55:19-17. Urban Development Investment Fund created
16. a. There is hereby created the Urban Development Investment Fund, into which shall be paid:
(1) Funds appropriated by section 17 of this act;
(2) Repayments of loans or other payments received by the corporation pursuant to agreements made under authority of section 6, 7, 8 or 9 of this act;
(3) Any income derived from investment pursuant to subsection b. of this section;
(4) Moneys collected as user fees and facility charges in connection with any civic project or utilities project managed or operated by the corporation as authorized by subsection w. of section 6 of this act; and
(5) Such additional funds as the Legislature may from time to time appropriate for the purpose.
b. The fund shall be in the custody and control of the corporation, which may invest and reinvest any portion thereof not immediately required for the purposes of the corporation in the manner provided by law for investment of public funds on projects and investments utilizing revenues from the sale of general 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.
L.1985,c.227,s.16; amended 1991,c.228,s.3.
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Last modified: October 11, 2016