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1. For the purposes of this act:
"
Area" means all or part of one or more political subdivisions of the
State of New Jersey;
"
Authority" means the "New Jersey Educational
Facilities Authority " established pursuant to N.J.S.18A:72A-1
et seq.;
"
Board" means the Public Library Construction Advisory
Board established pursuant to section 3 of P.L.1999, c.184
(C.18A:74-26);
"
Eligible project costs" means costs incurred in a
project approved by the board;
"
Fund" means the "Public Library Project Fund" established
pursuant to section 2 of P.L.1999, c.184 (C.18A:74-25);
"
Project" means any construction, expansion, rehabilitation
or acquisition project eligible for a grant under regulations
promulgated under section 3 of P.L.1999, c.184 (C.18A:74-26);
"
Public library" means a library that serves free of
charge all residents of an area as established pursuant
to chapter 33 or chapter 54 of Title 40 of the New Jersey
Statutes; or a library established pursuant to N.J.S.15A:1-1
et seq. and receiving public funds pursuant to R.S.40:54-35;
"
Secretary" means the Secretary of State of the State
of New Jersey or the Secretary's designated representative.
L.1999,c.184,s.1; amended 2001, c.148.
2. The "Public Library Project Fund" is established as a separate
account in the New Jersey Educational Facilities Authority to carry out
the purposes of P.L.1999, c.184 (C.18A:74-24 et al.). The fund shall be
administered by the authority and shall be credited with:
a. moneys received from the issuance of bonds, notes or other obligations
issued pursuant to section 5 of P.L.1999, c.184 (C.18A:74-28);
b. moneys appropriated by the State for the purposes of the fund; and
c. all interest and investment earnings received on moneys in the fund.
L.1999,c.184,s.2.
3. There is created a Public Library Construction Advisory Board to be
comprised of seven members as follows: the Secretary of State or the secretary's
designee who shall serve as the chair; the State Librarian or the librarian's
designee; a member of the State Library Advisory Council established pursuant
to section 13 of P.L.1969, c.158 (C.18A:73-28), or the council's designee,
who shall be chosen by the council and shall serve at the pleasure of the
council and until a successor is chosen; and four persons with library,
construction, or finance experience who shall be appointed by the
Governor with the advice and consent of the Senate and who shall serve
at the pleasure of the Governor and until their successors are appointed
and shall have qualified.
Moneys in the fund shall be distributed as grants to public libraries for
part of eligible project costs as enumerated in section 4 of P.L.1999,
c.184 (C.18A:74-27), based on criteria and a competitive selection process
established by the board. The board shall promulgate regulations
prescribing procedures for applying for a grant and the terms and conditions
for receiving a grant. A grant application shall include a complete description
of the project to be financed and an identification of additional sources
of revenue to be used. An application shall be reviewed, and approved
or denied by the board in accordance with uniform procedures by resolution
of the board. When a grant is approved by the board, the board
shall establish the recommended grant amount and shall submit to the Joint
Budget Oversight Committee, or its successor, the board's approved
amount of the grant and a brief description of the project for approval
by the committee. Any grant not disapproved by the Joint Budget Oversight
Committee within 30 days of such submission shall be deemed approved by
the committee. After a grant application is approved by the committee, the
board shall forward a copy of the application and certify the approved
amount of the grant to the authority.
L.1999,c.184,s.3.
18A:74-27 Project costs eligible for grants.
4. The following project costs shall be eligible for grants, at the discretion of
the board:
a. Construction of new buildings to be used for public library purposes;
b. Expansion, rehabilitation or acquisition of existing buildings to be
used for public library purposes;
c. Expenses, other than interest and the carrying charge on bonds, incurred
after the effective date of P.L.1999, c.184 (C.18A:74-24 et al.),
related to the acquisition of land on which there is to be construction
of new buildings or expansion of existing buildings to be used for public
library purposes, provided the expenses constitute an actual cost or a
transfer of public funds in accordance with the usual procedures generally
applicable to all State and local agencies and institutions;
d. Site grading and improvement of land on which buildings used for public library
purposes are located or are to be located;
e. Architectural, engineering, consulting and inspection services related
to the specific project for which application for financial assistance
is made;
f. Expenses, other than interest and the carrying charges on bonds, related to
the acquisition of existing buildings to be used for public library purposes,
provided the expenses constitute an actual cost or a transfer of public
funds in accordance with the usual procedures generally applicable to all
State and local agencies and institutions; and
g. Expenses relating to the acquisition and installation of equipment
to be located in public library facilities, including all necessary building
fixtures and utilities, office furniture and public library equipment,
such as library shelving and filing equipment, catalogs, cabinets, circulation
desks, reading tables, study carrels, and information retrieval devices including video,
voice, and data telecommunications equipment and linkages with a useful
life of 10 years or more necessary for Internet access, but not including
books or other library materials.
