New Jersey Statutes 18A:66-83. Investment in and acquisition of real property
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In New Jersey Statutes 18A:66-83
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Board: means the board of education. See New Jersey Statutes 18A:1-1
- Department: means the State Department of Education. See New Jersey Statutes 18A:1-1
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- 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
The director of the division of investment in the department of the treasury, in addition to other investments authorized by law, shall have authority, subject to the approval and acceptance by the board of trustees of the teachers’ pension and annuity fund, to invest in and acquire real property in the state of New Jersey on behalf of and in the name of the teachers’ pension and annuity fund, and to erect buildings and structures and make other improvements thereon, and to rent, lease, sell and dispose of the same, said lands, buildings, structures and improvements to be initially rented to the state of New Jersey for its use in accordance with the provisions of this article.
L.1967, c.271.