New Jersey § 52:27bbb-50

§ 52:27bbb-50.

The board shall oversee the following funds: a. the “Residential Neighborhood Improvement Fund,” into which shall be deposited

the sum of $35 million from bond proceeds, to be disbursed at the direction of the

board and upon the recommendation of the chief operating officer, to make grants,

matching grants or loans, to support water and sewer improvements not funded by the

county, to support the removal of litter and clean community activities, the development

of tot-lots, community gardens, landscape amenities, small scale demolitions, streetscape

improvements, property acquisition, housing, and restoration in neighborhoods outside

of the central business district; b. the “Demolition and Redevelopment Financing Fund,” into which shall be deposited

the sum of $43 million from bond proceeds, to be disbursed at the direction of the

board and upon the recommendation of the chief operating officer, which shall be used

to provide grants, matching grants or loans to support neighborhood rehabilitation,

land acquisition, brownfields remediation, demolition and redevelopment; c. the “Downtown Revitalization and Recovery Fund” into which shall be deposited the

sum of $45.8 million from bond proceeds, to be disbursed at the direction of the board

and upon the recommendation of the chief operating officer, which shall be used to

make grants, matching grants or loans to support streetscape improvements, facade

restoration, street signage improvements, street resurfacing, demolition and restoration

of commercial structures, property acquisition, and redevelopment projects, brownfields

remediation in order to foster redevelopment, industrial development, port redevelopment,

and the development of entertainment and cultural facilities such as aquariums and

community schools for the arts. The sum of $25 million out of this fund shall be used to make grants, matching grants

or loans to support from bond proceeds the expansion and upgrade of an aquarium in

a qualified municipality by a private developer. Moneys from the fund for aquarium purposes shall be made available on a matching

basis, with three dollars of State money to be made available for every dollar raised

by a private developer. The receipt of funds by a private developer shall be subject to those conditions

set forth pursuant to section 53 of P.L.2002, c. 43 ( C.52:27BBB-52 ). Funds paid out of this fund in support of an aquarium may be used for debt retirement;

however, any funds used for that purpose shall not be subject to the matching requirement

pursuant to this subsection; d. the “Higher Education and Regional Health Care Development Fund” into which shall

be deposited the sum of $47.7 million from bond proceeds, to be disbursed at the direction

of the board and upon the recommendation of the chief operating officer, in accordance

with the provisions of section 52 of P.L.2002, c. 43 ( C.52:27BBB-51 ); e. the “Economic Recovery Planning Fund” into which shall be deposited the sum of

$3.5 million from bond proceeds, to be disbursed at the direction of the board and

upon the recommendation of the chief operating officer, to cover those planning and

administrative costs incurred in preparing the strategic revitalization plan pursuant

to section 38 of P.L.2002, c. 43 ( C.52:27BBB-38 ), the capital improvement and infrastructure plan prepared pursuant to section 42

of P.L.2002, c. 43 ( C.52:27BBB-41 ), and such other plans as are required to be prepared pursuant to P.L.2002, c. 43 ( C.52:27BBB-1 et al.); and f. the “Qualified Municipality Economic Opportunity Fund” into which shall be deposited

the sum of $1.5 million, which shall be used, in coordination with the job training

provisions of the State's school construction program, to create employment and entrepreneurial

opportunities through the completion of projects in the central business district,

entrepreneurial training, and grants and loans to small business development in residential

neighborhoods, and loans for housing development.