New Jersey § 5:10-6

§ 5:10-6.

a. The authority, pursuant to the provisions of P.L.1971, c. 137 ( C.5:10-1 et seq. ), is hereby authorized and empowered, either alone or in conjunction with others,

and provided that, in the case of an arrangement with respect to any of the projects

set forth in this section which shall be in conjunction with others, the authority

shall have sufficient right and power to carry out the public purposes set forth in

P.L.1971, c. 137 ( C.5:10-1 et seq. ): (1) To establish, develop, construct, operate, acquire, own, manage, promote, maintain,

repair, reconstruct, restore, improve and otherwise effectuate, either directly or

indirectly through lessees, licensees or agents, a project to be located in the Hackensack

meadowlands upon a site not to exceed 750 acres and upon a site or sites outside of

that acreage, but either immediately contiguous thereto or immediately across any

public road which borders that acreage, consisting of one or more stadiums, coliseums,

arenas, pavilions, stands, field houses, playing fields, recreation centers, courts,

gymnasiums, clubhouses, a racetrack for the holding of horse race meetings, and other

buildings, structures, facilities, properties and appurtenances related to, incidental

to, necessary for, or complementary to a complex suitable for the holding of athletic

contests or other sporting events, or trade shows, exhibitions, spectacles, public

meetings, entertainment events or other expositions, including, but not limited to,

driveways, roads, approaches, parking areas, parks, recreation areas, lodging facilities,

vending facilities, restaurants, transportation structures, systems and facilities,

and equipment, furnishings, and all other structures and appurtenant facilities, related

to, incidental to, necessary for, or complementary to the purposes of that project

or any facility thereof. (2) To establish, develop, construct, acquire, lease or own, operate, manage, promote,

maintain, repair, reconstruct, restore, improve and otherwise effectuate, either directly

or indirectly through lessees, licensees or agents, a project, at a site within the

State of New Jersey, consisting of a baseball stadium and other buildings, structures,

facilities, properties and appurtenances related thereto, or incidental to, necessary

for, or complementary to a complex suitable for the holding of professional baseball

games and other athletic contests or sporting events, or trade shows, exhibitions,

spectacles, public meetings, entertainment events or other expositions, such project

to include driveways, roads, approaches, parking areas, parks, recreation areas, vending

facilities, restaurants, transportation structures, systems and facilities, and equipment,

furnishings and all other structures and appurtenant facilities related to, incidental

to, necessary for, or complementary to the purposes of that project or any facility

thereof. (3) To establish, develop, construct, acquire, lease or own, operate, manage, promote,

maintain, repair, reconstruct, restore, improve and otherwise effectuate, either directly

or indirectly through lessees, licensees or agents, projects located within the State

of New Jersey, consisting of aquariums and the buildings, structures, facilities,

properties and appurtenances related thereto, or incidental to, necessary for, or

complementary to those aquariums, such project to include driveways, roads, approaches,

parking areas, parks, recreation areas, vending facilities, restaurants, transportation

structures, systems and facilities, and equipment, furnishings and all other structures

and appurtenant facilities related to, incidental to, necessary for, or complementary

to the purposes of that project or any facility thereof. To provide for a project authorized under this paragraph: (a) (Deleted by amendment, P.L.1988, c. 172 .) (b) With regard to an aquarium project located outside of the meadowlands complex,

the authority is authorized to enter into agreements with the State Treasurer providing

for the acquisition and construction of an aquarium by the authority, including the

land necessary for the aquarium, and the costs thereof, ownership of the aquarium

and its land which shall be conveyed to the State upon completion, and the operation

by the authority of the aquarium pursuant to a lease or other agreement with the State

containing such terms and conditions as the State Treasurer may establish prior to

the acquisition and construction by the authority of the aquarium and the disbursements

of funds therefor. The State Treasurer is authorized to enter into a lease or other agreement to effectuate

the provisions of this subparagraph. (c) With regard to an aquarium project located within the meadowlands complex, the

authority is authorized to enter into such agreements as it determines are necessary

for the construction of the aquarium, including agreements providing for the acquisition

of any land that may be necessary, for the ownership and for payment of costs of the

aquarium, and for the operation thereof. (4) To establish, develop, construct, acquire, own, operate, manage, promote, maintain,

repair, reconstruct, restore, improve and otherwise effectuate, either directly or

indirectly through lessees, licensees or agents, a project consisting of an exposition

