ASSEMBLY APPROPRIATIONS COMMITTEE

STATEMENT TO

ASSEMBLY, No. 33

STATE OF NEW JERSEY

DATED: JUNE 20, 1996

      The Assembly Appropriations Committee reports favorably Assembly Bill No. 33.

       Assembly Bill No. 33 amends the "Public School Capital Finance Assistance Act," P.L.1993, c.102, to provide that repayment of loans made to public school districts from the Public School Facilities Code Compliance Loan Fund and the Public School Facilities Loan Assistance Fund, in an amount not to exceed $20.5 million, will be paid to the State Treasurer for deposit into the General Fund. Once the amount of transferred funds reaches $20.5 million, loan repayments will again be applied for the purposes specified in the original act.

FISCAL IMPACT:

      The Governor's Fiscal Year 1997 recommended budget includes a transfer of $20.5 million from the from the Public School Facilities Code Compliance Loan Fund and the Public School Facilities Loan Assistance Fund to the General Fund.