New Jersey § 18a:74-28

§ 18a:74-28.

a. The authority shall from time to time issue bonds, notes or other obligations in

an amount sufficient to finance the grants provided under P.L. 1999, c. 184 ( C.18A:74-24 et al.) and to finance the administrative costs associated with the approval process

and the issuance of the bonds, notes, or other obligations, provided that the aggregate principal amount of the bonds, notes or other obligations shall

not exceed $45,000,000 , except that all administrative costs associated with the approval process and the

issuance of bonds shall not be included within the total aggregate principal amount

of bonds issued, and the term of any bond, note, or other obligation issued shall not exceed 30 years. In computing the foregoing limitation as to amount, there shall be excluded all

bonds, notes or other obligations which have been retired or which shall be issued

for refunding purposes, provided that the refunding is determined by the authority

to result in a debt service savings. The authority shall issue the bonds, notes or other obligations in such manner as

it shall determine in accordance with the provisions of P.L.1999, c. 184 ( C.18A:74-24 et al.) and the “New Jersey educational facilities authority law,” N.J.S.18A:72A-1 et seq. , provided that no bonds, notes or other obligations shall be issued pursuant to this

section without the prior written consent of the State Treasurer. b. The State Treasurer is hereby authorized to enter into a contract with the authority

pursuant to which the State Treasurer, subject to available appropriations, shall

pay the amount necessary to pay the principal and interest on bonds, notes and other

obligations of the authority issued pursuant to P.L.1999, c. 184 ( C.18A:74-24 et al.) plus any amounts payable in connection with an agreement authorized under

subsection f. of this section. c. The authority shall enter into a contractual agreement with the appropriate local

governing entity in the area served by the public library, and the agreement shall

be approved by a resolution of the authority. Each agreement with an appropriate entity shall include provisions as may be necessary

to ensure that the entity shall provide an amount equal to 300% of the grant amount. The authority may enter into a loan agreement with the appropriate local governing

entity in the area served by the public library to finance the entity's matching amounts

for the project including, but not limited to, the payment of principal and interest

on the bonds, notes and other obligations of the authority issued pursuant to this

section or its share of any amount payable in connection with an agreement authorized

pursuant to this section or the entity's share of any amount payable in connection

with an agreement authorized under subsection f. of this section. The loan may be secured by the entity's guarantee or the issuance of county or municipal

bonds to the authority in a private sale. d. Bonds, notes or other obligations issued pursuant to P.L.1999, c. 184 ( C.18A:74-24 et al.) shall not be in any way a debt or liability of the State or of any political

subdivision thereof other than the authority and shall not create or constitute any

indebtedness, liability or obligation of the State or of any political subdivision

thereof, or be or constitute a pledge of the faith and credit of the State or of any

political subdivision thereof, but all bonds, notes or other obligations, unless funded

or refunded by the bonds, notes or other obligations of the authority, shall be payable

solely from revenues of funds pledged or available for their payment as authorized

by P.L.1999, c. 184 ( C.18A:74-24 et al.). Each bond, note or other obligation shall contain on its face a statement to the

effect that the authority is obligated to pay the principal thereof, redemption premium,

if any, or the interest thereon only from revenue or funds of the authority, and that

neither the State nor any political subdivision thereof is obligated to pay the principal

thereof, redemption premium, if any, or interest thereon, and that neither the faith

and credit nor the taxing power of the State or of any political subdivision thereof

is pledged to the payment of the principal of, redemption premium, if any, or the

interest on the bonds, notes or other obligations. e. The State of New Jersey does hereby pledge to and covenant and agree with the holders

of any bonds, notes or other obligations issued pursuant to the authorization of P.L.1999, c. 184 ( C.18A:74-24 et al.) that the State shall not limit or alter the rights or powers hereby vested

in the authority to perform and fulfill the terms of any agreement made with the holders

of the bonds, notes or other obligations, or to fix, establish, charge and collect

such rents, fees, rates, payments, or other charges as may be convenient or necessary

to produce sufficient revenues to meet all expenses of the authority and to fulfill

the terms of any agreement made with the holders of the bonds, notes and other obligations

together with interest thereon, with interest on any unpaid installments of interest,

and all costs and expenses in connection with any action or proceedings by or on behalf

of the holders, until the bonds, notes and other obligations, together with interest

thereon, are fully met and discharged or provided for. f. In connection with any bonds or refunding of bonds issued pursuant to this section,

the authority may also enter into any revolving credit agreement; agreement establishing

a line of credit or letter of credit; reimbursement agreement; interest rate exchange

agreement; currency exchange agreement; interest rate floor cap, option, put or

call to hedge payment, currency, rate, spread or similar exposure, or similar agreement;

float agreement; forward agreement; insurance contract; surety bond; commitment

to purchase or sell bonds; purchase or sale agreement; or commitment or other contract

or agreement or other security agreement approved by the authority.