New Jersey § 52:18a-237

§ 52:18a-237.

a. There is established in, but not of, the Department of the Treasury a public body

corporate and politic, with corporate succession, to be known as the “New Jersey Schools

Development Authority.” The development authority shall constitute an instrumentality of the State exercising

public and essential governmental functions, and the exercise by the development authority

of the powers conferred by this act shall be deemed and held to be an essential governmental

function of the State. b. The development authority shall consist of the Commissioner of Education, the Commissioner

of the Department of Community Affairs, the executive director of the Economic Development

Authority, and the State Treasurer, who shall serve as ex officio members; and 12 public members appointed by the Governor with the advice and consent of the Senate. At least one of the public members shall have knowledge or expertise in the area

of law enforcement and the remaining public members shall have knowledge or expertise

in real estate development, construction management, finance, architectural or building

design, education, or any other related field. In addition, the development authority shall consist of two public members, one appointed

by the Governor upon the recommendation of the Senate President and one appointed

by the Governor upon the recommendation of the Speaker of the General Assembly, which

members shall have knowledge or expertise in real estate development, construction

management, finance, architectural or building design, education, or any other related

field. c. Each public member shall serve for a term of five years and shall hold office for

the term of the member's appointment and until the member's successor shall have been

appointed and qualified. A member shall be eligible for reappointment. Any vacancy in the membership occurring other than by expiration of term shall be

filled in the same manner as the original appointment but for the unexpired term only. In the case of the first 11 public members appointed by the Governor pursuant to subsection b. of this section , three shall serve for a term of two years, three shall serve for a term of three

years, three shall serve for a term of four years, and two shall serve for a term

of five years. d. (1) Each member appointed by the Governor may be removed from office by the Governor,

for cause, after a public hearing, and may be suspended by the Governor pending the

completion of such hearing. Each member before entering upon the member's duties shall take and subscribe an oath to perform the duties of the office faithfully,

impartially and justly to the best of the member's ability. A record of such oath shall be filed in the Office of the Secretary of State. (2) Each member appointed by the Governor upon the recommendation of the Senate President

and Speaker of the General Assembly may be removed from office by the Governor upon

the recommendation of the Senate President or Speaker as applicable, for cause, after

a public hearing, and may be suspended by the Governor upon the recommendation of

the Senate President or Speaker as applicable pending the completion of the hearing. Each member before entering upon the member's duties shall take and subscribe an

oath to perform the duties of the office faithfully, impartially, and justly to the

best of the member's ability. A record of the oath shall be filed in the Office of the Secretary of State. e. A chairperson shall be appointed by the Governor from the public members. The members of the development authority shall elect from their remaining number

a vice-chairperson, a secretary, and a treasurer thereof. The development authority shall employ an executive director who shall be its chief

executive officer. The powers of the development authority shall be vested in the members thereof in

office from time to time and 10 members of the development authority shall constitute a quorum at any meeting thereof. Action may be taken and motions and resolutions adopted by the development authority

at any meeting thereof by the affirmative vote of at least 10 members of the development authority. No vacancy in the membership of the development authority shall impair the right

of a quorum of the members to exercise all the powers and perform all the duties of

the development authority. f. Each member of the development authority shall execute a bond to be conditioned

upon the faithful performance of the duties of such member in such form and amount

as may be prescribed by the Director of the Division of Budget and Accounting in the

Department of the Treasury. Such bonds shall be filed in the Office of the Secretary of State. At all times thereafter the members and treasurer of the development authority shall

maintain such bonds in full force and effect. All costs of such bonds shall be borne by the development authority. g. The members of the development authority shall serve without compensation, but

the development authority may reimburse its members for actual expenses necessarily

incurred in the discharge of their duties. Notwithstanding the provisions of any other law to the contrary, no officer or employee

of the State shall be deemed to have forfeited or shall forfeit any office or employment

or any benefits or emoluments thereof by reason of the acceptance of the office of

ex officio member of the development authority or any services therein. h. Each ex officio member of the development authority may designate an officer or

employee of the member's department to represent the member at meetings of the development

authority, and each such designee may lawfully vote and otherwise act on behalf of

the member for whom the person constitutes the designee. Any such designation shall be in writing delivered to the development authority

and shall continue in effect until revoked or amended by writing delivered to the

development authority. i. The development authority shall appoint from among its members an audit committee

and such other committees as it deems necessary or conducive to the efficient management

and operation of the development authority. j. The development authority may be dissolved by act of the Legislature on condition

that the development authority has no debts or obligations outstanding or that provision

has been made for the payment or retirement of such debts or obligations. Upon any such dissolution of the development authority, all property, funds and

assets thereof shall be vested in the State. k. A true copy of the minutes of every meeting of the development authority shall

be forthwith delivered by and under the certification of the secretary thereof to

the Governor. No action taken at the meeting by the development authority shall have force or

effect until 10 days, Saturdays, Sundays, and public holidays excepted, after the

copy of the minutes shall have been so delivered, unless during such 10-day period

the Governor shall approve the same in which case the action shall become effective

upon such approval. If, in that 10-day period, the Governor returns a copy of the minutes with veto

of any action taken by the development authority or any member thereof at the meeting,

the action shall be null and void and of no effect. l . The development authority shall cause an audit of its books and accounts to be made

at least once in each year by certified public accountants and cause a copy thereof

to be filed with the Secretary of State, the Director of the Division of Budget and

Accounting in the Department of the Treasury, and the State Auditor. m. The development authority shall submit to the Governor, the Joint Budget Oversight

Committee, the President of the Senate and the Speaker of the General Assembly a biannual

report pursuant to the provisions of section 24 of P.L.2000, c. 72 ( C.18A:7G-24 ). n. The Director of the Division of Budget and Accounting in the Department of the

Treasury and the director's legally authorized representatives are authorized and

empowered from time to time to examine the accounts, books and records of the development

authority including its receipts, disbursements, contracts, funds, investments and

any other matters relating thereto and to its financial standing. o . No member, officer, employee or agent of the development authority shall be interested,

either directly or indirectly, in any school facilities project, or in any contract,

sale, purchase, lease or transfer of real or personal property to which the development

authority is a party.