or entertainment center or hotel or office complex, including any buildings, structures,

properties and appurtenances related thereto, incidental thereto, necessary therefor,

or complementary thereto, such project to include driveways, roads, approaches, parking

areas, parks, recreation areas, vending facilities, restaurants, transportation structures,

systems, and equipment, furnishings and all other structures and appurtenances related

to, incidental to, necessary for, or complementary to, the purposes of that project. A project authorized under this paragraph may be located within, immediately contiguous

to, or immediately across any public road which borders the site of any other project

of the authority, except the site of a racetrack authorized by paragraph (5) of this

subsection and acquired by the authority prior to 1986. (5) To establish, develop, construct, acquire, own, operate, manage, promote, maintain,

repair, reconstruct, restore, improve and otherwise effectuate, either directly or

indirectly through lessees, licensees or agents, projects consisting of (a) racetrack

facilities located within the State of New Jersey, but outside of the meadowlands

complex, (b) their contiguous properties, and (c) their auxiliary facilities, including,

without limitation, pavilions, stands, field houses, clubhouses, training tracks for

horses, racetracks for the holding of horse race meetings, fairgrounds, other exposition

facilities, and other buildings, structures, facilities, properties and appurtenances

related to, incidental to, necessary for, or complementary to a complex suitable for

the holding of horse race meetings, other sporting events, or trade shows, exhibitions,

spectacles, public meetings, entertainment events or other expositions, including,

but not limited to, driveways, roads, approaches, parking areas, parks, recreation

areas, lodging facilities, vending facilities, restaurants, transportation structures,

systems and facilities, equipment, furnishings, and all other structures and appurtenant

facilities related to, incidental to, necessary for, or complementary to the purposes

of any of those projects or any facility thereof. Notwithstanding any law to the contrary, the acquisition of any existing racetrack

facility in and licensed by the State of New Jersey shall be permitted on the condition

that payments equivalent to all municipal, school board and county taxes due to each

entity shall be paid by the authority to the extent and in accordance with the same

payment schedule as taxes would have been paid each year, as though the racetrack

facility remained in private ownership. In the event the authority conveys lands or other parts of the racetrack facility

to others, the authority shall receive a reduction of such payments commensurate with

the amount required to be paid by the subsequent owner of the lands and improvements

disposed of by the authority. In addition, the authority shall be responsible for paying all existing local franchise

fees, license and parking tax fees in effect at the time of the acquisition. (6) To establish, develop, acquire, own, operate, manage, promote and otherwise effectuate,

in whole or in part, either directly or indirectly through lessees, licensees or agents,

projects consisting of events, expositions, teams, team franchises or membership in

professional sports leagues. (7) To establish, develop, construct, acquire, own, operate, manage, promote, maintain,

repair, reconstruct, restore, improve and otherwise effectuate, either directly or

indirectly through lessees, licensees or agents, projects consisting of facilities,

at a site or sites within the State of New Jersey and either within or without the

meadowlands complex, that are related to, incidental to, necessary for, or complementary

to the accomplishment or purpose of any project of the authority authorized by this

section, including any buildings, structures, properties and appurtenances related

thereto, incidental thereto, necessary therefor, or complementary thereto, such projects

to include driveways, roads, approaches, parking areas, parks, recreation areas, off-track

and account wagering systems and facilities or any interest therein, vending facilities,

restaurants, transportation structures, systems, and equipment, furnishings and all

other structures and appurtenances related to, incidental to, necessary for, or complementary

to the purposes of those projects. (8) To establish, develop, acquire, construct, reconstruct, improve and otherwise

effectuate for transfer to, and for use and operation by, Rutgers, the State University,

either directly or indirectly through lessees, licensees or agents, facilities located

or to be located on property owned, leased, or otherwise used by Rutgers, the State

