New Jersey § 5:12-173
Full text of New Jersey New Jersey Statutes § 5:12-173, with citation guidance and answers to common questions.
§ 5:12-173.
a. There is created a dedicated, nonlapsing room fund to be held by the State Treasurer,
which shall be the repository for all moneys required to be deposited therein under
section 6 of P.L.2001, c. 221 ( C.5:12-173.14 ) and any moneys appropriated or otherwise made available to the room fund. b. All moneys deposited in the room fund shall be held and disbursed, subject to the
requirements of section 11 of P.L.2001, c. 221 ( C.5:12-173.19 ), in the form of district projects grants as follows: (1) an amount from the room fund equivalent to the incremental luxury tax for a district
project approved by the authority pursuant to a project grant agreement or for a district
project sponsored by the authority, shall be rebated in the form of annual grants
from the room fund to the authority for disbursement to the casino licensee with an
approved district project, or to the authority for an authority sponsored district
project, and shall be payable annually for 20 years from the date of completion of the district project , or until such time as the combined total of grants disbursed under this section and under section 7 of P.L.2001, c. 221 ( C.5:12-173.15 ) equals the approved cost of the district project, as determined by the authority,
whichever is earlier; (2) the balance of the revenues in the room fund shall be deposited in the special
fund established pursuant to section 3 of P.L.1991, c. 376 ( C.40:48-8.47 ) if the authority, in consultation with the State Treasurer, determines that the
revenues are no longer needed for the purposes of the room fund or for the uses prescribed
in P.L.2001, c. 221 ( C.5:12-173.9 et al.). c. The State Treasurer may invest and reinvest any moneys in the room fund, or any
portion thereof, in legal obligations of the United States or of the State or any
political subdivision thereof. Any income from, interest on, or increment to moneys so invested or reinvested shall
be included in the room fund.
Frequently Asked Questions About New Jersey § 5:12-173
What does New Jersey Statutes § 5:12-173 cover?
Section 5:12-173 is part of the New Jersey Statutes, the codified statutory law of New Jersey. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New Jersey § 5:12-173?
A common citation format is "New Jersey Statutes § 5:12-173" (New Jersey). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New Jersey law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New Jersey official source linked on this page or consult a licensed New Jersey attorney.
How does New Jersey § 5:12-173 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New Jersey can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New Jersey.