New Jersey § 40a:12a-30

§ 40a:12a-30.

a. A redevelopment entity shall have the power and is hereby authorized to issue,

from time to time, its bonds, bond anticipation notes and other notes and obligations

in such principal amounts as in its opinion shall be necessary to provide sufficient

funds for achieving any of its corporate purposes, including, but not limited to:

the making of mortgage loans, the payment, funding or refunding of the principal of,

or interest or redemption premiums on, any bonds, bond anticipation notes and other

notes and obligations issued by it whether or not such have become due; the establishment

or increase of reserves to secure or to pay such bonds, bond anticipation notes and

other notes and obligations or interest thereon; and all costs or expenses incident

to and necessary or convenient to carry out its corporate purposes and powers , including but not limited to the payment of the cost of retiring the present value

of the unfunded accrued liability due and owing by a redevelopment agency or housing

authority, as calculated by the system actuary for a date certain upon the request

of a redevelopment agency or housing authority, for early retirement incentive benefits

granted by the redevelopment agency or housing authority pursuant to P.L.1991, c. 230 and P.L.1993, c. 181 . b. A redevelopment entity may issue such bonds, bond anticipation notes or other notes

or obligations as it may determine, including bonds, bond anticipation notes or other

notes or obligations as to which the principal and interest are payable: (1) exclusively

from the income and revenues of the redevelopment entity resulting from projects financed

with the proceeds of such bonds, bond anticipation notes or other notes or obligations;

(2) exclusively from the income and revenues of the redevelopment entity resulting

from certain projects, whether or not such projects were financed in whole or in part

from the proceeds of such bonds, bond anticipation notes or other notes or obligations;

or, (3) from its revenues generally. Any bonds, bond anticipation notes or other notes or obligations may be additionally

secured by a pledge of any grant, subsidy or contribution from the United States of

America or an agency or instrumentality thereof or the State or any agency, instrumentality

or political subdivision thereof, or any person, firm or corporation or a pledge of

any income or revenues, funds or moneys of the redevelopment entity from any source

whatsoever. c. Whether or not the bonds, bond anticipation notes and other notes and obligations

issued pursuant to this act are of such form and character as to be negotiable instruments

under the terms of Title 12A, Commercial Transactions, New Jersey Statutes, such bonds,

bond anticipation notes and other notes and obligations and any coupon thereof are

hereby made negotiable instruments within the meaning of and for all the purposes

of Title 12A, subject only to the provisions of the bonds and notes for registration. d. Bonds, bond anticipation notes and other notes and obligations of a redevelopment

entity issued under the provisions of this act shall not be in any way a debt or liability

of the State or of any political subdivision thereof other than the redevelopment

entity and shall not create or constitute any indebtedness, liability or obligation

of the State or of any political subdivision, nor be or constitute a pledge of the

faith and credit of the State or of any political subdivision; but all such bonds,

bond anticipation notes and other notes and obligations, unless funded or refunded

by bonds, bond anticipation notes or other notes or obligations of the redevelopment

entity shall be payable from revenues or funds pledged or available for their payment

as authorized in this act. Each bond, bond anticipation note or other note or obligation shall contain on its

face a statement to the effect that the redevelopment entity is obligated to pay the

principal thereof or the interest thereon only from the revenues or funds of the redevelopment

entity and that neither the State nor any political subdivision thereof is obligated

to pay such principal or interest, and that neither the faith and credit nor the taxing

power of the State or any political subdivision thereof is pledged to the payment

of the principal of or the interest on such bonds, bond anticipation notes or other

notes or obligations. e. All expenses incurred in carrying out the provisions of this act shall be payable

solely from revenues or funds provided or to be provided under the provisions of this

act, and nothing in this act shall be construed to authorize a redevelopment entity

to incur indebtedness or liability on behalf of or payable by this State or any political

subdivision thereof.