New Jersey Statutes 34:1B-77. Additional powers of authority
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Terms Used In New Jersey Statutes 34:1B-77
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- State: extends to and includes any State, territory or possession of the United States, the District of Columbia and the Canal Zone. See New Jersey Statutes 1:1-2
8. a. The authority shall have, in addition to the powers enumerated in section 5 of P.L.1974, c.80 (C. 34:1B-5), the power to enter into written agreements, including limited partnership agreements, with one or more professional investors or small business investment corporations or with one or more State agencies or authorities for the purposes of establishing a pool of moneys to be deposited in the assistance fund and to provide moneys, to be used exclusively for development loans to micro-business development corporations. The pooled moneys provided by the authority from the assistance fund shall be fixed at an interest rate to be determined by the authority and shall be for a term not exceeding one year.
b. The authority may also accept grants, donations, and other private and public income, including payments of interest on loans made by the authority.
c. The authority shall deposit all moneys received under this section in the assistance fund established pursuant to section 5 of this act.
L.1995,c.206,s.8.