New Jersey § 34:1b-7

§ 34:1b-7.

The authority may use the moneys in the fund to pay principal of, premium, if any,

and interest on bonds or notes, which shall be entitled “Economic Recovery Fund Bonds

or Notes,” as appropriate, the proceeds, or net proceeds, of which shall be deposited

into the fund, or used for purposes of the fund, and moneys in the fund, including

money received from the sale of bonds shall, in such manner as is determined by the

authority, and pursuant to subsections d., e., and f. of this section, be used for

the financing of projects as set forth in section 3 of P.L.1974, c. 80 ( C.34:1B-3 ) and to establish: a. an economic growth account for programs and initiatives , which will support and invest in small and medium-size businesses and other entities engaged in economic, community, and workforce development that have the greatest potential for creating jobs and stimulating economic growth

through such elements including, but not limited to: (1) a Statewide lending pool and guarantee pool for small business, whether directly or through a community development financial institution; (2) a business composite bond guarantee ; (3) a fund to further supplement the export finance program of the authority to provide

direct loans and working capital necessary for New Jersey businesses to compete in

the global market, real estate partnerships ; (4) a Statewide composite bond pool to assist municipalities in acquiring needed financing

for capital expenditures ; (5) financial assistance to assist municipalities , municipal entities, counties, county entities, regional entities, State instrumentalities,

and not-for-profit local economic and community development entities to execute programs

and initiatives to stimulate community and economic development ; (6) a venture , seed, or angel capital fund for start-up costs for businesses developing new concepts and inventions ; (7) a fund to assist businesses , either directly or through a not-for-profit or for-profit entity with expansion or transition to a new business model in such areas including, but not limited to, manufacturing retooling to improve quality, to reduce production costs and to train

employees to apply the latest technology ; (8) a “ Main Street Business Assistance Program ” to provide guarantees and loans to small and mid-size businesses and not-for-profit entities to stimulate the economy ; (9) in consultation with the Department of Labor and Workforce Development and the

Office of the Secretary of Higher Education, a fund to support and invest in innovative

workforce development approaches and programs, including those that could benefit

individuals directly, either undertaken directly by the authority or through a governmental,

not-for-profit, or for-profit entity, that align with targeted industries as defined

by the authority's board or support a high-demand occupation; (10) a fund to provide grants, financing, or equity to collaborations between large

corporations, small-to-medium sized businesses, academic institutions, government

entities, or not-for-profit entities, where one of the purposes of the collaboration

is to stimulate community or economic development; (11) a fund to provide grants, financing, or equity in innovation centers, research

centers, incubators, and accelerators, and other similar innovation-oriented entities,

which are focused on the targeted industries as defined by the authority's board or

support increasing diversity and inclusion within the State's entrepreneurial economy;

the fund may also be used to pay for membership fees, or other similar arrangements,

for the authority to join or participate in such innovation-oriented entities; (12) a fund to provide grants or competition prizes to fund initiative-based activities

which stimulate growth in targeted industries as defined by the authority's board

or supports increasing diversity and inclusion within the State's entrepreneurial

economy; this fund may also support not-for-profit industry, trade, and labor organization

initiatives; and (13) a fund to provide grants or competition prizes, either directly or through a

not-for-profit entity, that is consistent with economic development priorities as

defined by the authority's board, where funds have been specifically allocated to

the economic recovery fund for this purpose, including but not limited to an appropriation

or transfer from another government entity. The authority may promulgate rules and regulations for the effective implementation

of the “Main Street Business Assistance Program.” Notwithstanding any provision of the “Administrative Procedure Act,” P.L.1968, c.

410 ( C.52:14B-1 et seq. ) to the contrary, the authority may adopt, immediately upon filing with the Office

of Administrative Law, such regulations as are necessary to implement the provisions

of this act, which shall be effective for a period not to exceed 12 months following

enactment, and may thereafter be amended, adopted, or readopted by the authority in

accordance with the requirements of the “Administrative Procedure Act,” P.L.1968,

c. 410 ( C.52:14B-1 et seq. ). The authority may use the economic growth account for the planning, designing, acquiring,

constructing, reconstructing, improving, equipping, and furnishing by small and medium-size

businesses and not-for-profit corporations of a project as defined in section 3 of

P.L.1974, c. 80 ( C.34:1B-3 ), including, but not limited to, grants for working capital and meeting payroll requirements,

upon such terms and conditions as the authority shall deem reasonable; b. an economic development infrastructure program account, which shall provide for

the financing and development of infrastructure and transportation projects, including

but not limited to ports, terminal and transit facilities, roads and airports, parking

facilities used in connection with transit facilities, and related facilities, including

public-private partnerships, that are integral to economic growth; c. an account for a cultural, recreational, fine and performing arts, military and

veterans memorial, historic preservation project and tourism facilities and improvements

program, which shall provide for the financing and development of cultural, recreational,

fine and performing arts, military and veterans memorial, historic preservation and

tourism projects, including partnerships with public, private and nonprofit entities; d. an account, into which shall be deposited an amount not less than $45,000,000,

out of the total amounts deposited or credited to the fund from the proceeds of the

sale of Economic Recovery Fund Bonds or Notes, for the financing of capital facilities

for primary and secondary schools in the State for the purpose of the renovation,

repair or alteration of existing school buildings, the construction of new school

buildings or the conversion of existing school buildings to other instructional purposes. (1) Of the amount deposited in the account, not less than $25,000,000 shall be deposited

in the “Public School Facilities Code Compliance Loan Fund” established pursuant to

section 4 of P.L.1993, c. 102 ( C.34:1B-7.23 ). (2) Of the amount deposited in the account, not less than $20,000,000 shall be deposited

in the “Public School Facilities Loan Assistance Fund” established pursuant to section

5 of P.L.1993, c. 102 ( C.34:1B-7.24 ); e. an environmental cleanup assistance account, into which shall be deposited an amount

not less than $10,000,000, out of the total amounts deposited or credited to the fund

from the proceeds of the sale of Economic Recovery Fund Bonds or Notes, to provide

financial assistance to the persons and other entities entitled to apply for financial

assistance pursuant to P.L.1993, c. 139 ; and f. an account, into which shall be deposited an amount not less than $15,000,000,

out of the total amounts deposited or credited to the fund from the proceeds of the

sale of Economic Recovery Fund Bonds or Notes, for the financing of shore restoration,

maintenance, monitoring, protection and preservation projects pursuant to the shore

protection master plan prepared by the Department of Environmental Protection pursuant

to P.L.1978, c. 157.