New Jersey § 52:18a-78

§ 52:18a-78.

The Legislature finds and declares the following: a. That for many years the functions of the State Government have grown and that during

this period of rapid expansion no definite program has been adopted for the housing

and carrying out of the operations of the many State agencies. b. That many State agencies have their offices in privately owned or inadequate State

owned buildings and that these buildings are inadequate to meet the needs of these

State agencies and the needs of the people of the State. c. That it is to the economic benefit and general welfare of the citizens of the State

to provide sufficient office space and related facilities for these State agencies

and thus provide for a more efficient and economic operation of State Government. d. That projects for the construction of correctional facilities are required because

of a critical public need and a legal constraint. e. That in order to provide for office space and related facilities at a cost that these

State agencies can afford, it is necessary to create and establish a building authority

for the purposes of constructing, operating, selling and leasing office buildings

and related facilities to meet the needs of State agencies. f. It is necessary and in the public interest that this building authority have the

necessary funds to provide for predevelopment cost, temporary financing, land development

expenses, construction and operation of office buildings and related facilities for

the use of, and sale or rental to, State agencies. g. That the renovation and preservation of historic public buildings contribute to

the preservation of the State's heritage, the promotion of the cultural life of our

people, and the development and redevelopment of our municipalities. h. For these purposes, there should be created a corporate governmental agency to be

known as the “New Jersey Building Authority” which, through issuance of bonds and

notes to the private, investing public may provide or obtain the capital resources

necessary to acquire, construct, reconstruct, rehabilitate , renovate, preserve or improve these office buildings and related facilities necessary or convenient

to the operation of any State agency , or historic public buildings, as the case may be . i. That the acquisition, construction, reconstruction, rehabilitation , renovation, preservation or improvement of these office buildings and related facilities necessary or convenient

to the operation of any State agency , and historic public buildings are public uses and public purposes for which public money may be loaned and private

property may be acquired and tax exemptions granted, and that the powers and duties

of the New Jersey Building Authority as set forth in this act are necessary and proper

for the purpose of achieving the ends here recited. j. That the construction, reconstruction, rehabilitation , renovation, preservation and improvement activities of the authority will provide a much needed stimulus for

the construction industry, and related industries and professions, particularly in

urban areas. k. That the highest priority for the New Jersey Building Authority shall be the renovation

and preservation of the following facilities in the State Capital: the State House,

the Old Barracks, the War Memorial, the Kelsey Building, and the townhouses adjacent

to the Kelsey Building.