New Jersey § 5:10-14

§ 5:10-14.

a. The State Treasurer shall establish a special fund to be known as the “Sports Authority

Fund” and shall pay into the fund amounts from the General Fund as shall be necessary

to pay the principal and interest on bonds or notes of the authority issued pursuant

to this section and to pay any amounts due from the authority under any credit agreement

entered into by the authority in connection with the bonds or notes, provided that

all payments from the General Fund shall be subject to and dependent upon appropriations

made from time to time for those purposes. b. (1) The State Treasurer and the authority are authorized to enter into agreements

as shall be necessary to effectuate the purposes of this section, including without

limitation, provisions for securing the payment of bonds or notes issued by the authority

pursuant to subsection d. of this section and the interest thereon and providing for

the investment of moneys in the fund; provided that the agreements shall be subject

to approval by the presiding officers of both houses of the Legislature, and provided

further that when the purposes of this section have been satisfied, and upon the earlier

of: (a) the certification by the State Treasurer that the revenues of the authority are

sufficient to satisfy the requirements of paragraphs (1), (2), (3), (4), (5) and (6)

of subsection c. of section 6 of P.L.1971, c. 137 ( C.5:10-6 ) for the term of bonds or notes issued pursuant to subsection d. of this section;

or (b) the satisfaction of the requirements for the payment of bonds or notes issued

pursuant to P.L.1991, c. 375 ( C.5:10-3 et al.) or pursuant to P. L.1997, c. 273 ( C.40:54D-25.1 et al.); the State Treasurer and the authority shall not, except for the refunding

of bonds or notes issued pursuant to subsection d. of this section which produces

debt service savings, enter into any further agreements regarding payments by the

State Treasurer into the “Sports Authority Fund” for any reason, including but not

limited to, the financing or restructuring of the debt of the authority. (2) The agreements shall indicate the nature and scope of the projects to be financed

pursuant to this section. (3) The agreements shall provide that with respect to the Atlantic City convention

center project, the authority shall review all existing expert studies that present

options as to the scope and nature of the project and the linkages between the project

and the economic development of Atlantic City. Based upon its analysis of the available studies and such other expert studies as

the authority may authorize, the authority shall report to the Legislature and include

in the minutes of the authority its proposal for the development of the Atlantic City

convention center. The report shall include an explanation for the selection of the project option

proposed by the authority. c. Notwithstanding anything to the contrary in P.L.1991, c. 375 ( C.5:10-3 et al.), if and to the extent provided in any agreement between the State Treasurer

and the authority, all or part of the revenues of the authority, other than luxury

tax revenues or revenues of the Atlantic City convention center project and other

than tourism related tax revenues or other revenues of the Wildwood convention center

facility, in excess of the requirements of the resolutions authorizing or relating

to the issuance of any of the authority's bonds or notes, except those issued pursuant

to this section, shall be paid into the General Fund in repayment to the State for

amounts previously paid by the State pursuant to this section with respect to the

payment of principal and interest on bonds or notes issued for any of the purposes

set forth in this section, except the purposes set forth in paragraphs (3), (4), (5),

and (8) of subsection d. of this section, and any payments on account of any credit

agreements with respect to the bonds or notes. Except as otherwise provided in this section, bonds or notes of the authority issued

pursuant to this section shall be authorized, sold and issued in the manner and be

entitled to the benefits, protection and provisions as apply to bonds and notes of

the authority authorized to be issued pursuant to P.L.1971, c. 137 ( C.5:10-1 et seq. ). d. In addition to its other powers to issue bonds and notes, the authority shall have

power to issue from time to time bonds and notes payable from amounts in the Sports

Authority Fund established pursuant to subsection a. of this section, as follows: (1) To provide sufficient funds to refund from time to time outstanding bonds or notes

of the authority issued for the meadowlands complex or the Monmouth racetrack project

authorized pursuant to paragraph (5) of subsection a. of section 6 of P.L.1971, c.

137 ( C.5:10-6 ), whether or not the bonds or notes or interest thereon have become due, to provide

for the establishment of funds or reserves to secure payment of the bonds or notes

or any other bonds or notes issued or to be issued for those purposes or interest

thereon, and to provide for the payment of all other costs or expenses of the authority

incident to or necessary to carry out the refunding; provided that the refunding

bonds issued at any time pursuant to this paragraph shall not exceed that amount estimated

to be necessary so that subsequent to the refunding, the revenues from the meadowlands

complex or the Monmouth racetrack project, as the case may be, shall be sufficient

to pay all costs payable from those revenues, as shall be estimated in a determination

by the authority made in accordance with the agreement between the authority and the

State Treasurer; (2) To finance or refinance a capital program or programs for the meadowlands complex

and the Monmouth racetrack project authorized pursuant to paragraph (5) of subsection

a. of section 6 of P.L.1971, c. 137 ( C.5:10-6 ), adopted by the authority to provide for major repairs, reconstruction and improvements

which are legally mandated or otherwise needed to meet environmental or safety requirements,

to prevent a loss of revenues, to augment revenues or to continue or enhance the operations

of any of the facilities thereof, or to upgrade any of the facilities thereof; (3) To provide for the financing or refinancing of the facilities for Rutgers, The

State University pursuant to paragraph (8) of subsection a. of section 6 of P.L.1971,

c. 137 ( C.5:10-6 ); (4) To provide for the financing or refinancing of the Atlantic City convention center

project; (5) To finance or refinance feasibility studies for public projects consistent with

the purposes of the authority; (6) To provide for the financing or refinancing of any other project of the authority,

but only if and to the extent expressly authorized by law enacted subsequent to the

enactment of P.L.1991, c. 375 ( C.5:10-3 et al.); (7) To provide for the financing of the facilities at institutions of higher education

pursuant to paragraph (11) of subsection a. of section 6 of P.L.1971, c. 137 ( C.5:10-6 ), based upon a list of projects recommended by the Commission on Higher Education

following a competitive application process, provided that the aggregate financing

of the projects undertaken pursuant to this paragraph shall not exceed $5,000,000; (8) To provide for the financing or refinancing of a convention center facility in

the City of Wildwood pursuant to paragraph (12) of subsection a. of section 6 of P.L.1971,

c. 137 ( C.5:10-6 ) ; and (9) To provide for the financing or refinancing of the professional football training

facility project and associated facilities authorized pursuant to paragraph (14) of

subsection a. of section 6 of P.L.1971, c. 137 ( C.5:10-6 ). e. Bonds and notes authorized pursuant to this section shall be special obligations

of the authority payable as herein provided. Bonds and notes shall not be deemed to constitute a debt or liability of the State

or a pledge of the faith and credit of the State but are dependent for repayment upon

appropriations as provided by law from time to time. These bonds and notes and the interest thereon may also be payable from the proceeds

thereof set aside for that purpose and income accruing therefrom.