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New Jersey Statutes, Title: 40, MUNICIPALITIES AND COUNTIES
Chapter 56: Local improvements; definition and enumeration; doing work as general improvement
Section: 40:56-71.5: Assessments to repay loan.
5. a. In any instance in which a municipality or a district management corporation receives a loan from the downtown business improvement loan fund, the governing body of the municipality shall establish assessments in the manner in which costs may be assessed pursuant to section 8 of P.L.1972, c.134 (C.40:56-72) within the special improvement district in which the downtown business improvement zone is located in an amount sufficient to produce revenues on an annual basis to repay the loan in accordance with the repayment schedule for the loan established by the Department of Community Affairs.
b. The Department of Community Affairs may, at any time, revoke the approval of an improvement or funding for an improvement if it finds that the payments made from the fund are not being used as required by P.L.1998, c.115 (C.40:56-71.1 et seq.).
L.1998,c.115,s.5.
This section added to the Rutgers Database: 2012-09-26 13:37:52.
Older versions of 40:56-71.5 (if available):
Court decisions that cite this statute:
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