3. a. In connection with any economic redevelopment and growth grant project, the municipality in which the project is located may issue bonds itself in the manner provided for herein or pursuant to the "Local Redevelopment and Housing Law," P.L.1992, c.79 (C.40A:12A-1 et al.) or may apply to an authority to issue bonds, regardless of whether the economic redevelopment and growth grant project is undertaken pursuant to section 4 or section 5 of P.L.2009, c.90 (C.52:27D-489d or C.52:27D-489e), which, in any case, may be secured by an incentive grant pledge, and may be further secured by a municipal lien, by special assessments, or both a municipal lien and special assessments, by the adoption of a resolution or ordinance, as applicable, of the governing body of the municipality or the authority to that effect. The term of any bond secured in whole or in part by an incentive grant pledge shall not exceed the eligibility period of the redevelopment incentive grant agreement that provides for the incentive grant that is pledged. Nothing contained in sections 1 through 11 of P.L.2018, c.97 (C.52:27D-489k1 et seq.) shall be construed as preventing the pledge, assignment, transfer, or sale of any or all of a developer's right, title, and interest in and to a redevelopment incentive grant agreement and in the incentive grants payable thereunder, and the right to receive same, along with the rights and remedies provided to a developer under a redevelopment incentive grant agreement in accordance with subsection g. of section 9 of P.L.2009, c.90 (C.52:27D-489i) or subsection g of section 11 of P.L.2009, c.90 (C.52:27D-489k), as applicable, or shall purport to limit the use of such pledge, assignment, transfer, or sale with respect to the issuance of bonds hereunder or under other applicable law. Furthermore, nothing contained in sections 1 through 11 of P.L.2018, c.97 (C.52:27D-489k1 et seq.) shall prevent a State entity from financing an economic redevelopment and growth grant project in accordance with the State entity's enabling legislation and section 9 of P.L.2009, c.90 (C.52:27D-489i), which financing shall not be subject to the provisions of sections 1 through 11 of P.L.2018, c.97 (C.52:27D-489k1 et seq.). b. A municipality may provide by ordinance for one or more special assessments on the economic redevelopment and growth grant project in accordance with chapter 56 of Title 40 of the Revised Statutes, R.S.40:56-1 et seq.; provided, however, the local improvements for which such special assessments may be made may include any improvement in the economic redevelopment and growth grant project whether or not listed at R.S.40:56-1 and, provided further, that the provisions of R.S.40:56-35 shall be applied so that if any installment of a special assessment shall remain unpaid for 30 days after the time at which it shall become due, the municipality may provide, by ordinance, either that: (1) the whole assessment or balance due thereon shall become and be immediately due; or, (2) any subsequent installments which would not yet have become due except for the default shall be considered as not in default and that the lien for the installments not yet due shall continue; and provided, further, that the ordinance may require that the assessments be payable in quarterly, semi-annual, or yearly installments, with legal interest thereon, over a period of years up to but in no event exceeding the period of years for which the bonds were issued. In levying a special assessment on the lands or improvements, or both, on which the economic redevelopment and growth grant project is located, the municipality may provide that the amount of the special assessment shall be a specific amount, not to exceed the cost of the improvements, plus any out-of-pocket costs or expenses incurred in connection with such improvements, including, but not limited to, architectural, engineering, financing, legal, and other professional fees, paid with respect to property benefitted by the improvements. That specific amount shall, to the extent accepted by the owner of the property benefitted, be deemed the conferred benefit, in lieu of the amount being determined by the procedures otherwise applicable to determining the actual benefit conferred on the property. Special assessments levied pursuant to an ordinance adopted under this subsection shall constitute a municipal lien under R.S.40:56-33. c. Upon adoption, a copy of the ordinance shall be filed for public inspection in the office of the municipal clerk, and there shall be published in a newspaper, published or circulating in the municipality, a notice stating the fact and the date of adoption and the place where the ordinance is filed and a summary of the contents of the ordinance. The notice shall state that any action or proceeding of any kind or nature in any court questioning the validity or proper authorization of the ordinance or the actions authorized to be taken as set forth in the ordinance shall be commenced within 20 days after the publication of the notice. If no action or proceeding questioning the validity of the ordinance providing for special assessments or other actions authorized by the ordinance shall be commenced or instituted within 20 days after the publication of the notice, the county and the school district and all other municipalities within the county and all residents and taxpayers and owners of property therein shall be forever barred and foreclosed from instituting or commencing any action or proceeding in any court questioning the validity or enforceability of the ordinance or the validity or enforceability of acts authorized under the ordinance, and the ordinance and acts authorized by the ordinance shall be conclusively deemed to be valid and enforceable in accordance with their terms and tenor. d. The municipality may include in the terms of a bond or contract, including an incentive grant pledge, a provision that the pledge of an incentive grant or special assessments shall constitute a municipal charge for the purposes of R.S.54:4-66. e. The incentive grant pledge or special assessments, or both, may be assigned directly by the municipality or the authority to the trustee for the bonds as payment or security for the bonds, provided that the assignment of the pledge of a State incentive grant shall be made only upon notice to and consent of the New Jersey Economic Development Authority and the State Treasurer. Notwithstanding any law to the contrary, the assignment shall be an absolute assignment of all the municipality's right, title, and interest in the incentive grant pledge or special assessments, or both, or portion thereof, along with the rights and remedies provided to the municipality under the agreement including, but