N.J.S.A. 18A:72A-31 — Construction loans; terms

18A:72A-31. Construction loans; terms 18A:72A-31. The authority also shall have power: (a) to make loans to any participating institution for the construction or acquisition of projects in accordance with a loan agreement and plans and specifications, as appropriate, approved by the authority. No such loan shall exceed the total cost of such project and the equipment therefor as determined by the authority. Each such loan shall be premised upon an agreement between the authority and the participating institution as to payment, security, maturity, redemption, interest and other appropriate matters. (b) to make loans to any participating institution to refund existing bonds, mortgages or advances given or made by such participating institution for the construction of projects to the extent that this will enable such participating institution to offer greater security for loans for new project construction or acquisition. L.1967, c.271; amended 2021, c.415, s.15.

This is the verbatim text of N.J.S.A. 18A:72A-31, retrieved from the New Jersey Legislature's public statute corpus. Statutes are amended periodically — for the most current version, check the external source link above. Kyzer is not a law firm and this page is not legal advice.