34:1B-168 Use of moneys; sources.
4. a. To implement this act, the authority shall establish and maintain the program with moneys to be used by the authority for the purposes specified in this act. Moneys to be utilized by the program shall include, but not be limited to:
(1)such moneys from the "Economic Recovery Fund" established pursuant to section 3 of P.L.1992, c.16 (C.34:1B-7.12), that the authority determines are available and necessary in response to the demand for the program, and such other business development fund moneys that the authority determines are available and necessary, in response to the demand for the program, to effectively implement the purposes of this act;
(2)moneys that shall be received by the authority from the repayment of loans pursuant to this act and interest thereon;
(3)moneys as may be available to the authority from business development programs administered by other State agencies or authorities and which the authority determines are necessary in response to the demand for the program;
(4)appropriations made by the Legislature to effectuate the purposes of this act;
(5)fees collected from applicants pursuant to subsection c. of this section; and
(6)such other moneys as may be made available including, but not limited to, funds provided by agreement with private investors to effectuate the purposes of this act.
b.Moneys in the program which are determined by the authority not to be needed for current responsibilities of the program, may be invested by the authority in any direct obligations as to which principal and interest are guaranteed by the United States of America or any other obligation deemed appropriate by the authority.
c.The authority may charge fees in connection with the provision of loans from the program.
d.The authority is authorized to disburse moneys in the program for purposes unrelated to this act if, for a period of at least three years, no moneys are disbursed from the program for the purposes set forth pursuant to this act.
L.1998,c.94,s.4.
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Last modified: October 11, 2016