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a. There is hereby established in the department the “Lead Hazard Control Assistance Fund” hereinafter referred to as the “fund,” which shall be continuing and nonlapsing, for the purpose of funding loans and grants authorized pursuant to P.L.2003, c. 311 (C.52:27D-437.1 et al.). Moneys in the fund not immediately required for payment or liquid reserves may be invested and reinvested by the department in the same manner in which other department funds may be invested.
b. There shall be paid into the fund:
(1) moneys deposited into the fund as repayment of principal and interest on outstanding loans made from the fund;
(2) any income earned upon investment of moneys in the fund by the department pursuant to subsection a. of this section; and
(3) any other funds that may be available to the fund through appropriation by the Legislature or otherwise.
c. Moneys in the fund shall be used exclusively for:
(1) funding loans and grants made by the department pursuant to section 5 of P.L.2003, c. 311 (C.52:27D-437.5);
(2) public education for the prevention of lead poisoning; and
(3) defraying the administrative costs of the department in carrying out the purposes and provisions of P.L.2003, c. 311 (C.52:27D-437.1 et al.) up to an amount not to exceed 5% of the total moneys appropriated to the fund during the fiscal year. The department shall determine the amounts to be made available from the fund for the purposes of grants and loans, respectively, on an annual basis.
d. All balances in the Lead Hazard Control Assistance Fund are appropriated for the purposes of the fund.
Cite this article: FindLaw.com - New Jersey Statutes Title 52. State Government, Departments and Officers 52 § 27D-437.4 - last updated February 19, 2021 | https://codes.findlaw.com/nj/title-52-state-government-departments-and-officers/nj-st-sect-52-27d-437-4/
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