ASSEMBLY, No. 950

 

STATE OF NEW JERSEY

 

Introduced Pending Technical Review by Legislative Counsel

 

PRE-FILED FOR INTRODUCTION IN THE 1996 SESSION

 

 

By Assemblyman FELICE

 

 

An Act concerning the State toll road authorities and the New Jersey Transportation Trust Fund Authority, amending various parts of the statutory law, supplementing Title 27 of the Revised Statutes and amending the title of P.L.1984, c.73.

 

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

 

    1. The title of P.L.1984, c.73 is amended to read as follows:

AN ACT concerning financing for the State's transportation system, creating the New Jersey Transportation, Toll Road and Trust Fund Authority and defining its functions, duties and powers, including the authorization to issue bonds, notes and other obligations and to establish three subsidiary administrations, creating the Transportation Trust Fund Account within the General Fund, providing for the credit to the Transportation Trust Fund Account of $88 million and amounts equivalent to increases authorized in motor vehicle registration fees and other fees and in the tax on diesel fuel, providing for payment of funds of the New Jersey Transportation, Toll Road and Trust Fund Authority to the Special Transportation Fund, and amending "The New Jersey Highway Authority Act," approved April 14, 1952 (P.L.1952, c.16), the "New Jersey Expressway Authority Act," approved February 19, 1962 (P.L.1962, c.10), and the "New Jersey Turnpike Authority Act of 1948," approved October 27, 1948 (P.L.1948, c.454) to provide authority for contractual payments by these toll road authorities or successor subsidiary administrations to the State or the New Jersey Transportation, Toll Road and Trust Fund Authority, amending various other parts of the statutory law and supplementing Title 27 of the Revised Statutes.

(cf: P.L.1984, c.73, Title)


    2. Section 1 of P.L.1984, c.73 (C.27:1B-1) is amended to read as follows:

    1. "This act shall be known and may be cited as the "New Jersey Transportation, Toll Road and Trust Fund Authority Act [of 1984]."

(cf: P.L.1984, c.73, s.1)

 

    3. Section 2 of P.L.1984, c.73 (C.27:1B-2) is amended to read as follows:

    2. The Legislature finds and declares that:

    a. A sound, balanced transportation system is vital to the future of the State and is a key factor in its continued economic development.

    b. The transportation infrastructure of the State is among the most heavily used in the nation and has deteriorated alarmingly in recent years, with parts of the highway system reaching the end of their useful lives. This deterioration has been caused, in part, because New Jersey, unlike most states and the federal government, has not provided a stable source of transportation funding.

    c. There exists an urgent need for a stable and assured method of financing the planning, acquisition, engineering, construction, reconstruction, repair and rehabilitation of the State's transportation system, including the financing of the State's share under federal aid highway laws of the cost of planning, acquisition, engineering, construction, reconstruction, repair, resurfacing, and rehabilitation of public highways and of the State's share of the planning, acquisition, engineering, construction, reconstruction, repair and rehabilitation of public transportation projects and other transportation projects in the State, that will enable the State to construct and maintain the safe, balanced, sound and efficient transportation system necessary for the well-being of the State's citizens.

    d. Unless additional State funding is provided immediately for the State's transportation system, the cost of repair and reconstruction will increase geometrically and the economic well-being and safety of users of the State's transportation system will be endangered.

    e. Transportation facilities under the jurisdiction of counties and municipalities form an integral and vital part of the State's transportation system. Without State aid, counties and municipalities will be unable to meet the cost of maintaining, rehabilitating and improving these facilities.

    f. The State's commitment to the payment for and financing of the State transportation system in a stable fashion, thus ensuring a predictable and continuing public investment in transportation and allowing the State to take full advantage of funds provided by the federal government, is a public use and public purpose for which public money may be expended and tax exemptions granted. The powers and duties of the New Jersey Transportation Trust Fund Authority and the other measures hereinafter described are necessary and proper for the purpose of achieving the ends herein recited.

    g. In order to assure a unified transportation system in the State, it is in the public interest for the State's toll road authorities to be organized into separate subsidiary administrations under one successor transportation authority to be known as the New Jersey Transportation, Toll Road and Trust Fund Authority which subsidiary administrations shall maintain, operate and finance toll road projects, shall succeed to all the requirements of the bond covenants and resolutions of the predecessor authorities and shall maintain the various reserves and other funds of each predecessor authority as they are currently maintained.

    h. Through the creation of such a successor authority, it is the intent of the Legislature to insure greater supervision and control of the finances and operations of the State's toll road authorities, to achieve more effective coordination of the various programs, policies and projects of the toll road authorities and to insure that the toll road authorities shall operate in a manner consistent with the public trust without interfering with the existing obligations to holders of bonds or notes.

(cf: P.L.1984, c.73, s.2)

 

    4. Section 3 of P.L.1984, c.73 (C.27:1B-3) is amended to read as follows:

    3. The following words or terms as used in this act shall have the following meaning unless a different meaning clearly appears from the context:

    a. "Act" means this New Jersey Transportation, Toll Road and Trust Fund Authority Act [of 1984].

    b. "Authority" means the New Jersey Transportation, Toll Road and Trust Fund Authority created by section 4 of this act.

    c. "Bonds" means bonds issued by the authority for its own benefit pursuant to the act.

    d. "Commissioner" means the Commissioner of Transportation.

    e. "Department" means the Department of Transportation.

    f. "Federal aid highway" means any highway within the State in connection with which the State receives payment or reimbursement from the federal government under the terms of Title 23, United States Code or any amendment, successor, or replacement thereof, for the purposes contained in the act.

    g. "Federal government" means the United States of America, and any officer, department, board, commission, bureau, division, corporation, agency or instrumentality thereof.

    h. "New Jersey Expressway Authority" means the public corporation created by section 4 of chapter 10 of the Laws of New Jersey of 1962 as amended or its successor.

    i. "New Jersey Highway Authority" means the public corporation created by section 4 of chapter 16 of the Laws of New Jersey of 1952 as amended or its successor.

    j. "New Jersey Turnpike Authority" means the public corporation created by section 4 of chapter 454 of the Laws of New Jersey of 1948 as amended or its successor.

    k. "Notes" means the notes issued by the authority for its own benefit pursuant to the act.

    l. "Public highways" means public roads, streets, expressways, freeways, parkways, motorways and boulevards, including bridges, tunnels, overpasses, underpasses, interchanges, rest areas, express bus roadways, bus pullouts and turnarounds, park-ride facilities, traffic circles, grade separations, traffic control devices, the elimination or improvement of crossings of railroads and highways, whether at grade or not at grade, and any facilities, equipment, property, rights of way, easements and interests therein needed for the construction, improvement and maintenance of highways.

