New Jersey § 55:19-18

§ 55:19-18.

a. There is appropriated to the Urban Development Investment Fund from the Community

Development Bond Fund created by the “Community Development Bond Act of 1982” (P.L.1981,

c. 486) the sum of $30,000,000.00 for the purposes of this act, including so much

thereof as may be necessary to meet any expense incurred by the issuing officials

under P.L. 1981, c. 486 for advertising, engraving, printing, clerical, legal or other

services necessary to carry out the duties imposed upon them by the provisions of

that act. b. It is the purpose of this act that the funds from which this appropriation shall

be met shall be those funds which shall be derived from the sale of the Community

Development Bonds, the issuance of which is provided for by subsection b. of section

5 of P.L. 1981, c. 486, which act was submitted to and approved by the people at the

general election held on November 2, 1982. c. The Director of the Division of Budget and Accounting in the Department of the

Treasury is authorized and directed to make such correction of the title or text,

or both, of any item in this act necessary to make an appropriation available for

the purpose of its intention. The correction shall be by a written ruling reciting in appropriate detail the facts

thereof and the reasons therefor, attested by the signature of the director and filed

by him in his office as an official record, and any action thereunder, including disbursements,

and the audit thereof, shall be legally binding, and of full force. d. In order that all costs, whether direct or indirect of implementing the “Community

Development Bond Act of 1982,” P.L. 1981, c. 486 shall be paid from the fund established

in section 14 thereof, the Director of the Division of Budget and Accounting, where

appropriate and practicable, shall charge the fund and credit to the General State

Fund or expenditure source such sums as may have been expended from other State appropriations

for direct or indirect costs related to the programs herein authorized. e. At any time prior to the issuance and sale of bonds under P.L. 1981, c. 486, the

State Treasurer is authorized to transfer from available money in any fund of the

Treasury of the State to credit of the Community Development Bond Fund, a sum as he

may deem necessary. The sum so transferred shall be returned to the same fund of the Treasury by the

State Treasurer from the proceeds of the sale of the bonds. f. The State Treasurer or the Director of the Division of Budget and Accounting shall

approve expenditures from the Community Development Bond Fund for administrative costs. g. (Deleted by amendment, P.L.1988, c. 120 .) h. Loan rates and maturities of loans made by the Urban Development Corporation shall be established by the State Treasurer 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 this act with a final maturity related to the expected useful life of the project

being so financed. i. No interest-free loan shall be permitted without the written approval of the State

Treasurer or his designee. j. Pending their application to the purposes provided in this act, the monies in the

Community Development Fund may be invested and reinvested as are other trust funds

in the custody of the State Treasurer, in the manner provided by law. Net earnings received from the investment or deposit of that fund shall be paid

into the General Fund.