SENATE, No. 1051

STATE OF NEW JERSEY

INTRODUCED MAY 2, 1996

By Senators KENNY, LYNCH, Adler, Lipman, Rice, Codey, Girgenti, Sacco, O'Connor, Casey, Lesniak, Baer, Zane, McGreevey and Bryant

An Act establishing a Commercial Development Mortgage Guarantee Fund, supplementing P.L.1974, c.80 (C.34:1B-1 et seq.) and making an appropriation.

    Be It Enacted by the Senate and General Assembly of the State of New Jersey:

    1. There is established, within the New Jersey Economic Development Authority, the Commercial Development Mortgage Guarantee Fund, which will provide mortgage guarantees for loans to businesses to establish employment-generating facilities in the State. In using moneys from the fund, the authority will give priority to large-scale projects which provide high levels of permanent employment and will seek to maximize additional resources from private and other public sources to create the maximum possible number of permanent, full time jobs.

    2. There is appropriated $50 million from the General Fund to the Commercial Development Mortgage Guarantee Fund to implement the purposes of this act.

    3. This act shall take effect immediately.

STATEMENT

    This bill establishes, within the New Jersey Economic Development Authority, the Commercial Development Mortgage Guarantee Fund, which will provide mortgage guarantees for loans to businesses to establish employment-generating facilities in the State. In using moneys from the fund, the authority will give priority to large-scale projects which provide high levels of permanent employment and will seek to maximize additional resources from private and other public sources to create the maximum possible number of permanent, full time jobs.

    The bill appropriates $50 million from the General Fund to the Commercial Development Mortgage Guarantee Fund.