New Jersey Statutes 52:31C-10. Procedures for undertaking structured financing agreements by public agencies other than the State
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Terms Used In New Jersey Statutes 52:31C-10
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC
- 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
10. Notwithstanding any law to the contrary, the State Treasurer shall establish procedures under which a county or municipal governing board, a board of education, a sewerage authority created pursuant to the “sewerage authorities law,” P.L.1946, c.138 (C. 40:14A-1 et seq.), a utilities authority created pursuant to the “municipal and county utilities authorities law,” P.L.1957, c.183 (C. 40:14B-1 et seq.), or the Passaic Valley Sewerage Commissioners, continued pursuant to R.S.58:14-2 may undertake structured financing agreements involving local assets in a manner similar to that provided for State assets, including procedures for the incorporation in such agreements of provisions that accord entities participating in structured financing transactions such rights of immunity and indemnification as the State Treasurer, under subsections g. and h. of section 4 of P.L.1999, c.157 (C. 52:31C-4), may deem appropriate to be established for entities participating in a structured financing transaction with the State.
L.1999,c.157,s.10; amended 2000, c.54; 2003, c.106, s.2.