    m. "Public transportation project" means, in connection with public transportation service, passenger stations, shelters and terminals, automobile parking facilities, ramps, track connections, signal systems, power systems, information and communication systems, roadbeds, transit lanes or rights of way, equipment storage and servicing facilities, bridges, grade crossings, rail cars, locomotives, motorbuses and other motor vehicles, maintenance and garage facilities, revenue handling equipment and any other equipment, facility or property useful for or related to the provision of public transportation service.

    n. "State agency" means any officers, department, board, commission, bureau, division, agency or instrumentality of the State.

    o. "Toll road authorities" means and includes the New Jersey Turnpike Authority, the New Jersey Highway Authority and the New Jersey Expressway Authority.

    p. "Transportation project" means, in addition to public highways, toll road projects, and public transportation projects, any equipment, facility or property useful or related to the provision of any ground, waterborne or air transportation for the movement of people and goods.

    q. "Transportation system" means public highways, public transportation projects, other transportation projects, and all other methods of transportation for the movement of people and goods.

    r. "Predecessor authorities" means and includes the toll road authorities.

    s. "South Jersey" means the area encompassing the counties of Atlantic, Burlington, Camden, Cape May, Cumberland, Gloucester, Ocean and Salem.

    t. "Successor authority" means the New Jersey Transportation, Toll Road and Trust Fund Authority .

    u. "Subsidiary administrations" means and includes the Turnpike Administration, Parkway Administration and Expressway Administration created by P.L. , c. (C. )(now pending before the Legislature as this bill).

    v. Toll road projects" means and includes any project authorized pursuant to P.L.1948, c.454, P.L.1952, c.16, or P.L.1962, c.10, whether operated by the predecessor authorities or the successor authority.

    w. "Toll roads" means and includes the New Jersey Turnpike, the Garden State Parkway and the Atlantic City Expressway.

    x. "Toll road revenues" means and includes all tolls, receipts and other revenues of the predecessor authorities or subsidiary administrations whether derived from toll road operations or toll road projects.

(cf: P.L.1984, c.73, s.3)

 

    5. Section 4 of P.L.1984, c.73 (C.27:1B-4) is amended to read as follows:

    4. a. There is hereby established in the department a public body corporate and politic, with corporate succession, to be known as the "New Jersey Transportation, Toll Road and Trust Fund Authority." For the purpose of complying with the provisions of Article V, Section IV, paragraph 1 of the New Jersey Constitution, the authority is hereby allocated within the Department of Transportation, but notwithstanding said allocation, the authority shall be independent of any supervision or control by the department or by any board or officer thereof. The authority is hereby constituted as an instrumentality of the State, exercising public and essential governmental functions, no part of whose revenues shall accrue to the benefit of any individual, and the exercise by the authority of the powers conferred by the act shall be deemed and held to be an essential governmental function of the State.

    b. The authority shall consist of five members as follows: the commissioner and the State Treasurer, who shall be members ex officio, and three public members, one of whom shall be appointed by the Governor, with the advice and consent of the Senate, and the two remaining to be appointed by the Governor, one of whom upon recommendation of the President of the Senate and the other upon recommendation of the Speaker of the General Assembly. The public member appointed by the Governor with the advice and consent of the Senate shall be a resident of South Jersey. No more than three members of the authority shall be of the same political party. The public members appointed by the Governor shall serve a four year term, except that the public member appointed by the Governor upon recommendation of the President of the Senate shall serve for a four year term and the public member appointed upon recommendation of the Speaker of the General Assembly shall serve for a two year term.

    With respect to those public members first appointed by the Governor: the Senate shall advise and consent to the appointment of the member not appointed upon recommendation of the President and the Speaker within 30 days of the receipt thereof from the Governor, such appointment having been sent by the Governor to the Senate within 20 days following the effective date of this act; the President of the Senate and the Speaker of the General Assembly shall send their recommendations for public members to the Governor within 20 days following the effective date of this act. The Governor has an additional 10 days to accept or reject in writing these recommendations.

    Each public member shall hold office for the term of the member's appointment and until the member's successor shall have been appointed and qualified. A member shall be eligible for reappointment. Any vacancy in the membership occurring other than by expiration of term shall be filled in the same manner as the original appointment but for the unexpired term only.

    Each public member of the authority appointed pursuant to P.L.1984, c.73 (C.27:1B-1 et seq.) shall hold office for the term of the member's appointment and shall serve as a member of the New Jersey Transportation, Toll Road and Trust Fund Authority until the member's successor shall have been appointed and qualified. Any vacancy in the membership occurring other than by expiration of term shall be filled in the same manner as the original appointment but for the unexpired term only.

    c. Each public member, except those appointed upon recommendation of the President of the Senate and the Speaker of the General Assembly, may be removed from office by the Governor, for cause, after public hearing, and may be suspended by the Governor pending the completion of such hearing. All members before entering upon their duties shall take and subscribe an oath to perform the duties of their office faithfully, impartially and justly to the best of their ability. A record of such oaths shall be filed in the Office of the Secretary of State.

    d. The authority shall not be deemed to be constituted and shall not take action or adopt motions or resolutions until at least three authorized members shall have been appointed and qualified in the manner provided in this section. The commissioner shall serve as chairperson of the authority. Prior to the authority being constituted, the chairperson is authorized to transfer up to $75 million to the department from the appropriations made to the authority for the fiscal year commencing July 1, 1984. The members shall annually elect one of their members as vice chairperson. The members shall elect a secretary and a treasurer, who need not be members, and the same person may be elected to serve both as secretary and treasurer. The powers of the authority shall be vested in the members thereof in office from time to time and three members of the authority shall constitute a quorum at any meeting thereof. Action may be taken and motions and resolutions adopted by the authority at any meeting thereof by the affirmative vote of at least three members of the authority. No vacancy in the membership of the authority shall impair the right of a quorum of the members to exercise all the powers and perform all the duties of the authority, except that the authority shall not have the power to issue its initial offering of bonds, notes or other obligations unless all five members of the authority shall have been appointed and qualified.

    e. The members of the authority shall serve without compensation, but the authority shall reimburse its members for actual expenses necessarily incurred in the discharge of their duties. Notwithstanding the provisions of any other law, no member shall be deemed to have forfeited nor shall the member forfeit the member's office or employment or any benefits or emoluments thereof by reason of the member's acceptance of the office of ex officio member of the authority or the member's services therein.

    f. Each ex officio member may designate an employee of the member's department or agency to represent the member at meetings of the authority. All designees may lawfully vote and otherwise act on behalf of the member for whom they constitute the designee. The designation shall be in writing delivered to the authority and shall continue in effect until revoked or amended in writing delivered to the authority.

