New Jersey § 52:27bbb-49

§ 52:27bbb-49.

a. The authority shall establish and maintain a series of special funds as provided

in sections 51 and 52 of P.L.2002, c. 43 ( C.52:27BBB-50 and C.52:27BBB-51 ) into which shall be deposited such moneys: (1) as shall be paid to the funds by

the State Treasurer for the purposes of those funds; (2) as shall be appropriated

by the State for the purpose of such funds; (3) as shall be deposited into the funds

in accordance with the “Annual Qualified Municipal Capital and Economic Recovery Program”

and the “Qualified Municipality Capital and Economic Recovery Financial Plan” adopted

pursuant to section 45 of P.L.2002, c. 43 ( C.52:27BBB-44 ) and (4) any other moneys or funds of the authority which it determines to deposit

therein. Moneys in the funds may be invested in such obligations as the authority may approve

and interest or other earnings on such investments shall be credited to the funds. b. In addition to the powers of the authority set forth in section 5 of P. L.1974,

c. 80 ( C.34:1B-5 ) and other powers which may be conferred on the authority or the executive director

by P.L.2002, c. 43 ( C.52:27BBB-1 et al.), the authority, by resolution, shall have the power to: (1) pay all or part

of the cost of an eligible project; and (2) make loans, guarantees, equity investments,

and grants, or provide other forms of financing for an eligible project. c. The purpose of the special funds established pursuant to subsection a. of this

section shall be to provide loans, guarantees, equity investments, and grants or other

forms of financing of a sufficient scale and visibility to expand and sustain economic

activity in qualified municipalities, both within the central business district and

port district and in order to encourage revitalization of the municipality's neighborhoods

outside of the central business district through the rehabilitation, acquisition,

demolition and redevelopment of property within those neighborhoods, the improvement

of municipally-owned water supply and distribution facilities, and, where necessary,

the remediation of brownfields sites to foster redevelopment. Grants shall be made available to qualified municipalities in order to strengthen

the provision of municipal services through capital construction and reconstruction

of public buildings and financial assistance necessary to allow for the purchase of

equipment considered vital to the sustenance of municipal public services, particularly

public safety.