ASSEMBLY, No. 512

STATE OF NEW JERSEY

Introduced Pending Technical Review by Legislative Counsel

PRE-FILED FOR INTRODUCTION IN THE 1996 SESSION

By Assemblyman ROBERTS

A Supplement to "An Act making appropriations for the support of the State Government and the several public purposes for the fiscal year ending June 30, 1995 and regulating the disbursement thereof," approved June 30, 1994 (P.L.1994, c.67).

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

    1. In addition to the amounts appropriated under P.L.1994, c.67, there is appropriated out of the General Fund the following sum for the purpose specified:

STATE AID

20 DEPARTMENT OF COMMERCE AND

ECONOMIC DEVELOPMENT

50 Economic Planning, Development and Security

51 Economic Planning and Development--State Aid

  20-2800 Economic Development........................ $3,900,000

        Total Appropriation, Economic Planning

          and Development.............................. $3,900,000

  State Aid:

    Property Tax Reserve Fund

      Requirements, Section 20 of P.L.1968,

      c.60 (C.12:11A-20).....................( $3,900,000 )

There are appropriated such additional sums as may be certified to the Governor by the South Jersey Port Corporation as necessary to meet the requirements of the "South Jersey Port Corporation Reserve Fund" under section 14 of P.L.1968, c.60 (C.12:11A-14), and the "South Jersey Port Corporation Tax Reserve Fund" under section 20 of P.L.1968, c.60 (C.12:11A-20), the expenditure of which shall be subject to the approval of the Director of the Division of Budget and Accounting.

    2. This act shall take effect immediately.

STATEMENT

    This bill makes a supplemental appropriation of $3,900,000 to the Department of Commerce and Economic Development for State aid for the South Jersey Port Corporation. The line item appropriation will allow the South Jersey Port Corporation to meet its statutory in lieu of tax obligations to local governments within whose boundaries the property of the corporation is located. The language provision allows the corporation to receive additional State aid as may be necessary for the corporation to meet its annual debt service reserve and in lieu of property tax requirements subject to the approval of the Director of the Division of Budget and Accounting in the Department of the Treasury. This bill restores the funding and the language provision that were contained in the Governor's proposed budget for fiscal year 1995 but were not included in the annual appropriations act as was passed by the Legislature and approved by the Governor for fiscal year 1995.

Supplemental appropriation of $3.9 million in State aid for South Jersey Port Corporation Property Tax Reserve Fund requirements.