University, consisting of an upgraded and expanded football stadium and a new track

and field, soccer and lacrosse facility and the buildings, structures, properties

and appurtenances related thereto, or incidental to, necessary for, or complementary

to the football stadium and track and field, soccer and lacrosse facility, such facilities

to include driveways, access roads, approaches, parking areas, parks, recreation areas,

vending facilities, restaurants, transportation structures, systems and equipment,

furnishings and all other structures and appurtenances related or incidental to, necessary

for, or complementary to the purposes of those facilities; provided however that

construction shall not begin on the expansion of the seating capacity of Rutgers Stadium

until the Commissioner of Transportation certifies that all funding necessary to complete

the Route 18 project in Piscataway Township has been appropriated and construction

has begun on the Route 18 project in Piscataway Township under the Department of Transportation's

capital program. (9) To acquire by purchase, lease or otherwise, and to develop, construct, operate,

own, lease, manage, repair, reconstruct, restore, improve, enlarge or otherwise effectuate,

either directly or through lessees, licensees or agents, a project which may hereinafter

be referred to as either the Atlantic City convention center project or a convention

center project in the city of Atlantic City, Atlantic County, consisting of the existing

convention hall and a new convention hall or center, and associated parking areas

and railroad terminal facilities and including the leasing of adjacent land for hotel

facilities. In connection therewith, the authority is authorized to: (a) Assume existing leasehold or other contractual obligations pertaining to any such

facilities or properties or to make provision for the payment or retirement of any

debts and obligations of the governmental entity operating any such convention hall

or center or of any bonds or other obligations payable from and secured by a lien

on or pledge of the luxury tax revenues; (b) Make loans or payments in aid of construction with respect to infrastructure and

site development for properties located in the area between the sites of the existing

convention hall and a new convention center or located contiguous to or across any

public road which borders the area; (c) Convert the existing convention hall or any facilities, structures or properties

thereof, or any part thereof, not disposed of by the authority, to any sports, exposition,

exhibition, or entertainment use or to use as a forum for public events or meetings,

or to any other use which the authority shall determine to be consistent with its

operation of the Atlantic City convention center project; (d) Transfer, as soon as practicable, its ownership interest or other rights and obligations,

other than any bonds, notes, or other obligations, including any credit agreement,

of the authority issued and outstanding, or then in effect, on the date of such transfer

under the Luxury Tax Bond Resolution, in the Atlantic City convention center project

to the Atlantic City Convention and Visitors Authority created under section 3 of

P.L.1981, c. 459 ( C.52:27H-31 ), and cease any supervision of the Atlantic City Convention and Visitors Authority,

to the extent permitted by the terms of the bonds, notes, leases or other financing

documents, assignments, agreements or arrangements issued or entered into to finance

or refinance, in whole or in part, or incurred in connection with the Atlantic City

convention center project, as reasonably determined by the authority but subject to

the diligence and reasonable determination provisions of paragraph (6) of subsection

f. of this section. (10) To provide a feasibility study for the use and development of the existing convention

center in the city of Asbury Park, county of Monmouth and to provide a feasibility

study for the construction, use and development of a convention center or recreational

facility in any other municipality. (11) To provide funding to public or private institutions of higher education in the

State to establish, develop, acquire, construct, reconstruct or improve facilities

located or to be located on property owned, leased, or otherwise used by an institution,

consisting of sports facilities and the buildings, structures, properties and appurtenances

related thereto, or incidental to, necessary for, or complementary to those sports

facilities, such facilities to include driveways, access roads, approaches, parking

areas, parks, recreation areas, vending facilities, restaurants, transportation structures,

systems and equipment, furnishings and all other structures and appurtenances related

or incidental to, necessary for, or complementary to the purposes of those facilities. (12) To acquire by purchase, lease, or otherwise, including all right, title and interest

of the Greater Wildwood Tourism Improvement Development Authority in any property,

and to develop, construct, operate, own, lease, manage, repair, reconstruct, restore,

improve, enlarge or otherwise effectuate, either directly or through lessees, licensees

or agents, a convention center facility in the City of Wildwood, Cape May County,

consisting of and including any existing and acquired buildings, structures, properties

and appurtenances and including restaurants, retail businesses, access roads, approaches,

parking areas, transportation structures and systems, recreation areas, equipment,

furnishings, vending facilities, and all other structures and appurtenances incidental

to, necessary for, or complementary to the purpose of such Wildwood convention center

facility. In connection therewith, the authority is expressly authorized to: (a) assume any existing mortgages, leaseholds or other contractual obligations or

encumbrances with respect to the site of the Wildwood convention center facility and

any other existing and acquired buildings, structures, properties, and appurtenances; (b) enter into agreements with a local public body or bodies providing for any necessary

financial support or other assistance for the operation and maintenance of such Wildwood

convention center facility from taxes or other sources of the local public body or

bodies as shall be made available for such purposes; (c) to the extent permitted by law and by the terms of the bonds or notes issued to

