Senator STEPHEN M. SWEENEY
District 3 (Cumberland, Gloucester and Salem)
Senator DAWN MARIE ADDIEGO
District 8 (Atlantic, Burlington and Camden)
Provides for investment of State pension fund assets in certain debt obligations issued by New Jersey Transportation Trust Fund Authority and New Jersey Infrastructure Bank.
CURRENT VERSION OF TEXT
As reported by the Senate Budget and Appropriations Committee on December 15, 2016, with amendments.
An Act providing for the investment of State pension fund assets in certain debt obligations issued by the New Jersey Transportation Trust Fund Authority and the New Jersey Infrastructure Bank, supplementing P.L.1950, c.270 (C.52:18A-79 et seq.).
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. 1[Notwithstanding] Consistent with1 the provisions of section 11 of P.L.1950, c.270 (C.52:18A-89) 1[or], but notwithstanding1 any other 1limitation or restriction on investments pursuant to any other1 law, rule, or regulation to the contrary, the Director of the Division of Investment in the Department of the Treasury is authorized to invest and reinvest the assets of any pension or annuity fund under the jurisdiction of the division, and otherwise allocated for investment in fixed-income securities, in bonds, notes, or other obligations at fair market value, issued and guaranteed as to interest and principal by, or on behalf of, the New Jersey Transportation Trust Fund Authority to provide for any of the authority’s corporate purposes and 1by, or on behalf of,1 the New Jersey Infrastructure Bank to capitalize the State Transportation Infrastructure Bank Fund established pursuant to section 34 of P.L.2016, c.56 (C.58:11B-10.4) with monies to effectuate the purposes of the 1[fund] State Transportation Infrastructure Bank Fund1. 1Nothing in this act shall be construed as limiting the authority of the State Investment Council to establish general investment policies and strategies as otherwise permitted by law.1
2. This act shall take effect immediately.