40:48-8.21a. Convention hall facility; operating deficiency; payment from tax revenues; limitations; conditions

Notwithstanding the provisions of P.L.1981, c. 461 (C. 40:48-8.16a et al.), the State Treasurer may apply an amount not to exceed 1/6 of the revenues collected by the State Treasurer pursuant to P.L.1947, c. 71 (C. 40:48-8.15 et seq.) on or after January 1, 1983, to the payment of any deficiency between the operating expense budget and the anticipated operating revenues available for the operation of a convention hall facility located in a municipality which has adopted an ordinance pursuant to P.L.1947, c. 71. The payment shall be made upon the approval by the State Treasurer of an application therefor by the county improvement authority or other public agency operating the facility. The State Treasurer shall limit the amount of payment to be made under this section, if such limitation is necessary to ensure the payment of principal and interest on any bonds or other obligations issued by, or any lease payments of, the county improvement authority with respect to that facility. The State Treasurer may, in approving an application pursuant to this section, attach such conditions thereto, including the reduction or limitation of items included in the operating expense budget of the facility, as the State Treasurer shall deem appropriate.

The State Treasurer may promulgate such rules and regulations as may be necessary to effectuate the provisions of this section.

L.1982, c. 125, s. 4, eff. Sept. 2, 1982.