not limited to, the right of collection of payments due. Any interest that is subject to a lien established under this section shall not be transferred, conveyed, assigned, disposed of, or sold, whether by tax sale or otherwise, free and clear of the redevelopment incentive grant agreement and any incentive grant pledges due thereunder while bonds are secured thereby, regardless of the consent of the parties or order of any court, whether in law or in equity, unless any such transfer or conveyance is provided for under the terms and conditions set forth in the bond resolution or bond ordinance, as applicable. Any purchaser, transferee, successor, grantee, or assignee of such interest, whether at a tax sale or otherwise, shall take title to such interest subject to the obligations imposed by the redevelopment incentive grant agreement. Notwithstanding any provision in this section or in any other law to the contrary, no purchaser, transferee, successor, grantee, or assignee shall be assigned a State redevelopment incentive grant agreement or have any of the rights, duties, or obligations of a State redevelopment incentive grant agreement without notice to and consent of the New Jersey Economic Development Authority and the State Treasurer. Incentive grant pledges and special assessments assigned as provided hereunder shall not be included in the general funds of the municipality, nor shall they be subject to any laws regarding the receipt, deposit, investment, or appropriation of public funds and shall retain such status notwithstanding enforcement of the payment or assessment by the municipality or assignee as provided herein. The municipality shall be a "person" within the meaning of that term as defined in section 3 of P.L.1974, c.80 (C.34:1B-3); and the purpose described in this section shall be a "project" within the meaning of that term as defined in section 3 of P.L.1974, c.80 (C.34:1B-3). f. Notwithstanding the provisions of subsection g. of section 37 of P.L.1992, c.79 (C.40A:12A-37), the bonds issued pursuant to this section shall be issued as non-recourse obligations, and shall not be considered to be direct and general obligations of the municipality, and the municipality shall not be obligated to levy and collect a tax sufficient in an amount to pay the principal and interest on the bonds when the same become due and payable. The provisions of the "Local Government Supervision Act (1947)," P.L.1947, c.151 (C.52:27BB-1 et seq.) shall not apply to any bonds issued or authorized pursuant to this section and those bonds shall not be considered gross debt of the municipality on any debt statement filed in accordance with the "Local Bond Law," N.J.S.40A:2-1 et seq., and the provisions of chapter 27 of Title 52 of the Revised Statutes shall not apply to such bonds. g. The proceeds from the sale of bonds and any funds provided by any department of the State, authority created by the State, or bi-state authority, for the purposes described in sections 1 through 11 of P.L.2018, c.97 (C.52:27D-489k1 et seq.),or for the purpose of financing or refinancing an economic redevelopment and growth grant project pursuant to section 5 of P.L.2009, c.90 (C.52:27D-489e), shall not require compliance with public bidding laws, including the "Local Public Contracts Law," P.L.1971, c.198 (C.40A:11-1 et seq.), or any other statute where the developer shall undertake the economic redevelopment and growth grant project. The use of these funds shall be subject to public accountability and oversight by the issuer of those bonds, regardless of whether the municipality, agency, or authority provides the funds. h. A bond, whether issued by a municipality or an authority, shall be subject to the review and approval of the Local Finance Board. That review and approval shall be made prior to approval of an ordinance or a resolution, as may be required by the law pursuant to which the bonds are issued. The board shall be entitled to receive from the applicant an amount sufficient to provide for all reasonable professional and other fees and expenses incurred by it for the review, analysis, and determination with respect thereto. As part of its review, the board shall specifically solicit comments from the New Jersey Economic Development Authority in addition to comments from the public. As part of the board's review and approval, it shall consider comments submitted, and whether the issuance of the bond will adversely impact the financial stability of the municipality or the service area of the authority. i. A municipality that has assigned any portion of the incentive grant pledge it receives as payment or security for bonds, may, with the consent of the developer, the New Jersey Economic Development Authority, and the State Treasurer, also pledge a portion of the incentive grant pledge as payment or security for bonds in order to finance or refinance any cost or expense of the municipality or authority. j. In the case of a municipality which is otherwise subject to tax or revenue sharing pursuant to law and which assigns a portion of the incentive grant pledge or special assessments to secure bonds issued by the municipality or the authority, the assigned portion of the incentive grant pledge or special assessments shall not be considered part of the tax or revenue sharing formula or calculation of municipal revenues for the purpose of determining whether that municipality is obligated to make payment to, or receive a credit from, any tax sharing or revenue sharing pool. k. Notwithstanding any law to the contrary, in the event that bonds shall be issued that are secured by incentive grant pledges pursuant to a redevelopment incentive grant agreement, the redevelopment incentive grant agreement shall not be terminated for any reason after such bonds are issued and during the period that the bonds are outstanding, except solely in the instances where the economic redevelopment and growth grant project has not been completed within the period of time required by the redevelopment incentive grant agreement, or the economic redevelopment and growth grant project has materially changed without prior approval of the New Jersey Economic Development Authority and the State Treasurer, in which cases the New Jersey Economic Development Authority and the State Treasurer may terminate the redevelopment incentive grant agreement in accordance with its terms. Nothing herein shall preclude the New Jersey Economic Development Authority or State Treasurer from exercising its rights under the redevelopment incentive grant agreement to compel specific performance or terminating the redevelopment incentive grant agreement prior to the issuance of bonds for any reason in accordance with its terms. L.2018, c.97, s.3.