New Jersey § 34:1b-7

§ 34:1b-7.

a. The authority shall establish and maintain a special fund called the “economic

development fund” into which shall be deposited such moneys (1) as shall be appropriated

by the State for the purpose of such fund; (2) if the authority so determines in

any resolution authorizing any particular bonds, as shall be received by the authority

from the sale of such bonds as provided by law; (3) as shall be received by the authority

from the repayment of loans made pursuant to this act; (4) any other moneys or funds

of the authority which it determines to deposit therein. Moneys at any time in the economic development fund may be used by the authority

for any purpose of this act, including but not limited to payment of administrative

expenses incurred by the authority in the performance of its duties, subject only

to any agreements with the holders of particular bonds or notes. b. The authority may, in any resolution authorizing the issuance of bonds or notes,

create or authorize the creation within said economic development fund of special

funds to be held in pledge or otherwise for payment or redemption of such bonds or

notes, reserves or other purposes and to covenant as to use and disposition of the

moneys held in such funds. c. Moneys at any time in the economic development fund may be used to guarantee loans

made to project applicants by persons, provided that the authority determines that

there is a reasonable prospect for repayment of such loans. d. Moneys at any time in the economic development 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 such other obligations as the authority may approve.