New Jersey Statutes 58:11B-20.4. Definitions
Terms Used In New Jersey Statutes 58:11B-20.4
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- 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
“Bank” means the New Jersey Infrastructure Bank, created pursuant to section 4 of P.L.1985, c.334 (C. 58:11B-4).
“Bonds” mean the bonds issued, or authorized to be issued, by the bank pursuant to sections 1 through 8 of P.L.2023, c.63 (C. 58:11B-20.3 et al.) and in compliance with the bank’s authority pursuant to, and subject to the same conditions as provided in, P.L.1985, c.334 (C. 58:11B-1 et seq.) or P.L.1997, c.224 (C. 58:11B-10.1 et al.), as applicable.
“Commissioner” means the Commissioner of Environmental Protection.
“Community Hazard Assistance Mitigation Program” means the program established by the bank pursuant to sections 1 through 8 of P.L.2023, c.63 (C. 58:11B-20.3 et al.).
“Fund” means the Community Hazard Assistance Mitigation Program Revolving Loan Fund established pursuant to section 3 of P.L.2023, c.63 (C. 58:11B-10.6).
“Hazard mitigation and resilience project” means a hazard mitigation and resilience project identified on a State or local hazard mitigation plan, undertaken by the State, a local government unit, or a nonprofit organization in accordance with the provisions of the STORM Act.
“Loan origination fee” means the fee charged by the bank in connection with services provided to a sponsor of a hazard mitigation and resilience project pursuant to the sponsor’s participation in the Community Hazard Assistance Mitigation Program. A project sponsor may finance any portion of the loan origination fee through the bank by a hazard mitigation and resilience project assistance loan to pay a portion of the costs incurred by the bank in the implementation of the Community Hazard Assistance Mitigation Program.
“Local government unit” means any county or municipality, or any agency, instrumentality, authority, or corporation of any county or municipality, or any other entity eligible to receive federal funds pursuant to the STORM Act.
“Nonprofit organization” means a private nonprofit organization that is exempt from federal taxation pursuant to section 501 (c)(3) of the federal Internal Revenue Code, 26 U.S.C. § 501 (c)(3).
“Other assistance” means the same as the same as the term is defined in section 3 of P.L.1985, c.334 (C. 58:11B-3).
“State Office of Emergency Management” means the Office of Emergency Management in the Division of State Police in the Department of Law and Public Safety.
“STORM Act” means the “Safeguarding Tomorrow through Ongoing Risk Mitigation Act,” Pub. L. 116-284, as amended or superseded, and any rules, regulations, or guidance adopted pursuant thereto by the Federal Emergency Management Agency.
L.2023, c.63, s.2.