New Jersey § 34:1b-205
Full text of New Jersey New Jersey Statutes § 34:1b-205, with citation guidance and answers to common questions.
§ 34:1b-205.
a. Revenues collected pursuant to the taxes imposed pursuant to section 5 of P.L.2007, c. 30 ( C.34:1B-194 ) shall be used to finance project costs whether those costs are incurred through
the issuance of bonds or other financial assistance. In the event that bonds are to be issued to cover project costs, the New Jersey
Economic Development Authority may serve as the issuing agent of bonds to finance
the undertaking of a project pursuant to P.L.2007, c. 30 ( C.34:1B-190 et seq. ). b. Upon the approval by the treasurer of a final financial plan pursuant to section
13 of P.L.2007, c. 30 ( C.34:1B-202 ), the treasurer shall establish the “(name of municipality) Sports and Entertainment
Facility Revenue Fund” into which shall be deposited those revenues collected through
the imposition of taxes authorized under section 5 of P.L.2007, c. 30 ( C.34:1B-194 ), and any interest or other income earned thereon. Moneys in the “(name of municipality) Sports and Entertainment Facility Revenue
Fund” shall be managed and invested by the Division of Investment in the Department
of the Treasury. All moneys in the fund shall be disbursed by the treasurer either to be directed
toward the repayment of the principal and interest on bonds issued for the purposes
of undertaking a project or as financial assistance undertaken pursuant to subsection
c. of this section. c. Moneys deposited in the fund may be used to provide financial assistance to a developer
toward the costs of financing the infrastructure improvements of a project, except
that such financial assistance shall only be given to a developer for infrastructure
improvements that were undertaken after the date of an approval of the ordinance by
the treasurer under section 9 of P.L.2007, c. 30 ( C.34:1B-198 ). Financial assistance provided from the fund shall be limited to loans, loan guarantees,
grants or secondary mortgages and provided solely for the purposes as provided in
this subsection. The form, amount and terms of financial assistance provided shall be determined
by the treasurer, subject to the availability of funds, the terms of the financial
plan, and any other requirements of P.L.2007, c. 30 ( C.34:1B-190 et seq. ).
Frequently Asked Questions About New Jersey § 34:1b-205
What does New Jersey Statutes § 34:1b-205 cover?
Section 34:1b-205 is part of the New Jersey Statutes, the codified statutory law of New Jersey. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New Jersey § 34:1b-205?
A common citation format is "New Jersey Statutes § 34:1b-205" (New Jersey). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New Jersey law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New Jersey official source linked on this page or consult a licensed New Jersey attorney.
How does New Jersey § 34:1b-205 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New Jersey can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New Jersey.