    g. A true copy of the minutes of every meeting of the authority shall be forthwith delivered by and under the certification of the secretary thereof to the Governor. [No] Except as otherwise provided by P.L. , c. (C. ) (now pending before the Legislature as this bill), no action taken at the meeting by the authority shall have force or effect until 15 days after such copy of the minutes shall have been so delivered, unless during this 15-day period the Governor shall approve in writing the same or any part thereof, in which case the action shall become effective upon approval. If, in said 15-day period, the Governor returns a copy of the minutes with his veto of any action taken by the authority or any member thereof at the meeting, the action shall be null and void and of no effect. Notwithstanding the foregoing, if the last day of the 15-day period shall be a Saturday, Sunday or legal holiday, then the 15-day period shall be deemed extended to the next following business day. The powers conferred in this paragraph upon the Governor shall be exercised with due regard for the rights of the holders of bonds, notes or other obligations of the authority at any time outstanding, and nothing in, or done pursuant to, this paragraph shall in any way limit, restrict or alter the covenants contained in the bond indentures of the authority or predecessor authorities, nor any collective bargaining agreement or binding arbitration decision reached by the authority or any predecessor authorities or the obligation or powers of the authority or any representative or officer of the authority to carry out and perform in every detail each and every covenant, agreement or contract at any time made or entered into by or on behalf of the authority or predecessor authorities with respect to its bonds, notes or other obligations or with respect to any bonds, notes, or other obligations to which it is the successor or for the benefit, protection or security of the holders thereof.

    The minutes of every meeting of the authority shall be transcribed into printed form and made available to the members of the authority for their review. Each member shall complete his review of the printed minutes within 20 days following the date of receipt of the minutes after which each member shall submit the copy of the minutes to the authority together with a signed certification stating that the member has reviewed the minutes of the meeting. Upon receipt of the signed certifications of all the members present at a meeting, the authority shall cause the minutes and any comments submitted by the members to be printed, bound and made available for distribution to the general public.

    The authority shall insure that a representative of the Office of the Attorney General in the Department of Law and Public Safety is present at each meeting of the authority to advise and assist the members in the interpretation and application of the provisions of the "Open Public Meetings Act," P.L.1975, c.231 (C.10:4-6 et seq.) as it relates to public authorities.

    h. The authority shall continue in existence until dissolved by act of the Legislature, except that it shall not continue in existence beyond 22 years unless the Legislature shall by law prescribe otherwise. However, any dissolution of this authority, by act of the Legislature or otherwise, shall be on condition that the authority has no debts, contractual duties or obligations outstanding, or that provision has been made for the payment, discharge or retirement of these debts, contractual duties or obligations. Upon any dissolution of the authority, all property, rights, funds and assets thereof shall pass to and become vested in the State. Upon any dissolution of the authority, any subsidiary administrations thereof shall continue in existence until dissolved by act of the Legislature in accordance with section 26 of P. L. , c. (C. ) (now pending before the Legislature as this bill).

(cf: P.L.1987, c.460, s.1)

 

    6. Section 5 of P.L.1984, c.73 (C.27:1B-5) is amended to read as follows:

    5. It shall be the sole purpose of the authority created under this act to provide the payment for and financing of all, or a portion of, the costs incurred by the department for the planning, acquisition, engineering, construction, reconstruction, repair and rehabilitation of the State's transportation system, including, without limitation, the State's share (including State advances with respect to any federal share) under federal aid highway laws of the costs of planning, acquisition, engineering, construction, reconstruction, repair, resurfacing and rehabilitation of public highways, the State's share (including State advances with respect to any federal share) of the costs of planning, acquisition, engineering, construction, reconstruction, repair and rehabilitation of public transportation projects and other transportation projects in the State, [and] State aid to counties and municipalities for transportation projects, and payment of any bonds, notes or other obligations to which it is a successor, all in furtherance of the public policy declared in section 2 of the act, in the manner provided for in the act.

(cf: P.L.1984, c.73, s.5)

 

    7. Section 6 of P.L.1984, c.73 (C.27:1B-6) is amended to read as follows:

    6. In addition to all other powers granted to the authority in the act, the authority shall have power:

    a. To sue and be sued;

    b. To have an official seal and alter the same at its pleasure;

    c. To make and alter bylaws for its organization and internal management and rules and regulations for the conduct of its affairs and business;

    d. To maintain an office at a place or places within the State as it may determine;

    e. To acquire, hold, use and dispose of its income, revenues, funds and moneys;

    f. To acquire, own, lease as lessee or lessor, hold, use, sell, transfer, and dispose of real or personal property for its purposes;

    g. To borrow money and to issue its bonds, notes or other obligations for its own benefit and to secure the same by its revenues or other funds, excluding tolls, receipts and other revenues of the predecessor authorities or subsidiary administrations of the authority whether derived from the operation of toll roads or toll road projects, and otherwise to provide for and secure the payment thereof and to provide for the rights of the holders thereof and to provide for the refunding thereof, all as provided in the act;

    h. To issue subordinated indebtedness and to enter into bank loan agreements, lines of credit, letters of credit and other security agreements as provided for in the act;

    i. In its own name or in the name of the State, to apply for and receive and accept appropriations or grants of property, money, services or reimbursements for money previously spent and other assistance offered or made available to it by or from any person, government, agency, public authority or any public and private entity whatever for any lawful corporate purpose of the authority, including, without limitation, grants, appropriations or reimbursements from the State or federal government with respect to their respective shares under federal aid highway laws of the costs of planning, acquisition, engineering, construction, reconstruction, repair, resurfacing and rehabilitation of public highways or the costs of planning, acquisition, engineering, construction, reconstruction, repair and rehabilitation of public transportation projects and other transportation projects, in the State and the authority's operating expenses and to apply and negotiate for the same upon such terms and conditions as may be required by any person, government, agency, authority or entity or as the authority may determine to be necessary, convenient or desirable;

    j. Subject to any agreement with the holders of bonds, notes or other obligations, to invest moneys of the authority not required for immediate use, including proceeds from the sale of any bonds, notes or other obligations, in obligations, securities and other investments as the authority shall deem prudent;

    k. Subject to any agreements with holders of bonds, notes or other obligations, to purchase bonds, notes or other obligations of the authority out of any funds or moneys of the authority available therefor, and to hold, cancel or resell the bonds, notes or other obligations;

    l. For its sole purpose as established in section 5 of this act and for the purposes of the subsidiary administrations as established in P.L. , c. (C. )(now pending before the Legislature as this bill), to appoint and employ [an] one executive director for the authority and the subsidiary administrations of the authority, or to appoint and employ one executive director for the authority and one or more executive directors for the subsidiary administrations of the authority, and such additional officers, who need not be members of the authority and such other personnel and staff as it may require[, at an annual expense not to exceed $100,000.00], and to determine their qualifications, terms of office, duties and compensation all without regard to the provisions of Title [11] 11A, Civil Service, of the [Revised Statutes] New Jersey Statutes except that officers and employees appointed or hired by the authority after January 1, 1989 and who are not subject to the "New Jersey Employer-Employee Relations Act," P.L.1941, c.100 (C.34:13A-1 et seq.) shall receive sick and vacation leave only as provided for State employees in Title 11A of the New Jersey Statutes and if supplemental compensation upon retirement is to be paid to those officers and employees, it shall be calculated and limited as in N.J.S.11A:6-19;

    m. To do and perform any acts and things authorized by the act under, through, or by means of its officers, agents or employees or by contract with any person, firm or corporation or any public body;

    n. To procure insurance against any losses in connection with its property, operations, assets or obligations in amounts and from insurers as it deems desirable;

    o. To make and enter into any and all contracts and agreements which the authority determines are necessary, incidental, convenient or desirable to the performance of its duties and the execution of its powers under the act; [and]

    p. To establish subsidiary administrations as provided by section 25 of P.L. , c. (C. ) (now pending before the Legislature as this bill) to succeed to the functions, powers and duties of any and all predecessor authorities, including but not limited to, the operation of the toll roads and toll road projects of the predecessor authorities and the assumption of the revenues and the debts of those predecessor authorities; and

    q. To do any and all things necessary, convenient or desirable to carry out its purposes and exercise the powers given and granted in the act.