finance the Wildwood convention center facility, transfer its ownership interest or

other rights with respect to the convention center facility to another State authority

or agency; (d) upon payment of all outstanding bonds and notes issued therefor, transfer its

ownership interest and other rights with respect thereto to such other public body

as shall be authorized to own and operate such a facility; and (e) convert any existing convention hall or any facilities, structures or properties

thereof, or any part thereof, not disposed of by the authority, to any use which the

authority shall determine to be consistent with the operation of the Wildwood convention

center facility. (13) To acquire by purchase, lease or otherwise, and to develop, construct, own, lease,

manage, repair, reconstruct, restore, improve, enlarge or otherwise effectuate, either

directly or through lessees, licensees, or agents, all right, title, or interest in

the Garden State Arts Center in Holmdel, Monmouth County, and any related or auxiliary

facilities and to transfer its interest in the Garden State Arts Center and any related

or auxiliary facilities to such other public body that is authorized to own and operate

such a facility, or other entity, according to such terms and process as the authority

may establish in its discretion. (14)(a) To establish, develop, construct, acquire, lease or own, operate, manage,

promote, maintain, repair, reconstruct, restore, improve and otherwise effectuate,

either directly or indirectly through lessees, licensees or agents, projects located

within the State of New Jersey, but outside the meadowlands complex, provided that

the authority first obtains the consent of the municipality or municipalities in which

the projects are to be located, consisting of football training facilities that are

comparable in quality to National Football League professional football training facilities

and the buildings, structures, facilities, uses, properties and appurtenances related

thereto, or identical to, necessary for, or complementary to those National Football

League-quality professional football league training facilities, such projects to

include driveways, roads, approaches, parking areas, parks, recreation areas, restaurants,

transportation structures, systems and facilities, and equipment, furnishings and

all other structures and appurtenant facilities related to, incidental to, necessary

for, or complementary to the purposes of such projects or any facility thereof. (b) For projects developed pursuant to subparagraph (a) of paragraph (14) of this

subsection, the authority shall make in-lieu-of-tax payments in each municipality

affected in amounts negotiated by the authority and each municipality. b. The authority, pursuant to the provisions of P.L.1971, c. 137 ( C.5:10-1 et seq. ), is authorized (1) to make, as part of any of the projects, capital contributions

to others for transportation and other facilities, and accommodations for the public's

use of any of those projects, (2) to lease any part of any of those project sites

not occupied or to be occupied by the facilities of any of those projects, for purposes

determined by the authority to be consistent with or related to the purposes of those

projects, including, but not limited to, hotels and other accommodations for transients

and other facilities related to or incidental to any of those projects, and (3) to

sell or dispose of any real or personal property, including, but not limited to, such

portion of the site of any of those projects not occupied or to be occupied by the

facilities of any of those projects, at not less than the fair market value of the

property, except in the case of sale or disposition to the State, any political subdivision

of the State or any agency or instrumentality of the State or any political subdivision

of the State. c. Revenues, moneys or other funds, if any, derived from the operation or ownership

of the meadowlands complex, including the conduct of horse race meetings, shall be

applied, in accordance with the resolution or resolutions authorizing or relating

to the issuance of bonds or notes of the authority, to the following purposes and

in the following order: (1) The costs of operation and maintenance of the meadowlands complex and reserves

therefor; (2) Principal, sinking fund installments and redemption premiums of and interest on

any bonds or notes of the authority payable from such revenues, moneys or other funds

and issued for the purposes of the meadowlands complex or for the purposes of refunding

the same, including reserves and payments with respect to credit agreements therefor; (3) The costs of any major or extraordinary repairs, renewals or replacements with

respect to the meadowlands complex or incidental improvements thereto, not paid pursuant

to paragraph (1) above, including reserves therefor; (4) Payments required to be made pursuant to section 18b.; 1 (5) Payments authorized to be made pursuant to section 18c.; (6) Except to the extent payments with respect to bonds or notes are provided with

priority in accordance with paragraph (2) of this subsection, payments required to

be made in accordance with the resolution authorizing or relating to the issuance

of bonds or notes of the authority, for the purposes of any project authorized by

this act, including payments and reserves with respect to any bonds or notes of the

authority with respect to the meadowlands complex which are not provided with priority

in accordance with paragraph (2) of this subsection; (7) Payments required to be made to repay any obligation incurred by the authority

