be created, by, or as a result of, the project;
b. the cost, or estimated cost, to the State, involved in the creation of those jobs;
c. the amount of private capital investment in, or stimulated by, a project, in proportion to the public funds invested therein; and
d. in the case of an industrial project or a multi-purpose project which has, as one of its elements, a project classified as an industrial project, a determination, based upon written findings, that the project would not be undertaken but for the participation of the authority.
L.1996,c.62,s.26.
2023 New Jersey Revised Statutes › Title 55 - Tenement Houses and Public Housing › Section 55:19-46 - New Jersey Redevelopment Investment Fund

55:19-46. New Jersey Redevelopment Investment Fund
27. a. There is hereby created the New Jersey Redevelopment Investment Fund, or "fund," a revolving loan pool to be used for the purpose of making loans, loan guarantees or grants pursuant to the provisions of this act, into which shall be paid:
(1) moneys received from the sale of authority bonds;
(2) funds appropriated by section 68 of P.L.1996, c.62 as may be determined by the authority;
(3) repayments of loans or other payments, including repayments of principal and interest on loans, received by the authority pursuant to agreements made under authority of section 5, 8, 9 or 10 of P.L.1996, c.62 (C.55:19-24, C.55:19-27, C.55:19-28 or C.55:19-29);
(4) any income derived from investment pursuant to subsection b. of this section;
(5) moneys collected as user fees and facility charges in connection with any civic project or utilities project managed or operated by the authority as authorized by subsection z. of section 5 of P.L.1996, c.62 (C.55:19-24); and
(6) such additional funds as the Legislature may from time to time appropriate for the purpose.
b. The fund shall be in the custody and control of the authority, which may invest and reinvest any portion thereof not immediately required for the purposes of the authority in the manner provided by law for investment of public funds on projects and investments utilizing revenues from the sale of general obligation bonds, which projects shall be subject to the approval of the State Treasurer, and the State Treasurer's actions shall be based solely on his fiduciary role to ensure that all applicable federal and State tax laws are adhered to regarding the investment of bond funds.
c. The authority may resell any loan or loans made by the authority pursuant to this act to any buyer or buyers; the proceeds of any such sales shall be returned to the fund established pursuant to this section.
L.1996,c.62,s.27.
2023 New Jersey Revised Statutes › Title 55 - Tenement Houses and Public Housing › Section 55:19-47 - Establishment of loan rates, maturities; earnings paid to the fund

55:19-47. Establishment of loan rates, maturities; earnings paid to the fund
28. a. Loan rates and maturities of loans made by the New Jersey Redevelopment Authority shall be established by the Commissioner of Commerce and Economic Development taking into consideration rates available in capital markets for comparable maturities and comparable credit quality. Local governments may secure interim financing under this act to enable a project to be undertaken before permanent financing is secured or may secure permanent financing under P.L.1996, c.62 (C.55:19-20 et al.) with a final maturity related to the expected useful life of the project being so financed.
b. Net earnings received from the investment or deposit of the New Jersey Redevelopment Investment Fund shall be paid into the New Jersey Redevelopment Investment Fund.
L.1996,c.62,s.28.
2023 New Jersey Revised Statutes › Title 55 - Tenement Houses and Public Housing › Section 55:19-49 - Property of authority exempt from levy, sale

55:19-49. Property of authority exempt from levy, sale
30. All property of the authority shall be exempt from levy and sale by virtue of an execution and no execution or other judicial process shall issue against the same nor shall any judgment against an authority be a charge or lien upon its property; provided, that nothing herein contained shall apply to or limit the rights of the holder of any bonds to pursue any remedy for the enforcement of any pledge or lien given by the authority on or with respect to any project or any revenues or other moneys.
L.1996,c.62,s.30.
2023 New Jersey Revised Statutes › Title 55 - Tenement Houses and Public Housing › Section 55:19-50 - Moneys transferred to the fund; functions, employees, property transferred to the authority

55:19-50. Moneys transferred to the fund; functions, employees, property transferred to the authority
31. a. All sums appropriated, transferred or otherwise available to the New Jersey Redevelopment Authority from any source, are transferred to the New Jersey Redevelopment Investment Fund to carry out the purposes of P.L.1996, c.62 (C.55:19-20 et al.).
b. All of the functions, powers and duties of the New Jersey Urban Development Corporation are hereby transferred to and vested in the New Jersey Redevelopment Authority.
c. At the discretion of the board of the New Jersey Redevelopment Authority, all employees employed by the New Jersey Urban Development Corporation as of the effective date of this act may serve the New Jersey Redevelopment Authority.
d. All records, property, outstanding loans, loan guarantees and other obligations of the New Jersey Urban Development Corporation shall be transferred to, and assumed by, the New Jersey Redevelopment Authority.
L.1996,c.62,s.31.
2023 New Jersey Revised Statutes › Title 55 - Tenement Houses and Public Housing › Section 55:19-51 - Use of moneys, priorities, relative to Local Development Financing Fund

55:19-51. Use of moneys, priorities, relative to Local Development Financing Fund
32. Moneys deposited in the fund established pursuant to section 4 of P.L.1983, c.190 (C.34:1B-39), shall be used to provide financial assistance to sponsors for implementation of projects as defined pursuant to P.L.1974, c.80 (C.34:1B-1 et seq.). Financial assistance provided by the fund shall be used to meet eligible project costs as defined pursuant thereto. Eligible projects to be undertaken by the New Jersey Redevelopment Authority pursuant to P.L.1996, c.62 (C.55:19-20 et al.), shall be given priority consideration by the Commissioner of Commerce and Economic Development in administering this fund.
L.1996,c.62,s.32.