(cf: P.L.1984, c.73, s.6)

 

    8. Section 8 of P.L.1984, c.73 (C.27:1B-8) is amended to read as follows:

    8. The authority shall have the power to enter into contracts (or take an assignment of the rights and interests in contracts entered into by the treasurer or commissioner) with each toll road authority, subsidiary administration or other State agency to provide for payments to it by each toll road authority, subsidiary administration or other State agency from available revenues of the amount or amounts that may be set forth in, or determined in accordance with, the contract; provided however, that no such contract shall contain specific provisions which direct such toll road authority, subsidiary administration or other State agency to increase tolls. Subject as aforesaid, each contract, or assignment, may contain conditions and covenants as shall be agreed to by the authority and by the affected toll road authority, subsidiary administration or other State agency and, in the case of an assignment, as agreed to by the treasurer or commissioner, including but not limited to conditions and covenants necessary and desirable to facilitate the issuance and sale of bonds, notes and other obligations of the authority. [The] Except as provided by this section, the authority may receive and use (and contract for the use of) the amounts paid to it pursuant to the contracts for any one or more of its corporate purposes or powers.

    Upon the subsidiary administrations of the authority being the successors to all rights, obligations, contracts, debts and properties of the predecessor authorities, the contracts entered into between the predecessor authorities and the State or the Department of Transportation or the New Jersey Transportation Trust Fund Authority pursuant to subsection (s) of section 5 of P.L.1952, c.16 (C.27:12B-5), subsection (p) of section 11 of P.L.1962, c.10 (C.27:12C-11), and subsection b. of section 1 of P.L.1966, c.8 (C.27:23-5.8) providing for payment from the revenues of the predecessor authorities to the State or to the New Jersey Transportation Trust Fund Authority shall be entered into between the subsidiary administrations as successors to the predecessor authorities and the State or the Department of Transportation or the New Jersey Transportation, Toll Road and Trust Fund Authority, as the case may be, and all payments required under the contracts previously entered into, shall be made from the revenues of the subsidiary administrations to the State or the Department of Transportation or the authority which may receive and use such payments for any one or more of its corporate purposes or powers, except for toll road purposes or toll road projects, and such monies shall be kept in a special fund separate and apart from the other revenues and monies of the authority and separate and apart from the revenues and monies of the subsidiary administrations of the authority.

(cf: P.L.1984, c.73, s.8)

 

    9. Section 9 of P.L.1984, c.73 (C.27:1B-9) is amended to read as follows:

    9. a. [The] Except as may be otherwise expressly provided in this section, the authority shall have the power and is hereby authorized after November 15, 1984 and from time to time thereafter to issue its bonds, notes or other obligations in principal amounts as in the opinion of the authority shall be necessary to provide for any of its corporate purposes, including the payment, funding or refunding of the principal of, or interest or redemption premiums on, any bonds, notes or other obligations issued by it, whether the bonds, notes, obligations or interest to be funded or refunded have or have not become due; and to provide for the security thereof and for the establishment or increase of reserves to secure or to pay the bonds, notes or other obligations or interest thereon and all other reserves and all costs or expenses of the authority incident to and necessary or convenient to carry out its corporate purposes and powers; and in addition to its bonds, notes and other obligations, the authority shall have the power to issue subordinated indebtedness, which shall be subordinate in lien to the lien of any or all of its bonds or notes. No resolution or other action of the authority providing for the issuance of bonds, refunding bonds or other obligations shall be adopted or otherwise made effective by the authority without the prior approval in writing of the Governor and either the State Treasurer or the Director of the Division of Budget and Accounting in the Department of the Treasury.

    b. Except as may be otherwise expressly provided in the act or by the authority, every issue of bonds or notes shall be general obligations payable out of any revenues or funds of the authority, other than tolls, receipts, or other revenues of the predecessor authorities or subsidiary administrations whether derived from toll road operations or toll road projects, subject only to any agreements with the holders of particular bonds or notes pledging any particular revenues or funds. The authority may provide the security and payment provisions for its bonds or notes as it may determine, including (without limiting the generality of the foregoing) bonds or notes as to which the principal and interest are payable from and secured by all or any portion of the revenues of and payments to the authority, and other moneys or funds as the authority shall determine. In addition, the authority may, in anticipation of the issuance of the bonds or the receipt of appropriations, grants, reimbursements or other funds, including without limitation grants from the federal government for federal aid highways or public transportation systems, issue notes, the principal of or interest on which, or both, shall be payable out of the proceeds of notes, bonds or other obligations of the authority or appropriations, grants, reimbursements or other funds or revenues of the authority. The authority may also enter into bank loan agreements, lines of credit and other security agreements and obtain for or on its behalf letters of credit in each case for the purpose of securing its bonds, notes or other obligations or to provide direct payment of any costs which the authority is authorized to pay by this act and to secure repayment of any borrowings under the loan agreement, line of credit, letter of credit or other security agreement by its bonds, notes or other obligations or the proceeds thereof or by any or all of the revenues of and payments to the authority or by any appropriation, grant or reimbursement to be received by the authority and other moneys or funds as the authority shall determine.

    c. Whether or not the bonds and notes are of the form and character as to be negotiable instruments under the terms of Title 12A, Commercial Transactions, New Jersey Statutes, the bonds and notes are hereby made negotiable instruments within the meaning of and for all the purposes of said Title 12A.

    d. Bonds or notes of the authority shall be authorized by a resolution or resolutions of the authority and may be issued in one or more series and shall bear the date, or dates, mature at the time or times, bear interest at the rate or rates of interest per annum, be in the denomination or denominations, be in the form, carry the conversion or registration privileges, have the rank or priority, be executed in the manner, be payable from the sources, in the medium of payment, at the place or places within or without the State, and be subject to the terms of redemption (with or without premium) as the resolution or resolutions may provide. Bonds or notes may be further secured by a trust indenture between the authority and a corporate trustee within or without the State. All other obligations of the authority shall be authorized by resolution containing terms and conditions as the authority shall determine. Bonds, notes or other obligations of the subsidiary administrations shall be authorized by a resolution or resolutions of the subsidiary administrations containing terms and conditions as the subsidiary administrations shall determine.

    e. Bonds, notes or other obligations of the authority may be sold at public or private sale at a price or prices and in a manner as the authority shall determine. Every bond issued on or before the effective date of this 1987 amendatory and supplementary act shall mature and be paid not later than 17 years from the date thereof, except that no bond, note or other obligation shall mature and be paid later than 22 years from the effective date of P.L.1984, c.73 (C.27:1B-1 et seq.), nor shall any refunding of such obligations mature or be paid later than that date. Every bond issued after the effective date of this 1987 amendatory and supplementary act shall mature and be paid not later than 11 years from the date thereof, except that no bond, note or other obligation shall mature and be paid later than 22 years from the effective date of P.L.1984, c.73 (C.27:1B-1 et seq.).

