N.J. Admin. Code § 19:65-4.1

Current through Register Vol. 56, No. 21, November 4, 2024

Section 19:65-4.1 - Requirements for loans to public bodies

(a) Where the duly-authorized legal officer of the Casino Reinvestment Development Authority has advised that a loan to another agency or authority of the State or of any political subdivision thereof is consistent with the Authority's purposes and within its statutory powers, the Authority may make such a loan.

(b) The making of a loan under (a) above shall be subject to receipt by the Casino Reinvestment Development Authority of a legal opinion by a duly-authorized legal officer of such agency or authority of the State or of any political subdivision thereof that said agency or authority has the statutory power to receive and repay such loan.

(c) In addition, the making of a loan under (a) above shall be contingent on the Casino Reinvestment Development Authority and the recipient of the loan having first entered into an agreement setting forth, at a minimum, the purpose of the loan, the amount of the loan and the repayment terms of the loan, along with such other particulars as may be deemed necessary and appropriate by the Casino Reinvestment Development Authority.

(d) Any agreement under (c) above shall require full repayment of the loan.

N.J. Admin. Code § 19:65-4.1