New Jersey § 52:27bbb-67

§ 52:27bbb-67.

It is hereby declared to be in the public interest and to be the policy of the State

to assist qualified municipalities by facilitating the creation of capital markets

structures to fund public improvements or purposes at a reduced cost not otherwise

available in the absence of such capital markets structures, particularly for qualified

municipalities that are not otherwise able to access the capital markets for such

purposes. It is hereby further declared that qualified municipalities are owed millions of

dollars annually in unpaid property taxes, and that such uncollected taxes adversely

impact qualified municipalities' ability to timely collect the moneys necessary to

meet their operating expeditures 1 and provide for the delivery of necessary government services, amplifying the risk

of future real property tax increases and negatively impacting those taxpayers who

timely remit payment. It is hereby further declared that limited means exist for qualified municipalities

to expedite the collection of delinquent taxes, that as a result, such delinquencies

often remain unpaid, and that the assignment sale of the tax liens related to such

delinquent taxes will enable qualified municipalities to expedite the receipt of anticipated

revenues and provide a funding source that will enable such qualified municipalities

to more effectively carry out their public purposes. Accordingly, one of the purposes of this act is to authorize, create and establish

a corporation empowered to acquire from a qualified municipality all or a portion

of the qualified municipality's tax liens. Additional purposes of this act are: to authorize the sale by a qualified municipality

of all or a portion of the tax liens to the corporation; to authorize the transfer

to and the receipt by the corporation of the tax liens; to authorize the corporation

to issue securities of the corporation for the purposes authorized in this act, payable

solely from and secured solely by such portion of the tax liens as the corporation

may designate and pledge to secure the securities, together with the investment income

thereon and any reserve funds created by the corporation from any portion of the proceeds

of the securities; to authorize the corporation to hold and invest the portion of

the net proceeds of the sale of the securities pending direction by a qualified municipality

and the portion of a qualified municipality's tax liens sold to the corporation which

are not pledged to secure securities of the corporation; to authorize the corporation

to acquire, hold, operate, maintain, improve and dispose of real and personal property;

and to authorize the corporation to manage the portion of the net proceeds of the

sale of the securities pending direction by a qualified municipality and all or a

portion of a qualified municipality's tax liens sold to the corporation for the purposes

and in the manner authorized in this act. 1

So in original.