[First Reprint]

SENATE, No. 2575

STATE OF NEW JERSEY

216th LEGISLATURE

 

INTRODUCED DECEMBER 1, 2014

 


 

Sponsored by:

Senator  STEPHEN M. SWEENEY

District 3 (Cumberland, Gloucester and Salem)

Senator  JIM WHELAN

District 2 (Atlantic)

 

 

 

 

SYNOPSIS

     Reallocates casino investment alternative tax to Atlantic City to pay debt service on municipal bonds issued.

 

CURRENT VERSION OF TEXT

     As reported by the Senate Budget and Appropriations Committee on December 8, 2014, with amendments.

  


An Act concerning the allocation of the casino investment alternative tax and supplementing P.L.1977, c.110 (C.5:12-1 et seq.).

 

     Be It Enacted by the Senate and General Assembly of the State of New Jersey:

 

     1.    Notwithstanding the provisions of section 3 of P.L. 1984, c.218 (C.5:12-144.1) or any other law to the contrary, including subsection k. of section 5 of P.L.2011, c.18 (C.5:12-219), the moneys received by the State Treasurer derived from the payment of the investment alternative tax in the amount specified in paragraph (2) of subsection a. of section 3 of P.L.1984, c.218 (C.5:12-144.1) and the investment alternative in the amount as specified in section 17 of P.L.2013, c.27 (C.5:12-95.19) 1, except for any amount thereof pledged for payment of bonds issued by the Casino Reinvestment Development Authority or otherwise contractually obligated by the authority prior to the effective date of this act,1 shall be allocated to the city of Atlantic City for the purposes of paying debt service on bonds issued by Atlantic City prior to the effective date of this 1[section] act1.

 

     2.    This act shall take effect immediately and expire 15 years thereafter.