    Notes, the initial series of bonds and bonds issued for refunding purposes of the authority may be sold at public or private sale at a price or prices and in a manner as the authority shall determine.

    Except as noted above, all bonds of the authority shall be sold at such price or prices and in such manner as the authority shall determine, after notice of sale, published at least three times in at least three newspapers published in the State of New Jersey, and at least once in a publication carrying municipal bond notices and devoted primarily to financial news, published in New Jersey or the City of New York, the first notice to be at least five days prior to the day of bidding. The notice of sale may contain a provision to the effect that any or all bids made in pursuance thereof may be rejected. In the event of such rejection or of failure to receive any acceptable bid, the authority, at any time within 60 days from the date of such advertised sale, may sell such bonds at private sale upon terms not less favorable to the State than the terms offered by any rejected bid. The authority may sell all or part of the bonds of any series as issued to any State fund or to the federal government or any agency thereof, at private sale, without advertisement.

    Bonds, notes or other obligations issued by the subsidiary administrations of the authority may be sold at public or private sale at a price or prices and in a manner as the subsidiary administrations may determine.

    f. Bonds or notes may be issued and other obligations incurred under the provisions of the act without obtaining the consent of any department, division, commission, board, bureau or agency of the State, other than the approval as required by subsection a. of this section, and without any other proceedings or the happening of any other conditions or other things than those proceedings, conditions or things which are specifically required by the act.

    g. Bonds, notes and other obligations of the authority issued or incurred under the provisions of the act shall not be in any way a debt or liability of the State or of any political subdivision thereof other than the authority and shall not create or constitute any indebtedness, liability or obligation of the State or of any political subdivision or be or constitute a pledge of the faith and credit of the State or of any political subdivision but all bonds, notes and obligations, unless funded or refunded by bonds, notes or other obligations of the authority, shall be payable solely from revenues or funds pledged or available for their payment as authorized in the act. Each bond, note or other obligation shall contain on its face a statement to the effect that the authority is obligated to pay the principal thereof or the interest thereon only from revenues or funds of the authority and that neither the State nor any political subdivision thereof is obligated to pay the principal or interest and that neither the faith and credit nor the taxing power of the State or any political subdivision thereof is pledged to the payment of the principal of or the interest on the bonds, notes or other obligations. For the purposes of this subsection, political subdivision does not include the authority.

    h. All expenses incurred in carrying out the provisions of the act shall be payable solely from the revenues or funds provided or to be provided under or pursuant to the provisions of the act and nothing in the act shall be construed to authorize the authority to incur any indebtedness or liability on behalf of or payable by the State or any political subdivision thereof.

    i. The aggregate principal amount of bonds, notes or other obligations, including subordinated indebtedness of the authority, may not exceed $1,700,000,000.00. Any principal amount retired in any manner before and after the effective date of this 1987 amendatory and supplementary act shall not be applied to any unissued aggregate principal amount remaining under the limitations and reductions provided for in this subsection. If in any fiscal year appropriations by the Legislature to the authority, and amounts received in accordance with contracts entered into with the toll road authorities, if those amounts are not included in legislative appropriations, shall be in excess of $143,000,000.00 in any fiscal year through the fiscal year beginning on July 1, 1986 or $201,000,000.00 for the fiscal year beginning on July 1, 1987 or $331,000,000.00 in any fiscal year thereafter, the aggregate principal amount of $1,700,000,000.00 shall be reduced by an amount equal to the excess. In computing the foregoing limitations there shall be excluded all the bonds, notes or other obligations, including subordinated indebtedness of the authority, which shall be issued for refunding purposes, provided that the refunding shall be determined by the authority to result in a debt service savings.

    The authority shall minimize debt incurrence by first relying on appropriations and other revenues available to the authority before incurring debt to meet its statutory purposes.

    The authority shall not incur debt at any time in any fiscal year in excess of the difference between the amount of appropriations and other revenues to the authority theretofore made in that fiscal year and the amount which the Department of Transportation is permitted to commit for transportation projects under the act in that fiscal year as indicated in the budget, plus reasonably necessary expenses, required debt reserve funds, debt service and outstanding financial obligations from prior fiscal years of the authority.

    Debt which would have been incurred pursuant to this section, which is not incurred in any fiscal year, may be issued in subsequent years.

    j. The provisions of this section do not apply to bonds, notes or other obligations issued by the subsidiary administrations of the authority or bonds, notes or other obligations transferred to or assumed by the subsidiary administrations of the authority.

(cf: P.L.1987, c.460, s.2)

 

    10. Section 10 of P.L.1984, c.73 (C.27:1B-10) is amended to read as follows:

    10. In any resolution of the authority authorizing or relating to the issuance of any bonds, notes or other obligations or in any indenture securing the bonds, notes or other obligations, the authority, in order to secure the payment of the bonds, notes or other obligations and in addition to its other powers, shall have the power by provisions therein, which shall constitute covenants by the authority and contracts with the holders of the bonds, notes or other obligations:

    a. To pledge all or any part of its revenues or receipts to which its right then exists or may thereafter come into existence and other moneys or funds as the authority shall determine and the moneys derived therefrom, excluding any tolls, receipts and other revenues of the subsidiary administrations of the authority whether derived from toll road operations or toll road projects, and the proceeds of any bonds, notes or other obligations;

    b. To pledge any agreement, including, without limitation, the contract or contracts referred to in section 23 of the act, contracts with the toll road authorities or other State agencies, and any grant, contract, or agreement with the federal government or the revenues or payments thereunder and the proceeds thereof;

    c. To covenant against pledging all or any part of its revenues or receipts or its agreements and the revenues derived thereunder or the proceeds thereof and other moneys or funds as the authority shall determine and the moneys derived therefrom or against permitting or suffering any lien on any of the foregoing;

    d. To covenant with respect to limitations on any right to sell, lease or otherwise dispose of any property of any kind;

    e. To covenant as to any bonds, notes and other obligations to be issued and the limitations thereof and the terms and conditions thereof and as to the custody, application, investment, and disposition of the proceeds thereof;

