New Jersey § 18a:72a-4

§ 18a:72a-4.

(a) There is hereby established in but not of the Department of the Treasury a public

body corporate and politic, with corporate succession to be known as the “New Jersey

educational facilities authority.” Notwithstanding this allocation, the authority shall be independent of any supervision

or control by the department or any officer thereof. The authority shall constitute a political subdivision of the State established

as an instrumentality exercising public and essential governmental functions, and

the exercise by the authority of the powers conferred by this chapter shall be deemed

and held to be an essential governmental function of the State. (b) The authority shall consist of seven members, two of whom shall be the Secretary of Higher Education, ex officio, and the State Treasurer, ex officio, or when so designated

by them, their deputies and five citizens of the State to be appointed by the Governor

with the advice and consent of the Senate for terms of five years; provided that

the terms of the members first appointed shall be arranged by the Governor so that

one of such terms shall expire on April 30 in each successive year ensuing after such

appointments. Members shall hold office for the term of their appointments and shall continue to serve during the term of their successors unless and until his successor shall have been appointed and qualified. Any vacancy among the members appointed by the Governor shall be filled by appointment

for the unexpired term only. A member of the authority shall be eligible for reappointment. (c) Any member of the authority appointed by the Governor may be removed from office

by the Governor for cause after a public hearing. (d) The members of the authority shall serve without compensation, but the authority

may reimburse its members for necessary expenses incurred in the discharge of their

duties. (e) The authority, upon the first appointment of its members and thereafter on or

after April 30 in each year, shall annually elect from among its members a chairman

and a vice chairman who shall hold office until April 30 next ensuing and shall continue

to serve during the terms of their respective successors unless and until their respective

successors shall have been appointed and qualified. The authority may also appoint, retain and employ, without regard to the provisions

of Title 11, Civil Service, of the Revised Statutes, such officers, agents, employees

and experts as it may require, and it shall determine their qualifications, terms

of office, duties, services and compensation. (f) The powers of the authority shall be vested in the members thereof in office from

time to time and a majority of the total authorized membership of the authority shall

constitute a quorum at any meeting thereof. Action may be taken and motions and resolutions adopted by the authority at any

meeting thereof by the affirmative vote of a majority of the members present, unless

in any case the bylaws of the authority shall require a larger number. No vacancy in the membership of the authority shall impair the right of a quorum

to exercise all the rights and perform all the duties of the authority. (g) Before the issuance of any bonds under the provisions of this chapter, the members

and the officer of the authority charged with the handling of the authority's moneys

shall be covered by a surety bond or bonds in a penal sum of not less than $25,000.00

per person conditioned upon the faithful performance of the duties of their respective

offices, and executed by a surety company authorized to transact business in the State

of New Jersey as surety. Each such bond shall be submitted to the Attorney General for his approval and upon

his approval shall be filed in the Office of the Secretary of State prior to the issuance

of any bonds by the authority. At all times after the issuance of any bonds by the authority the officer of the

authority and each member charged with the handling of the authority's moneys shall

maintain such surety bonds in full force and effect. All costs of such surety bonds shall be borne by the authority. (h) Notwithstanding any other law to the contrary, it shall not be or constitute a

conflict of interest for a trustee, director, officer or employee of a participating institution to serve as a member of the authority; provided such trustee, director, officer

or employee shall abstain from discussion, deliberation, action and vote by the authority

under this chapter in specific respect to such participating institution of which such member is a trustee, director, officer or employee. (i) A true copy of the minutes of every meeting of the authority shall be forthwith

delivered by and under the certification of the secretary thereof, to the Governor. No action taken at such meeting by the authority shall have force or effect until

10 days, Saturdays, Sundays and public holidays excepted, after such copy of the minutes

shall have been so delivered. If, in said 10-day period, the Governor returns such copy of the minutes with veto

of any action taken by the authority or any member thereof at such meeting, such action

shall be null and of no effect. If the Governor shall not return the minutes within said 10-day period, any action

therein recited shall have force and effect according to the wording thereof. At any time prior to the expiration of the said 10-day period, the Governor may

sign a statement of approval of any such action of the authority, in which case the

action so approved shall not thereafter be disapproved. The powers conferred in this subsection (i) upon the Governor shall be exercised with

due regard for the rights of the holders of bonds of the authority at any time outstanding,

and nothing in, or done pursuant to, this subsection (i) shall in any way limit, restrict

or alter the obligation or powers of the authority or any representative or officer

of the authority to carry out and perform in every detail each and every covenant,

agreement or contract at any time made or entered into by or on behalf of the authority

with respect to its bonds or for the benefit, protection or security of the holders

thereof.