New Jersey § 52:27bbb-71

§ 52:27bbb-71.

The corporation also shall have the power to and be authorized to: a. sue and be sued; b. have a seal and alter the same at its pleasure; c. make and alter bylaws for its organization and internal management and make rules

and regulations governing the use of its property and facilities; d. make and execute contracts including, without limitation, sale agreements, trust

agreements, indentures, bond purchase agreements, tax regulatory agreements, continuing

disclosure agreements, servicing agreements, ancillary facilities, and all other instruments

necessary or convenient for the exercise of its powers and functions, and commence

any action to protect or enforce any right conferred upon it by any law, contract

or other agreement; e. engage, in such manner as the corporation may determine, the services of financial

advisors and experts, servicers, contractors, real estate agents, property maintenance

contractors, custodians, placement agents, underwriters, appraisers and such other

advisors, auditors, consultants, and fiduciaries as may be necessary to effectuate

the purposes of this act; f. pay its operating expenses and financing costs; g. borrow money in its name and issue negotiable securities and provide for the rights

of the owners thereof; h. procure insurance against any loss in connection with its activities, properties

and assets in such amount and from insurers as it deems desirable; i. invest any funds or other moneys under its custody and control in investments and

securities that are legal investments under the laws of the State for funds of the

State and, notwithstanding any law to the contrary, in any ancillary facility, in

obligations the interest on which is exempt from federal income taxation under the

code and in shares or participation interests in funds or trusts that invest solely

in such obligations; j. as security for the payment of the principal of and interest on any securities

and for its obligations under any ancillary facility, transfer, assign or pledge all

or any part of the tax liens or other assets; k. procure insurance, letters of credit or other credit enhancement with respect to

any securities for the payment of tenders of securities, or for the payment upon maturity

of securities; l . (1) enter into any ancillary facility with any person under such terms and conditions

as the corporation may determine; (2) procure insurance, letters of credit or other credit enhancement with respect

to any ancillary facility; (3) provide security for the payment or performance of its obligations with respect

to any ancillary facility from such sources and with the same effect as is authorized

by this act with respect to security for securities; and (4) modify, amend or replace any existing, or enter into a new, ancillary facility;

and m. establish, create or otherwise form and control one or more trusts or other single

purpose entities to facilitate the purchase of tax liens and the issuance of tax lien

collateralized securities; n. acquire, hold and dispose of real and personal property for its corporate purposes; o . cancel, reduce or compromise any taxes, penalties or interest secured by tax liens

sold pursuant to this act or extend the time for payment thereof; provided, however,

that in the event such reduction causes the principal sum of any taxes secured by

the tax liens to fall below the fair market value of the underlying property, the

corporation shall obtain the approval of the board prior to such reduction; and p. do any and all things necessary or convenient to carry out its purposes and exercise

the powers expressly given and granted in this act.