N.J. Admin. Code § 19:30-1.3

Current through Register Vol. 56, No. 24, December 18, 2024

Section 19:30-1.3 - Organization

(a) The governing body of the New Jersey Economic Development Authority, in but not of the Department of Treasury, consists of the Chief Executive Officer of the New Jersey Commerce, Economic Growth and Tourism Commission, the Commissioner of Banking and Insurance, the Commissioner of Labor and Workforce Development, the State Treasurer, the Commissioner of Education and eight public members and three alternate members appointed by the Governor (collectively referred to as Members). Two public members and one alternate member are appointed by the Governor upon the advice and recommendation of the Senate President, and two public members and one alternate member are appointed by the Governor upon the recommendation of the Speaker of the General Assembly. A representative of the Economic Recovery Board shall serve as a non-voting member. The Authority is chaired by a public member appointed by the Governor.

(b) The Authority maintains the following functional divisions to administer its programs:

1. The Program Services Division administers the issuance of tax exempt bonds.

i. To manufacturing firms to meet capital financing needs;

ii. For certain exempt activities as defined in the United States Internal Revenue Code;

iii. To benefit certain nonprofit organizations;

iv. To refund eligible projects; and

v. To benefit certain local, county and State governmental units or agencies.

2. The Program Services Division also administers the issuance of taxable bonds for projects not eligible for tax-exempt bonds,

3. The Credit Underwriting Division administers guarantees and direct loans for fixed asset financing and for working capital; and

4. The Division of Real Estate Development develops modern business parks and commercial facilities to provide improved, affordable building space for businesses and other users in urban centers and other areas in need of economic expansion or diversity.

N.J. Admin. Code § 19:30-1.3

New Rule R.1990 d.411, effective 8/20/1990.
See: 22 New Jersey Register 1537(a), 22 New Jersey Register 2532(a).
Amended by R.1995 d.435, effective 8/21/1995.
See: 27 New Jersey Register 2377(a), 27 New Jersey Register 3216(a).
Amended by R.2000 d.297, effective 7/17/2000.
See: 32 N.J.R. 1705(a), 32 N.J.R. 2602(c).
Rewrote (a). Amended by R.2005 d.274, effective 8/15/2005.
See: 37 New Jersey Register 1714(a), 37 New Jersey Register 3058(a).
Rewrote the section.