New Jersey § 34:1b-39
Full text of New Jersey New Jersey Statutes § 34:1b-39, with citation guidance and answers to common questions.
§ 34:1b-39.
There is established the New Jersey Local Development Financing Fund, a special depository
fund into which shall be deposited moneys for carrying out the purposes of this act. The fund shall be continuing and nonlapsing. The State Treasurer shall hold and account for the fund. The State Treasurer shall upon certification of the commissioner and warrant of
the Director of the Division of Budget and Accounting pay from the fund to a sponsor
the amount of moneys approved by the commissioner to be used for the support of projects
as provided in this act. Moneys which may be deposited into the fund shall include, but are not limited to,
the following: (1) Proceeds from the sale of bonds which may be authorized by the State; (2) Appropriations made by the Legislature; (3) Funds provided by the Federal Government; (4) Loan repayments, dividends and interest received in connection with loans and
investments made pursuant to the provisions of this act; and (5) Other funds which may be made available for the purpose of carrying out the provisions
of this act. Moneys deposited in the fund may be used for any purpose of this act, including, but
not limited to, the payment, if approved by the State Treasurer, of reasonable and
necessary administrative expenses incurred by the Department of Commerce and Economic
Development, but not to exceed in any fiscal year 1% of the amount authorized to the
fund pursuant to the “Community Development Bond Act of 1982” (P.L.1981, c. 486),
and not provided by line item appropriation, in carrying out the provisions of this
act, subject only to any agreements with the holders of particular bonds or notes. Moneys deposited in the fund may be invested in any direct obligations of, or obligations
as to which the principal and interest thereof is guaranteed by, the United States
of America or in such other obligations as the State Treasurer may approve. Moneys deposited in the fund shall be used to provide financial assistance to sponsors
for the implementation of projects. Financial assistance provided by the fund shall be used to meet eligible project
costs.
Frequently Asked Questions About New Jersey § 34:1b-39
What does New Jersey Statutes § 34:1b-39 cover?
Section 34:1b-39 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-39?
A common citation format is "New Jersey Statutes § 34:1b-39" (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-39 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.