7. a. There is established the Clean and Safe Fund to be held by the State Treasurer, which shall be the repository for all moneys required to be deposited therein under subsection b. of section 9 of P.L.2016, c.5 (C. 52:27BBBB-25) and any moneys appropriated annually to the fund. The State Treasurer may invest and reinvest any moneys in the fund, or any portion thereof, in legal obligations of the United States or of the State or of any political subdivision thereof. Any income from, interest on, or increment to moneys so invested or reinvested shall be included in the fund.

b. Moneys in the fund shall be expended by Atlantic City, or another governmental entity working on behalf of Atlantic City, to pay for capital public safety expenses, streetscape improvements, plantings, roadway median improvements, shade trees, beautification, wayfinding, lighting, cleaning equipment, waste receptacles, sidewalk repair, and related maintenance. The governing body of Atlantic City may fund a project authorized under this subsection with moneys deposited in the Clean and Safe Fund subject to approval of the Director of the Division of Local Government Services in the Department of Community Affairs.

c. If Atlantic City is no longer deemed a municipality in need of stabilization and recovery, as defined in section 3 of P.L.2016, c.4 (C. 52:27BBBB-3), then Atlantic City shall receive any money in the Clean and Safe Fund and any future dedication to the Clean and Safe Fund pursuant to subsection b. of section 9 of P.L.2016, c.5 (C. 52:27BBBB-25) subject to a memorandum of understanding executed with the State Treasurer that restricts the use of such moneys to the purposes authorized under subsection b. of this section.

L. 2021, c.315, s.7.