§ 40A:5A-3 — Definitions

3. As used in this act: a. "Authority" means a body, public and corporate, created by one or more municipalities or counties pursuant to any law authorizing that creation, which law provides that the public body so created has at least the following powers: (1) To adopt and use a corporate seal; (2) To sue and be sued; (3) To acquire and hold real or personal property for its purposes; and (4) To provide for and secure the payment of its bonds or other obligations, or to provide for the assessment of a tax on real property within its district, or to impose charges for the use of its facilities or any combination thereof. b. "Director" means the Director of the Division of Local Government Services in the Department of Community Affairs. c. "Service contract" means an agreement of a local unit or units intended to provide security for an issue of obligations of an authority, including, but not limited to, a contract providing for payments by a local unit or units with respect to a project, facility, or public improvement of an authority or payments for debt service therefor. d. "Local Finance Board" means the Local Finance Board in the Division of Local Government Services in the Department of Community Affairs. e. "Local unit or units" means a county or municipality which created or joined in the creation of an authority, or which proposes to create or join in the creation thereof, or which proposes to enter into a service contract with an authority. f. "Project financing" means the financing by an authority of a public facility for the benefit of the inhabitants of a local unit or units and for which the financing costs will be paid, directly or indirectly, by those inhabitants and includes payment for the design and plan for the public facility. g. "Bond resolution" means a bond resolution of an authority, or a trust indenture to be executed by an authority, or other similar proceeding or document. L.1983,c.313,s.3; amended 1987,c.319,s.1; 1992,c.79,s.52.