Bill Text: NJ A3873 | 2010-2011 | Regular Session | Introduced
Bill Title: Requires corporations qualifying for State development subsidy grants to repay entire grant amount if corporation fails to uphold grant terms.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2011-03-07 - Introduced, Referred to Assembly Commerce and Economic Development Committee [A3873 Detail]
Download: New_Jersey-2010-A3873-Introduced.html
Sponsored by:
Assemblyman GILBERT "WHIP" L. WILSON
District 5 (Camden and Gloucester)
SYNOPSIS
Requires corporations qualifying for State development subsidy grants to repay entire grant amount if corporation fails to uphold grant terms.
CURRENT VERSION OF TEXT
As introduced.
An Act concerning State development subsidy grants to certain corporations and amending P.L.2007, c.200.
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. Section 10 of P.L.2007, c.200 (C.52:39-10) is amended to read as follows:
10. a. Any recipient corporation that knowingly makes a false material misrepresentation in any application, report or other disclosure that the recipient corporation is required to make pursuant to [this act] P.L.2007, c.200 (C.52:39-1 et seq.) shall refund any development subsidy to the granting body. The granting body may include provisions for the refund as part of an agreement to provide a development subsidy and may pursue an action to collect the amount of the refund plus any attorney fees and other costs of the action.
b. If a recipient corporation fails to uphold the terms of any agreement involving a development subsidy in the form of a grant that is issued by a public body to the recipient corporation, the recipient corporation shall refund the full amount of the grant to the public body. The granting body shall include provisions for the refund as part of an agreement to provide a development subsidy and may pursue an action to collect the amount of the refund plus any attorney fees and other costs of the action.
(cf: P.L.2007, c.200, s.10)
2. This act shall take effect immediately.
STATEMENT
This bill requires that, if a private corporation that has received a development subsidy grant issued by a public entity of the State, and the corporation fails to uphold the terms of any grant agreement with that public entity, the corporation shall refund the full amount of the grant to the public entity. The public entity issuing the grant shall include provisions for the refund as part of an agreement to provide a grant and may pursue an action to collect the amount of the refund plus any attorney fees and other costs of the action.
