New Jersey § 55:19-6

§ 55:19-6.

Except as otherwise limited in this act, the corporation shall have power: a. to sue and be sued; b. to have a seal and alter the same at pleasure; c. to make and execute contracts and all other instruments necessary or convenient

for the exercise of its powers and functions under this act; d. to make and alter bylaws for its organization and internal management and, subject

to agreements with noteholders or bondholders, to make rules and regulations with

respect to its projects, operations, properties and facilities; e. to acquire, hold and dispose of real or personal property for its corporate purposes; f. to appoint officers, agents and employees, prescribe their duties and fix their

compensation; g. 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 , rehabilitate and develop , and to sell, assign, exchange, transfer, convey, lease, mortgage or otherwise dispose

of or encumber the same; h. to create subsidiary corporations as provided in section 7 of this act; 1 i. to acquire, construct, reconstruct, rehabilitate, improve, alter or repair or provide

for construction, reconstruction, rehabilitation, improvement, alteration or repair

of any project; j. to arrange or contract with a municipality for the planning, replanning, opening,

grading or closing of streets, roads, roadways, alleys or other places, or for the

furnishing of facilities or for the acquisition by a municipality of property or property

rights or for the furnishing of property or services, in connection with a project; k. 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; l . 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; m. to prepare or cause to be prepared plans, specifications, designs and estimates

of costs for the construction, reconstruction, rehabilitation, improvement, alteration

or repair of any project, and from time to time to modify such plans, specifications,

designs or estimates; n. 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; o . to provide advisory, consultative, training and educational services, technical

assistance and advice to any individual, partnership, trust, association or corporation,

or to any public agency, in order to carry out the purposes of this act; p. to issue, purchase, pledge and sell stock in projects of the corporation and to purchase, sell or pledge the shares, or other obligations or securities of any

subsidiary corporation, on such terms and conditions as the corporation may deem advisable; q. subject to the provisions of any contract with noteholders, 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; r. 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; s. 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 obligations

of this State or of the United States, or obligations the principal and interest of

which are guaranteed by this State or the United States; t. to procure insurance against any loss in connection with its property and other

assets and operations, in such amounts and from such insurers as it deems desirable; u. to engage the services of consultants on a contract basis for rendering professional

and technical assistance and advice; v. to contract for and to accept any gifts or grants or loans of funds or property

or financial or other aid in any form from the federal government or any agency or

instrumentality thereof, or from the State or a municipality or any agency or instrumentality

thereof, or from any other source, and, subject to the provisions of this act and

any other applicable law, to comply with the terms and conditions thereof; w. to establish, levy and collect, in connection with any civic project or utilities

project managed or operated by the corporation, whether then owned or leased by the

corporation, user fees and facility charges; x. to do any and all things necessary or convenient to carry out its purposes and exercise

the powers given and granted in this act ; y. to borrow money or secure credit against the assets of the corporation on a temporary,

short-term, interim or long-term basis; z. to make short-term loans or advances to developers for construction in anticipation

of the issuance of permanent loans; a.a. to exercise sole authority for investment, reinvestment or expenditure of its

revenues, fund balances and appropriations consistent with the purposes of this act

on projects and investments utilizing revenues from the sale of government obligation

bonds, which projects shall be subject to the approval of the State Treasurer, and

the Treasurer's actions shall be based solely on his fiduciary role to ensure that

all applicable federal and State tax laws are adhered to regarding the investment

of bond funds ; b.b. notwithstanding any law to the contrary, and upon resolution of the municipal

governing body, to act as the local redevelopment agency of any municipality in which

there is not established a local redevelopment agency pursuant to P.L.1949, c. 306

( C.40:55C-1 et seq. ) and which is not precluded from establishing such an agency by the provisions of

section 9 of P.L.1949, c. 306 ( C.40:55C-9 ); and c.c. to act as a district agent pursuant to P.L.1991, c. 228 (C.55-19-3 et al.) (now pending before the Legislature as this bill) . 1

N.J.S.A. § 55:19-7.