New Jersey § 30:9-23

§ 30:9-23.

a. Bonds or notes issued under P.L.2006, c. 46 ( C.30:9-23.15 et al.) shall be issued and sold in the same manner, and subject to the same restrictions,

as applicable to bonds of an authority authorized to be issued pursuant to the “municipal

and county utilities authorities law,” P.L.1957, c. 183 ( C.40:14B-1 et seq. ), including specifically sections 25 through 33 ( C.40:14B-25 through C.40:14B-33 ). An authority formed pursuant to P.L.2006, c. 46 ( C.30:9-23.15 et al.) shall be deemed to be a municipal authority for the purposes of sections

59, 62, 63, 64, and 65 of P.L.1957, c. 183 ( C.40:14B-59 and C.40:14B-62 through C.40:14B-65 ), and those sections shall be applicable to a local hospital authority and its bonds as authorized pursuant to P.L.2006, c. 46 ( C.30:9-23.15 et al.). P.L.2006, c. 46 ( C.30:9-23.15 et al.) shall be construed liberally to effectuate the legislative intent and as

complete and independent authority for the performance by a local hospital authority of each and every act and thing herein authorized. For purposes of P.L.2006, c. 46 ( C.30:9-23.15 et al.), “ costs ” means, in addition to the usual connotations thereof, the cost of acquisition or

construction of all or any part of a hospital and of all or any property, rights,

easements, privileges, or agreements deemed by the authority to be necessary or useful

and convenient therefor or in connection therewith, including interest or discount

on bonds, cost of issuance of bonds, and legal expenses, cost of financial, professional

and other estimates and advice, organization, administrative, operating and other

expenses of the authority or of a hospital owned by the authority prior to and during

such acquisition or construction, and all such other expenses as may be necessary

or incident to the financing, acquisition, construction and completion of the hospital,

or any part thereof, and the placing of the same in operation, and also such provision

or reserves for working capital, operating, maintenance or replacement expenses or

for payment or security of principal of or interest on bonds during or after such

acquisition or construction as the authority may determine, and also reimbursements

to the authority or the city or the county of any moneys theretofore expended for the purposes of the authority. In addition, the issuance of any bonds or other instruments by a local hospital authority shall be subject to the approval of the Local Finance Board in

the Department of Community Affairs. b. Contracts entered into between a city and an authority , or a county and an authority, pursuant to P.L.2006, c. 46 ( C.30:9-23.15 et al.) , may contain provisions as to the financing and payment of expenses to be incurred by

the authority and determined by it to be necessary for its purposes. Every such contract shall be authorized and entered into under and pursuant to a

resolution adopted by the authority and either an ordinance of the governing body of the city, or an ordinance or resolution of the governing body of the county, but the terms or text of the contract need not be set forth in full or stated in

any such resolution or ordinance if the form of the contract is on file in the office

of the municipal clerk or clerk to the board of chosen freeholders, as appropriate, and the place in fact of such filing is described in the resolution or ordinance. Any such contract may be made with or without consideration and for a specified

or an unlimited time and on any terms and conditions which may be approved by or on

behalf of the city or county and which may be agreed to by the authority in conformity with its contracts with

the holders of any bonds or notes, and shall be valid whether or not an appropriation

with respect thereto is made by the city or county prior to authorization or execution thereof. Every such city or county is hereby authorized and directed to do and perform any and all acts or things necessary,

convenient or desirable to carry out and perform every such contract and to provide

for the payment or discharge of any obligation thereunder in the same manner as other

obligations of that city or county . c. The city or county may unconditionally guarantee the punctual payment of the principal of and interest

on any bonds or notes issued by the authority, in the same manner, and subject to

the same restrictions, as municipal guarantees of bonds of an authority authorized

to be issued pursuant to the “Parking Authority Law,” P.L.1948, c. 198 ( C.40:11A-1 et seq. ). d. The provisions of N.J.S.40A:2-11 shall not apply to any bond ordinance of the city or county authorizing bonds pursuant to P.L.2006, c. 46 ( C.30:9-23.15 et al.). e. Notwithstanding any provision of P.L.2006, c. 46 ( C.30:9-23.15 et al.) to the contrary, any investments of money by the authority shall be made consistent

with the provisions of N.J.S.40A:5-1 et seq.