New Jersey § 52:27h-41

§ 52:27h-41.

a. Luxury tax revenues paid to the convention authority by the State Treasurer pursuant

to paragraph 6 of subsection f. of section 6 of P.L.1971, c. 137 ( C.5:10-6 ) and section 14 of P.L.1991, c. 375 ( C.5:10-14.4 ) shall be deposited by the convention authority in a separate fund or account and

applied to the following purposes and in the following order: (1) To pay the principal, sinking fund installments and redemption premiums of and

interest on any bonds or notes of the convention authority, including bonds or notes

of the convention authority issued for the purpose of refunding bonds or notes, issued

for purposes of (a) the initial acquisition of the existing properties which constitute

part of the Atlantic City convention center project, if the bonds or notes shall be

payable under the terms of the resolution of the convention authority relating thereto

from luxury tax revenues; or (b) providing improvements, additions or replacements

to the Atlantic City convention center project, if the bonds or notes shall be payable

under the terms of the resolution of the convention authority relating thereto from

luxury tax revenues; and to pay any amounts due from the convention authority under

any credit agreement entered into by the convention authority in connection with the

bonds or notes. (2) To pay the costs of operation and maintenance of the Atlantic City convention

center project. (3) To establish and maintain a working capital and maintenance reserve fund for the

Atlantic City convention center project in an amount as shall be determined by the

convention authority to be necessary. (4) To promote and market the city of Atlantic City. (5) For such other uses as shall be approved in convention authority bond resolutions

approved after the date of enactment of P.L.2008, c. 47 ( C.52:27H-31.1 et al.) or as may otherwise be provided by law. (6) To pay the debt service for such other capital projects or for improvements to

those capital projects within Atlantic City, such as expansions, renovations and amenities

undertaken by the Atlantic City Convention and Visitors Authority, including, but

not limited to, the Boardwalk Hall, or new parking facilities. (7) To repay to the State those amounts paid by the State with respect to bonds or

notes of the convention authority issued for the purposes of the Atlantic City convention

center project. The balance of any luxury tax revenues not required for any of the foregoing purposes

and remaining at the end of any calendar year shall be paid to the State Treasurer

for application to authorized purposes in the city of Atlantic City pursuant to section

5 of P.L.1981, c. 461 ( C.40:48-8.30a ). b. The convention authority may pledge the luxury tax revenues paid to it in accordance

with the provisions of paragraph 6 of subsection f. of section 6 of P.L.1971, c. 137

( C.5:10-6 ) and section 14 of P.L.1991, c. 375 ( C.5:10-14.4 ) as security for the payment of the principal of and interest or premium on its bonds

or notes issued for the purposes set forth in subsection a. of this section, in the

same manner, to the same extent and with the same effect as the pledge of any of its

other revenues, receipts and funds authorized by P.L.2008, c. 47 ( C.52:27H-31.1 et al.).