As used in this article, the following terms shall have the
meanings indicated:
DISTRICT MANAGEMENT CORPORATION
(Also referred to as "DMC") The 21st Avenue District Management
Corporation, Inc., an entity incorporated pursuant to Title 15A of
the New Jersey Statutes and designated by this article to receive
funds collected by a special improvement assessment within the special
improvement district, as authorized by this article and any amendatory
ordinances.
SPECIAL IMPROVEMENT DISTRICT
(Also referred to as "District" or "SID") That area within
the City of Paterson described by block and lot numbers and street
addresses as set forth in Schedule A and designated by this article as an area in which a special
assessment on property within the district shall be imposed for the
purpose of promoting the economic and general welfare of the district
and the City of Paterson in accordance with N.J.S.A. 40:56-65 et seq.
The municipality shall not be responsible for any debt or obligation
of the DMC, and shall not pledge its full faith and credit thereto,
except as it shall choose to do so in specific instances in accordance
with all applicable laws.