N.J. Stat. § 34:1B-7.7
This is the official text of N.J. Stat. § 34:1B-7.7, part of New Jersey’s Stat — part of the compiled statutory law of New Jersey, published by the state as "Stat." Browse the sections below, each linked to its official government source.
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Repayment by Economic Development Authority
Official statutory text
The New Jersey Economic Development Authority, as successor to the New Jersey State Area Redevelopment Authority through the Executive Reorganization Plan filed February 27, 1978, shall repay without interest to the State Treasurer all moneys realized from borrowers upon loans they obtained through the New Jersey State Area Redevelopment Authority, which loans were made from the sums transferred to the authority under section 10 of P.L. 1962, c. 204, section 1 of P.L. 1970, c. 253, and section 1 of P.L. 1973, c. 75 (C. 2A:37-41.2), from the special trust fund established by N.J.S. 2A:37-41, up to the amounts originally transferred. The repayment from moneys realized from borrowers shall be considered as cash received from payments of principal and interest from the borrowers and received from the liquidation of collateral securing such loans. Such repayments shall be net of all direct expenses incurred in servicing the loan or in protecting and collecting the collateral, or both. L. 1986, c. 127, s. 1, eff. Oct. 9, 1986.
Status: in_force · Read it on the official government site
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