New Jersey Statutes 40:56-83. District management corporation; powers
Terms Used In New Jersey Statutes 40:56-83
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- 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.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- 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
- person: includes corporations, companies, associations, societies, firms, partnerships and joint stock companies as well as individuals, unless restricted by the context to an individual as distinguished from a corporate entity or specifically restricted to one or some of the above enumerated synonyms and, when used to designate the owner of property which may be the subject of an offense, includes this State, the United States, any other State of the United States as defined infra and any foreign country or government lawfully owning or possessing property within this State. See New Jersey Statutes 1:1-2
b. The district management corporation shall have all powers necessary and requisite to effectuate its purposes, including, but not limited to, the power to:
(1) Adopt bylaws for the regulation of its affairs and the conduct of its business and to prescribe rules, regulations, and policies in connection with the performance of its functions and duties;
(2) Employ such persons as may be required, and fix and pay their compensation from funds available to the corporation;
(3) Apply for, accept, administer and comply with the requirements respecting an appropriation of funds or a gift, grant or donation of property or money;
(4) Make and execute agreements which may be necessary or convenient to the exercise of the powers and functions of the corporation, including contracts with any person, firm, corporation, governmental agency or other entity;
(5) Administer and manage its own funds and accounts and pay its own obligations;
(6) Borrow money from private lenders and from governmental entities;
(7) Fund the improvement of the exterior appearance of properties in the district through grants or loans;
(8) Fund the rehabilitation of properties in the district;
(9) Accept, purchase, rehabilitate, sell, lease or manage property in the district;
(10) Enforce the conditions of any loan, grant, sale or lease made by the corporation;
(11) Provide security, sanitation and other services to the district, supplemental to those provided normally by the municipality;
(12) Undertake improvements designed to increase the safety or attractiveness of the district to businesses which may wish to locate there or to visitors to the district, including, but not limited to, litter cleanup and control, landscaping, parking areas and facilities, recreational and rest areas and facilities, and those improvements generally permitted for pedestrian malls under section 2 of P.L.1972, c.134 (C. 40:56-66), pursuant to pertinent regulations of the governing body;
(13) Publicize the district and the businesses included within the district boundaries;
(14) Recruit new businesses to fill vacancies in, and to balance the business mix of, the district;
(15) Organize special events in the district;
(16) Provide special parking arrangements for the district;
(17) Provide temporary decorative lighting in the district.
L.1984,c.151,s.17; amended 2004, c.180.