New Jersey § 52:9q-13

§ 52:9q-13.

The corporation shall have the following general powers: a. To sue and be sued; b. To adopt an official seal and alter it; c. To make and alter bylaws for its organization and internal management and to make

rules and regulations with respect to its projects, operations, properties and facilities; d. To make and enter into all contracts, leases, as lessee or lessor, and agreements

necessary or incidental to the performance of its duties and the exercise of its powers

under this act, and consent to any modification, amendment or revision of any contract,

lease or agreement to which it is a party; e. To enter into agreements or other transactions with, and to accept grants, appropriations

or the cooperation of the United States or any agency thereof or the State or any

agency thereof in furtherance of the purposes of this act; f. To receive and accept aid or contributions from any public or private source of

money, property, labor or other thing of value, to be held, used and applied to carry

out the purposes of this act subject to the conditions upon which that aid or contribution

may be made, including, but not limited to, gifts or grants from the United States

or any agency thereof or the State or any agency thereof for any purpose consistent

with this act; g. To invest any funds held in reserve or sinking funds, or any moneys not required for immediate

use and disbursement, at the discretion of the corporation, in investments in which

other State funds may be invested ; h. To acquire or contract to acquire from any individual, partnership, trust, association

or corporation, or any public agency, by grant, purchase or otherwise, real or personal

property or any interest therein; to own, hold, clear, improve and rehabilitate,

and to sell, assign, exchange, transfer, convey, lease, mortgage or otherwise dispose

of or encumber the same; i. To sell, lease, assign, transfer, convey, exchange, mortgage, or otherwise dispose

of or encumber any project, and in the case of the sale of any project, to accept

a purchase money mortgage in connection therewith, and to lease, repurchase or otherwise

acquire and hold any project which the corporation has theretofore sold, leased or

otherwise conveyed, transferred or disposed of; j. To grant options to purchase any project or to renew any leases entered into by

it in connection with any of its projects, on such terms and conditions as it may

deem advisable; k. To manage any project, whether then owned or leased by the corporation, and to

enter into agreements with any individual, partnership, trust, association or corporation,

or with any public agency, for the purpose of causing any project to be managed; l . To consent to the modification, with respect to rate of interest, time of payment

or any installment of principal or interest, security, or any other terms, of any

loan, mortgage, commitment, contract or agreement of any kind to which the corporation

is a party; m. In connection with any property on which it has made a mortgage loan, to foreclose

on the property or commence any action to protect or enforce any right conferred upon

it by any law, mortgage, contract or other agreement, and to bid for or purchase the

property at any foreclosure or at any other sale, or acquire or take possession of

the property; and in such event the corporation may complete, administer, pay the

principal of and interest on any obligations incurred in connection with the property,

dispose of and otherwise deal with the property, in such manner as may be necessary

or desirable to protect the interests of the corporation therein; n. To procure insurance against any loss in connection with its property and other

assets and operations in any amounts and from any insurers it deems desirable; o . To arrange or contract with any county or municipal government, or instrumentality

thereof, with jurisdiction within the Capital City District, for the planning, opening,

grading or closing of streets, roads or other places or for the construction or reconstruction

of improvements, or public works necessary or convenient to carry out its purposes; p. To appoint an executive director and any other officers, employees and agents as

it may require for the performance of its duties. The executive director, and any employees appointed as personal staff to the executive

director, shall be appointed by the corporation, which shall determine their qualifications,

terms of office, duties, fix their compensation, and promote and discharge them, all

without regard to the provisions of Title 11A of the New Jersey Statutes ; q. To engage the services of attorneys, accountants, architects, building contractors,

engineers, urban planners, and any other advisors, consultants and agents as may be

necessary in its judgment for the performance of its duties and fix their compensation; r. To provide advisory, consultative, training and educational services, technical

assistance and advice to any person, firm, association, partnership or corporation,

either public or private, in order to carry out the purposes of this act; s. To do any and all things necessary or convenient to the exercise of the foregoing

powers or reasonably implied therefrom ; t. To borrow money and to issue bonds and notes and other obligations of the corporation,

for which neither the members of the corporation nor any person executing bonds issued

pursuant to this subsection shall be liable personally by reason of the issuance thereof,

and to provide for the rights of the holders thereof, and which obligations shall

not have a pledge of an annual appropriation as the ways and means to pay the principal

of, redemption premium, if any, and interest on such bonds, notes, or other obligations; u. To charge and collect from local units, the State, and any other person any fees

and charges in connection with the corporation's actions undertaken with respect to

projects, including but not limited to fees and charges for the corporation's administrative,

organization, insurance, operating, and other expenses incident to projects; v. To market any project undertaken within the district; w. To enter into partnerships or joint ventures with private developers, the New Jersey

Economic Development Authority or any other public entity, for the purpose of community

redevelopment, and establish fees therefor; and x. To act as a municipal redevelopment entity or redeveloper, with all powers conferred

pursuant to the “Local Redevelopment and Housing Law,” P.L.1992, c. 79 ( C.40A:12A-1 et al.) .