    f. To covenant as to the issuance of additional bonds, or notes or other obligations or as to limitations on the issuance of additional bonds, notes or other obligations and on the incurring of other debts by it;

    g. To covenant as to the payment of the principal of or interest on the bonds, notes, or other obligations, as to the sources and methods of payment, as to the rank or priority of any bonds, notes or obligations with respect to any lien or security or as to the acceleration of the maturity of any bonds, notes or obligations;

    h. To provide for the replacement of lost, stolen, destroyed or mutilated bonds, notes or other obligations;

    i. To covenant against extending the time for the payment of bonds, notes or other obligations or interest thereon;

    j. To covenant as to the redemption of bonds, notes or other obligations and privileges of exchange thereof for other bonds, notes or other obligations of the authority;

    k. Subject to the rights and security interests of the holders from time to time of bonds, notes or other obligations heretofore or hereafter issued by each of the toll road authorities or other State agencies, to covenant as to the enforcement of any term in any agreement entered into pursuant to the act, to which the authority is a party or an assignee, fixing amounts of funds of the toll road authorities or other State agencies to be paid over to and received by the authority in each year or other period of time, including any term concerning the fixing of tolls and other charges by the toll road authorities or other State agencies, at rates as shall be necessary to provide the amounts of funds;

    l. To covenant to create or authorize the creation of special funds or moneys to be held in pledge or otherwise for payment or redemption of bonds, notes, or other obligations, reserves or other purposes and as to the use, investment, and disposition of the moneys held in the funds;

    m. To establish the procedure, if any, by which the terms of any contract or covenant with or for the benefit of the holders of bonds, notes or other obligations may be amended or abrogated, the amount of bonds, notes or other obligations the holders of which must consent thereto, and the manner in which the consent may be given;

    n. To provide for the release of property, agreements, or revenues and receipts from any pledge and to reserve rights and powers in, or the right to dispose of, property which is subject to a pledge;

    o. To provide for the rights and liabilities, powers and duties arising upon the breach of any covenant, condition or obligation and to prescribe the events of default and the terms and conditions upon which any or all of the bonds, notes or other obligations of the authority shall become or may be declared due and payable before maturity and the terms and conditions upon which any declaration and its consequences may be waived;

    p. To vest in a trustee or trustees within or without the State such property, rights, powers and duties in trust as the authority may determine, and to limit the rights, duties and powers of such trustee;

    q. To execute all bills of sale, conveyances, deeds of trust and other instruments necessary or convenient in the exercise of its powers or in the performance of its covenants or duties;

    r. To pay the costs or expenses incident to the enforcement of the bonds, notes or other obligations or of the provisions of the resolution or of any covenant or agreement of the authority with the holders of its bonds, notes or other obligations;

    s. To limit the rights of the holders of any bonds, notes or other obligations to enforce any pledge or covenant securing the bonds, notes or other obligations; and

    t. To make covenants, in addition to the covenants herein expressly authorized, of like or different character, and to make covenants to do or refrain from doing acts and things as may be necessary, or convenient and desirable, in order to better secure bonds, notes or other obligations or which in the absolute discretion of the authority will tend to make bonds, notes or other obligations more marketable, notwithstanding that the covenants, acts or things may not be enumerated herein.

    u. The provisions of this section do not apply to bonds, notes or other obligations issued by the subsidiary administrations of the authority or bonds, notes or other obligations transferred to or assumed by the subsidiary administrations.

(cf: P.L.1984, c.73, s.10)

 

    11. Section 8 of P.L.1987, c.460 (C.27:1B-21.1) is amended to read as follows:

    8. a. Commencing with the report of the commissioner required to be submitted pursuant to section 22 of P.L.1984, c.73 (C.27:1B-22) on or before March 1, 1988 for the fiscal year commencing July 1, 1988 and for the reports of the commissioner required to be submitted pursuant thereto for each of the next six fiscal years, the amount reported by the commissioner for proposed projects to be financed shall not exceed $365,000,000.00 exclusive of federal funds for each of those fiscal years except as provided herein. If, in the discretion of the commissioner, a greater amount is determined to be necessary to meet the financing requirements for the ensuing fiscal year, the commissioner may include in a report an amount in excess of $365,000,000.00 exclusive of federal funds; provided that in no event shall that amount be an amount greater than 105% of that $365,000,000.00.

    In any fiscal year for which an amount exceeding $365,000,000.00 exclusive of federal funds was appropriated pursuant to subsection b. of this section, the commissioner shall report on or before March 1 of that fiscal year for the ensuing fiscal year an amount for proposed projects to be financed not greater than $365,000,000.00 reduced by the amount in excess of $365,000,000.00 that was appropriated in that fiscal year.

    b. Commencing with the fiscal year beginning on July 1, 1988 and for each of the next six fiscal years, the total amount authorized to be appropriated from the revenues and other nonfederal funds of the New Jersey Transportation Trust Fund Authority for the projects listed in the appropriations act pursuant to section 21 of P.L.1984, c.73 (C.27:1B-21), shall not exceed $365,000,000.00 exclusive of federal funds in any fiscal year except as provided herein. If, in any fiscal year, a greater amount is determined to be necessary to meet the financing requirements, the amount appropriated may be in excess of $365,000,000.00 exclusive of federal funds; provided that: (1) in no event shall there be appropriated an amount greater than 105% of that $365,000,000.00, and provided further, that (2) the appropriation for the ensuing fiscal year shall not be greater than that $365,000,000.00 reduced by the amount in excess of $365,000,000.00 that was appropriated in the current fiscal year.

    c. The limit on the amount reported in any fiscal year set forth in subsection a. of this section and the limit on the amount appropriated in any fiscal year set forth in subsection b. of this section shall not include any amount for salaries and other administrative expenses of the department and the authority.

    d. The provisions of this section shall not apply to toll road projects.

(cf: P.L.1987, c.460, s.8)

 

    12. Section 22 of P.L.1984, c.73 (C.27:1B-22) is amended to read as follows:

    22. To the end that the transportation system of the State shall be planned in an orderly and efficient manner and that the Legislature shall be advised of the nature and extent of public highways, public transportation projects and other transportation projects contemplated to be financed under this act, the department shall submit a master plan, as provided in subsection (a) of section 5 of P.L.1966, c.301 (C.27:1A-5). Notwithstanding the provisions of that act, the plan shall be for a period of five years and shall be submitted to the Commission on Capital Budgeting and Planning, the Chairman of the Senate Transportation and Communications Committee and the Chairman of the Assembly Transportation, Communications and High Technology Committee, or their successors, and the Legislative Budget and Finance Officer, on or before December 15, 1984, and at five year intervals thereafter.