L.1999,c.184,s.4.
5. a. The authority shall from time to time issue bonds, notes or
other obligations in an amount sufficient to finance the grants provided
under P.L.1999, c.184 (C.18A:74-24 et al.) and to finance the administrative
costs associated with the approval process and the issuance of the bonds,
notes, or other obligations, provided however that the aggregate principal
amount of the bonds, notes or other obligations shall not exceed $45,000,000
and the term of any bond, note, or other obligation issued shall not exceed
30 years. In computing the foregoing limitation as to amount, there
shall be excluded all bonds, notes or other obligations which have been
retired or which shall be issued for refunding purposes, provided that
the refunding is determined by the authority to result in a
debt service savings. The authority shall issue the bonds,
notes or other obligations in such manner as it shall determine in accordance
with the provisions of P.L.1999, c.184 (C.18A:74-24 et al.) and the "New
Jersey educational facilities authority law," N.J.S.18A:72A-1 et seq.,
provided that no bonds, notes or other obligations shall be issued pursuant
to this section without the prior written consent of the State Treasurer.
b. The State Treasurer is hereby authorized to enter into a contract with
the authority pursuant to which the State Treasurer, subject to available
appropriations, shall pay the amount necessary to pay the principal and
interest on bonds, notes and other obligations of the authority issued
pursuant to P.L.1999, c.184 (C.18A:74-24 et al.) plus any amounts payable
in connection with an agreement authorized under subsection f. of this
section.
c. The authority shall enter into a contractual agreement with the appropriate
local governing entity in the area served by the public library, and the
agreement shall be approved by a resolution of the authority. Each
agreement with an appropriate entity shall include provisions
as may be necessary to ensure that the entity shall provide an amount equal
to 300% of the grant amount.
The authority may enter into a loan agreement with the appropriate local
governing entity in the area served by the public library to finance the
entity's matching amounts for the project including, but not limited to,
the payment of principal and interest on the bonds, notes and other obligations
of the authority issued pursuant to this section or its share of any amount
payable in connection with an agreement authorized pursuant to this section
or the entity's share of any amount payable in connection with an agreement
authorized under subsection f. of this section. The loan may be secured
by the entity's guarantee or the issuance of county or municipal bonds
to the authority in a private sale.
d. Bonds, notes or other obligations issued pursuant to P.L.1999, c.184
(C.18A:74-24 et al.) shall not be in any way a debt or liability of the
State or of any political subdivision thereof other than the authority
and shall not create or constitute any indebtedness, liability or obligation
of the State or of any political subdivision thereof, or be or constitute
a pledge of the faith and credit of the State or of any political
subdivision thereof, but all bonds, notes or other obligations, unless
funded or refunded by the bonds, notes or other obligations of the authority,
shall be payable solely from revenues of funds pledged or available for
their payment as authorized by P.L.1999, c.184 (C.18A:74-24 et al.). Each
bond, note or other obligation shall contain on its face a statement to
the effect that the authority is obligated to pay the principal thereof,
redemption premium, if any, or the interest thereon only from revenue or
funds of the authority, and that neither the State nor any political
subdivision thereof is obligated to pay the principal thereof, redemption
premium, if any, or interest thereon, and that neither the faith and credit
nor the taxing power of the State or of any political subdivision thereof
is pledged to the payment of the principal of, redemption premium, if any,
or the interest on the bonds, notes or other obligations.
e. The State of New Jersey does hereby pledge to and covenant and agree
with the holders of any bonds, notes or other obligations issued pursuant
to the authorization of P.L.1999, c.184 (C.18A:74-24 et al.) that the State
shall not limit or alter the rights or powers hereby vested in the authority
to perform and fulfill the terms of any agreement made with the holders
of the bonds, notes or other obligations, or to fix, establish, charge
and collect such rents, fees, rates, payments, or other charges as may
be convenient or necessary to produce sufficient revenues to meet all expenses
of the authority and to fulfill the terms of any agreement made with the
holders of the bonds, notes and other obligations together with interest
thereon, with interest on any unpaid installments of interest, and all
costs and expenses in connection with any action or proceedings by or on
behalf of the holders, until the bonds, notes and other obligations, together
with interest thereon, are fully met and discharged or provided for.
f. In connection with any bonds or refunding of bonds issued pursuant to
this section, the authority may also enter into any revolving credit agreement;
agreement establishing a line of credit or letter of credit; reimbursement
agreement; interest rate exchange agreement; currency exchange agreement;
interest rate floor cap, option, put or call to hedge payment, currency,
rate, spread or similar exposure, or similar agreement; float agreement;
forward agreement; insurance contract; surety bond; commitment to purchase
or sell bonds; purchase or sale agreement; or commitment or other contract
or agreement or other security agreement approved by the authority.
L.1999,c.184,s.5.
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