to the State; (8) The balance remaining after application in accordance with the above shall be

deposited in the General State Fund, provided that (a) there shall be appropriated

for authorized State purposes from the amount so deposited that amount which shall

be calculated by the State Treasurer to be the debt service savings realized with

respect to the refinancing of the initial project as defined in section 1 of P.L.1973,

c. 286 ( C.5:10-14.1 ) at the meadowlands complex, by the issuance of bonds of the authority guaranteed

by the State . d. Revenues, moneys or other funds, if any, derived from the operation or ownership

of any project other than the meadowlands complex, the Atlantic City convention center

project, or the Wildwood convention center facility and other than a baseball stadium

project or an office complex project located on the site of a baseball stadium shall

be applied for such purposes, in such manner and subject to such conditions as shall

be provided in the resolution authorizing or relating to the issuance of bonds or

notes of the authority for the purposes of such project, and the balance, if any,

remaining after such application may be applied, to the extent not contrary to or

inconsistent with the resolution, in the following order: (1) to the purposes of

the meadowlands complex, unless otherwise agreed upon by the State Treasurer and the

authority, (2) to the purposes of any other project of the authority; and, the balance

remaining, if any, shall be deposited in the General Fund. e. Revenues, moneys or other funds, if any, derived from the operation, ownership,

or leasing of a baseball stadium project or an office complex project located on the

site of a baseball stadium shall be applied for the purposes, in the manner and subject

to the conditions as shall be provided in the resolution authorizing or relating to

the issuance of bonds or notes of the authority for the purposes of a baseball stadium

project or an office complex project located on the site of a baseball stadium, if

any, and the balance, if any, remaining after such application shall be applied, to

the extent not contrary to or inconsistent with the resolution, to the following purposes

and in the following order: (1) The costs of operation and maintenance of a baseball stadium project and an office

complex project located on the site of a baseball stadium and reserves therefor; (2) Payments made to repay the bonded indebtedness incurred by the authority for the

purposes of a baseball stadium project or an office complex project located on the

site of a baseball stadium; (3) Payments equivalent to an amount required to be made by the State for payments

in lieu of taxes pursuant to P.L.1977, c. 272 ( C.54:4-2.2a et seq. ); (4) The balance remaining after application in accordance with the above shall be

deposited in the General Fund. f. Revenues, moneys or other funds, if any, including earned interest, derived from

the operation, ownership or leasing of the Atlantic City convention center project

shall be applied to the costs of operating, maintaining and promoting the Atlantic

City convention center project and to the other purposes set forth in paragraphs (1)

through (5) of this subsection, except as provided in paragraph (6) of this subsection. Subject to paragraph (6) of this subsection, luxury tax revenues paid to the authority

by the State Treasurer pursuant to section 14 of P.L.1991, c. 375 ( C.5:10-14.4 ), including earned interest, shall be deposited by the 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 authority, including bonds or notes of the authority

issued for the purpose of refunding bonds or notes, issued for purposes of (i) the

initial acquisition of the existing properties which will 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 authority relating thereto from luxury tax revenues, or (ii)

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 authority relating thereto from luxury tax revenues; 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. (2) To pay the costs of operation, maintenance and promotion of the Atlantic City

convention center project, including amounts payable as operating expenses under the

Luxury Tax Bond Resolution or the terms of the bonds, notes, leases or other financing

documents, assignments, agreements or arrangements issued or entered into to finance

or refinance, in whole or in part, or incurred in connection with, 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

authority to be necessary. (4) To repay to the State those amounts paid by the State with respect to bonds or

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

project. (5) 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 purposes in the city of Atlantic City pursuant to section 5 of

P.L.1981, c. 461 ( C.40:48-8.30a ). The authority may pledge the luxury tax revenues paid to it as provided for in 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 the bonds

or notes issued for the purposes set forth above in paragraph (1) of this subsection

f. 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.1971, c. 137 ( C.5:10-1 et seq. ). (6)(a) The authority shall promptly and diligently pursue all consents, approvals,

waivers or non-objections under the bonds, notes, leases, or other financing documents,

assignments, agreements or arrangements issued or entered into to finance or refinance,

in whole or in part, or incurred in connection with, the Atlantic City convention

center project, that are required for the following actions, which actions may be

implemented at the same or at different times: (i) to permit the State Treasurer to remit to the authority, for deposit to the Luxury