    On or before March 1 of each year, the commissioner shall submit a report of proposed projects, including but not limited to public highways, to be financed in an ensuing fiscal year, including therewith a description of the projects, the county or counties within which they are to be located, a distinction between State and local projects, and the amount estimated to be expended on each project and also including a financial plan designed to implement the financing of the proposed projects. The financial plan shall contain an enumeration of the bonds, notes or other obligations of the authority which the authority intends to issue, including the amounts thereof and the conditions therefor. The financial plan shall set forth a complete operating and financial statement covering the authority's proposed operations during the ensuing fiscal year, including amounts of income from all sources, including but not limited to the proceeds of bonds, notes or other obligations to be issued, as well as interest earned. In addition, the plan shall contain proposed amounts to be appropriated and expended, as well as amounts for which the department anticipates to obligate during the ensuing fiscal year for any future expenditures. The report shall be submitted to the Senate and General Assembly. Within 30 days of the receipt thereof, the Senate or the General Assembly may object in writing to the commissioner in regard to any project or projects it disapproves or which it is of the opinion should be modified or added to or any additional or alternative projects considered or in regard to any element of the financial plan. The commissioner shall consider the objections and recommendations and resubmit the report within 10 days, containing therein any modifications based upon the commissioner's consideration of the objections or recommendations. The report of proposed projects required by this section shall not include toll road projects.

(cf: P.L.1987, c.460, s.5)

 

    13. Section 3 of P.L.1948, c.454 (C.27:23-3) is amended to read as follows:

    3. (A) There is hereby established in the State Department of Transportation a body corporate and politic, with corporate succession, to be known as the "New Jersey Turnpike Authority." The authority is hereby constituted an instrumentality exercising public and essential governmental functions, and the exercise by the authority of the powers conferred by this act in the construction, operation and maintenance of turnpike projects shall be deemed and held to be an essential governmental function of the State.

    [(B) The New Jersey Turnpike Authority shall consist of six members, as follows: the Commissioner of Transportation, ex officio, or his designee; and five members appointed by the Governor, with the advice and consent of the Senate, each of whom shall be a resident of the State and shall have been a qualified elector therein for a period of at least one year next preceding his appointment. Each appointed member of the authority shall serve for a term of five years and until his successor is appointed and has qualified; except that of the first appointments hereunder, one shall be for a term of two years and one for a term of three years, and they shall serve until their respective successors are appointed and have qualified. The term of each of the first appointees hereunder shall be designated by the Governor. Each appointed member of the authority may be removed from office by the Governor, for cause, after a public hearing. Each member of the authority before entering upon his duties shall take and subscribe an oath to perform the duties of his office faithfully, impartially and justly to the best of his ability. A record of such oaths shall be filed in the office of the Secretary of State. Any vacancies in the appointed membership of the authority occurring other than by expiration of term shall be filled in the same manner as the original appointment, but for the unexpired term only.

    (C) The Governor shall designate one of the members of the authority as chairman thereof and another member as vice chairman thereof. The chairman and vice chairman of the authority so designated shall serve as such at the pleasure of the Governor and until their respective successors have been designated. The authority shall elect a secretary and a treasurer who need not be members. At the option of the authority the same person may be elected to serve both as secretary and treasurer. Four members of the authority shall constitute a quorum and the vote of four members shall be necessary for any action taken by the authority. No vacancy in the membership of the authority shall impair the right of a quorum to exercise all the rights and perform all the duties of the authority.]

    (B) The New Jersey Turnpike Authority shall consist of five members, who shall be the persons who from time to time shall hold the office of members of the New Jersey Transportation, Toll Road and Trust Fund Authority. The chairman and the vice-chairman shall be the chairman and vice-chairman, respectively, of the New Jersey Transportation, Toll Road and Trust Fund Authority. The authority shall elect a secretary and a treasurer who need not be members, and the same person may be elected as both secretary and treasurer. The powers of the authority shall be vested in the members thereof from time to time and three members of the authority shall constitute a quorum at any meeting thereof. Action may be taken and motions and resolutions adopted by the authority at any meeting thereof by the affirmative vote of at least a majority of the members present. No vacancy in the membership of the authority shall impair the right of the quorum of the members to exercise all of the powers and perform all of the duties of the authority.

    (C) Anything herein to the contrary notwithstanding, the authority, or upon its dissolution, the Turnpike Administration as successor to the authority, shall retain its separate legal status and corporate existence and continue to exercise all its powers and duties as required by law and by agreement with holders of its bonds or notes.

    (D) [Each member of the authority shall execute a surety bond in the penal sum of $25,000.00 and the] The treasurer shall execute a surety bond in the penal sum of $50,000.00, [each] such surety bond to be conditioned upon the faithful performance of the duties of the office of [such member or] treasurer, [as the case may be,]to be executed by a surety company authorized to transact business in the State of New Jersey as surety and to be approved by the Attorney General and filed in the office of the Secretary of State.

    (E) The members of the authority shall not receive compensation for their services as members of the authority. Each member shall be reimbursed by the authority for his actual expenses necessarily incurred in the performance of his duties. Notwithstanding the provisions of any other law, no member shall be deemed to have forfeited, nor shall the member forfeit, the member's office or employment or any benefits or emoluments thereof by reason of the member's acceptance of the office of ex officio member of the authority or the member's services therein.

    (F) No resolution or other action of the authority providing for the issuance of bonds, refunding bonds or other obligations or for the fixing, revising or adjusting of tolls for the use of any turnpike project or parts or sections thereof shall be adopted or otherwise made effective by the authority without the prior approval in writing of the Governor and at least one of the following: the State Treasurer and the Director of the Division of Budget and Accounting in the Department of the Treasury. A true copy of the minutes of every meeting of the authority shall be forthwith delivered by and under the certification of the secretary thereof, to the Governor. No action taken at such meeting by the authority shall have force or effect until 10 days, exclusive of Saturdays, Sundays and public holidays, after such copy of the minutes shall have been so delivered. If, in said 10-day period, the Governor returns such copy of the minutes with veto of any action taken by the authority or any member thereof at such meeting such action shall be null and of no effect. The Governor may approve all or part of the action taken at such meeting prior to said 10-day period. The powers conferred in this subsection (F) upon the Governor, the State Treasurer and the Director of the Division of Budget and Accounting in the Department of the Treasury shall be exercised with due regard for the rights of the holders of bonds of the authority at any time outstanding, and nothing in, or done pursuant to, this subsection (F) shall in any way limit, restrict or alter the obligation or powers of the authority or any representative or officer of the authority to carry out and perform in every detail each and every covenant, agreement or contract at any time made or entered into by or on behalf of the authority with respect to its bonds or for the benefit, protection or security of the holders thereof.

    (G) The ex officio member of the authority may designate an employee of his department to represent him at meetings of the authority. A designee may lawfully vote and otherwise act on behalf of the member for whom he constitutes the designee. The designations shall be in writing and delivered to the authority and shall be effective until revoked or amended by a writing delivered to the authority.

