52:27D-118.27 - Short-term financial assistance - New Jersey Statutes

52:27D-118.27.   Short-term financial assistance
    The moneys appropriated in section 9 of this act may be used to provide short-term financial assistance to eligible municipalities to enable them to meet their immediate budgetary needs and regain their financial stability, affording them an opportunity to develop, revive and expand their economic bases.  The financial assistance provided shall include, but not be limited to, loans, loan guarantees, and grants.  The form, amount and terms of the financial assistance, including whether or not any loan shall be repaid with interest and if so, the rate of interest, shall be determined by the Local Finance Board.  All loans, along with the interest thereon, if any, shall be repaid by the recipient municipality to the State on the date or dates specified by the Local Finance Board.

   L. 1987, c. 75, s. 4.