New Jersey § 52:27bbb-74

§ 52:27bbb-74.

a. It is hereby determined that the creation of the corporation and the carrying out

of its authorized purposes is in all respects a public and governmental purpose for

the benefit of the people of a qualified municipality and for the improvement of financial

security of a qualified municipality, and that said purposes are public purposes and

that the corporation will be performing an essential governmental function in the

exercise of the powers conferred upon it by this act. b. The property of the corporation and its income and operations shall be exempt from

all State taxation. c. The securities and the interest thereon and the income derived from all funds,

revenues, incomes and other moneys received for or to be received by the corporation

and the properties and income thereon acquired and held by the corporation or its

designee as a result of the foreclosure or other liquidation of tax liens shall be

exempt from all taxes levied pursuant to the provisions of Title 54 of the Revised

Statutes or Title 54A of the New Jersey Statutes, except for transfer inheritance

and estate taxes levied pursuant to Subtitle 5 of Title 54 of the Revised Statutes. d. In the case of any securities, the interest on which is exempt from federal and

State (personal and corporate) income tax, the corporation may prescribe restrictions

on the use of the proceeds thereof and related matters as may be necessary to assure

such exemption, if any, and the recipients of such proceeds shall then be bound thereby

to the extent such restrictions shall be made applicable to them. Any such recipient, including without limitation, a qualified municipality, is authorized

to execute a tax regulatory agreement with the corporation and the execution of such

an agreement may be treated as a condition to receiving any such proceeds.