Tax Revenue Fund established under the Luxury Tax Bond Resolution, luxury tax revenues

held by the State Treasurer in the fund established pursuant to section 5 of P.L.1979,

c. 273 ( C.40:48-8.30 ) in an amount sufficient to (A) pay the principal, sinking fund installments and

redemption premiums, if any, of and interest on any bonds, notes, or other obligations,

including any credit agreement, of the authority issued and outstanding or entered

into pursuant to the Luxury Tax Bond Resolution, and (B) maintain any reserves required

to be held by the trustee pursuant to the Luxury Tax Bond Resolution, and to remit

the balance of the luxury tax revenues held by the State Treasurer in such fund, including

interest thereon, to the Atlantic City Convention and Visitors Authority to be applied

as provided in section 25 of P.L.2008, c. 47 ( C.52:27H-41.13 ) subject, however, to the lien of the Luxury Tax Bond Resolution, until all bonds,

notes, and other obligations, including any credit agreement, of the authority issued

and outstanding or entered into pursuant to the Luxury Tax Bond Resolution have been

paid or defeased in full. (ii) to permit the authority to transfer its ownership interest or other rights and

obligations, other than any bonds, notes, or other obligations, including any credit

agreement, of the authority issued and outstanding, or then in effect, on the date

of such transfer under the Luxury Tax Bond Resolution, in the Atlantic City convention

center project to the Atlantic City Convention and Visitors Authority, and cease any

supervision of the Atlantic City Convention and Visitors Authority. (iii) to implement any other provisions of P.L.2008, c. 47 ( C.52:27H-31.1 et al.). (b) Upon obtaining such consents, approvals, waivers or non-objections or upon the

reasonable determination by the authority or the State Treasurer that such consents,

approvals or non-objections have been obtained, are unnecessary or that the absence

of such consents, approvals or non-objections shall not result in a material default,

the State Treasurer shall thereafter remit to the authority from the fund only those

monies required to satisfy the obligations of subparagraphs (a)(i)(A) and (a)(i)(B)

of this paragraph; the balance of the luxury tax revenues held by the State Treasurer

in such fund, including interest thereon, shall be paid promptly to the Atlantic City

Convention and Visitors Authority to be applied as provided in section 25 of P.L.2008, c. 47 ( C.52:27H-41.13 ), subject, however, to the lien of the Luxury Tax Bond Resolution until all bonds,

notes, and other obligations, including any credit agreement, of the authority issued

and outstanding or entered into pursuant to the Luxury Tax Bond Resolution have been

paid or defeased in full. (c) When all bonds, notes, or other obligations, including any credit agreement, of

the authority issued and outstanding or entered into pursuant to the Luxury Tax Bond

Resolution have been paid or defeased in full, any amounts received by the authority

from the funds and accounts held under the Luxury Tax Bond Resolution shall forthwith

be transferred to the Atlantic City Convention and Visitors Authority to be applied

as provided in section 25 of P.L.2008, c. 47 ( C.52:27H-41.13 ). g. Revenues, moneys or other funds, if any, derived from the ownership or operation

of the Wildwood convention center facility shall be applied to the costs of operating

and maintaining the Wildwood convention center facility and to the other purposes

set forth in this subsection as shall be provided by resolution of the authority. The tourism related tax revenues paid to the authority pursuant to subsection f. of

section 14 of P.L.1992, c. 165 ( C.40:54D-14 ) shall be deposited by the authority in a separate fund or account and applied to

any or all of the following purposes pursuant to an allocation of funds approved by

the State Treasurer in writing and in advance of any application of such funds: (1) to pay amounts due with respect to any obligations transferred to the authority

pursuant to section 17 of P.L.1997, c. 273 ( C.40:54D-25.1 ) pertaining to the Wildwood convention center facility; (2) to repay to the State those amounts paid with respect to bonds or notes of the

authority issued for the purposes of the Wildwood convention center facility; (3) to pay the cost of operation and maintenance reserve for the Wildwood convention

center facility; (4) to establish and maintain a working capital and maintenance reserve for the Wildwood

convention center facility. The balance, if any, of any tourism related tax revenues not allocated to any of the

purposes set forth in the previous paragraphs and remaining at the end of the calendar

year shall be paid to the State Treasurer for deposit in the General Fund. 1

N.J.S.A. § 5:10-18.