    (H) Notwithstanding any provisions of this section or any other law to the contrary, the members of the authority appointed by the Governor pursuant to section 3 of P.L.1948, c.454 (C.27:23-3) shall, after the date of dissolution of the New Jersey Turnpike Authority pursuant to subsection (I) of this section, continue to serve until the expiration of their appointment but the members shall serve exclusively as an advisory body to the members of the New Jersey Transportation, Toll Road and Trust Fund Authority. Any vacancy occurring in the membership of the advisory body established by this subsection, whether by expiration of the term of an advisory member or occurring other than by expiration of term, shall not be filled and there shall not be an appointment of a member to another term as an advisory member.

    (I) On or before the ninetieth day after the effective date of P.L. , c. (C. )(now pending before the Legislature as this bill), the members shall prepare or cause to be prepared a final and complete audit of the financial accounts and records of the New Jersey Turnpike Authority and shall submit the same to the Treasurer of the State of New Jersey; provided, however, that the treasurer in his discretion, may extend the time for the members to submit the audit beyond the 90 days if the extension is necessary to complete the audit. The audit shall contain an appraisal of the value of the facilities of the authority. Upon receipt of the audit, the treasurer shall certify the exact indebtedness of the authority owing to creditors and bondholders as of the effective date of P.L. , c. (C. )(now pending before the Legislature as this bill), and upon such certification the New Jersey Turnpike Authority is dissolved and the facilities, files, books, papers, records, equipment and other property, including all the rights, title and interest of the authority in any of its records and papers, are hereby transferred to the Turnpike Administration established under section 25 of P.L. , c. (C. ) (now pending before the Legislature as this bill), to be held, used and applied for the purposes of the Turnpike Administration.

(cf: P.L.1988, c.177, s.8)

 

    14. Section 1 of P.L.1970, c.184 (C.27:23-3.2) is amended to read as follows:

    1. Notwithstanding any inconsistent provisions of the act hereby supplemented or any other law, the New Jersey Turnpike Authority, or upon its dissolution as provided in subsection (I) of section 13 of P.L. , c. (C. )(now pending before the Legislature as this bill), the Turnpike Administration, shall submit to the Governor, the Chairmen of the Appropriations Committees of the Senate and General Assembly, and the Director of the Division of Budget and Accounting of the Department of the Treasury, the following reports:

    a. Within 90 days after the end of each of its fiscal years, a complete and detailed report of (1) its operations and accomplishments during said year; (2) its receipts and disbursements, or revenues and expenses, during said year in accordance with the categories or classifications established by the authority for its own operating and capital outlay purposes and in accordance with such other categories and classifications as may be designated by any of the persons enumerated in section 1 of this act; (3) its assets and liabilities at the end of said year, including the status of reserve, depreciation, special or other funds and including the receipts and payments of these funds; (4) a schedule of its bonds and notes outstanding at the end of said year, together with a statement of the amounts redeemed and incurred; and (5) a listing of all contracts exceeding $100,000.00 entered into during said year;

    b. Before the close of each of its fiscal years, a complete and detailed report of its operating and capital construction budget, in the form and detail established by the authority for its own operating and capital outlay budget and in such form and detail as may be designated by any of the persons enumerated in section 1 of this act for the next succeeding fiscal year, including its receipts and disbursements or revenues and expenses, for the prior fiscal year and its estimated receipts and disbursements, or revenues and expenses, for said year and for the succeeding fiscal year.

(cf: P.L.1970, c.184, s.1)

 

    15. Section 4 of P.L.1948, c.454 (C.27:23-4) is amended to read as follows:

    4. As used in this act, the following words and terms shall have the following meanings, unless the context shall indicate another or different meaning or intent:

    (a) The word "authority" shall mean the New Jersey Turnpike Authority, created by section 3 of this act, or, where appropriate, the Turnpike Administration established under section 25 of P.L. , c. (C. )(now pending before the Legislature as this bill) or, if said authority and subsidiary administration shall be abolished, the [board, body or commission succeeding to the principal functions thereof or to whom the powers given by this act to the authority shall be given by law] New Jersey Transportation, Toll Road and Trust Fund Authority.

    (b) The word "project" or the words "turnpike project" shall mean any express highway, superhighway or motorway at such locations and between such termini as may hereafter be established by law, and constructed or to be constructed under the provisions of this act by the authority, and shall include, but not be limited to all bridges, tunnels, overpasses, underpasses, interchanges, entrance plazas, approaches, toll houses, service areas, service stations, service facilities, communications facilities, and administration, storage and other buildings, directly related to the use of the express highway, superhighway or motorway, intersecting highways and bridges and feeder roads which the authority may deem necessary for the operation of such project, together with all property, rights, easements and interests which may be acquired by the authority for the construction or the operation of such project.

    (c) The word "bonds" or the words "turnpike revenue bonds" shall mean bonds of the authority authorized under the provisions of this act or bonds of the Turnpike Administration authorized under P.L. , c. (C. )(now pending before the Legislature as this bill).

    (d) The word "public highways" shall include all public highways, roads and streets in the State, whether maintained by the State or by any county, city, borough, town, township, village, or other political subdivision.

     (e) The word "owner" shall include all individuals, copartnerships, associations, private or municipal corporations and all political subdivisions of the State having any title or interest in any property, rights, easements and interests authorized to be acquired by this act.

(cf: P.L.1969, c.197, s.1)

 

    16. Section 5 of P.L.1948, c.454 (C.27:23-5) is amended to read as follows:

    5. [The] Except as otherwise may be provided by P.L. , c. (C. )(now pending before the Legislature as this bill), the authority shall be a body corporate and politic and shall have perpetual succession and shall have the following powers:

    (a) To adopt bylaws for the regulation of its affairs and the conduct of its business;

    (b) To adopt an official seal and alter the same at pleasure;

    (c) To maintain an office at such place or places within the State as it may designate;

    (d) To sue and be sued in its own name;

    (e) To maintain, repair and operate turnpike projects at such locations as shall be established by law;

    (f) To issue turnpike revenue bonds of the authority, for any of its corporate purposes, payable solely from the tolls, other revenues and proceeds of such bonds, and to refund its bonds, all as provided in this act;

    (g) In the exercise of any of its powers, to fix and revise from time to time and charge and collect tolls for transit over each turnpike project constructed by it;

    (h) To establish rules and regulations for the use of any project;

    (i) To acquire, hold and dispose of real and personal property in the exercise of its powers and the performance of its duties under this act;

    (j) To acquire in the name of the authority by purchase or otherwise, on such terms and conditions and in such manner as it may deem proper, or by the exercise of the power of eminent domain, any land and other property which it may determine is reasonably necessary for any turnpike project or for the relocation or reconstruction of any highway by the authority under the provisions of this act or for the construction of any feeder road, which the authority is or may be authorized to construct and any and all rights, title and interest in such land and other property, including public lands, parks, playgrounds, reservations, highways or parkways, owned by or in which any county, city, borough, town, township, village, or other political subdivision of the State of New Jersey has any right, title or interest, or parts thereof or rights therein and any fee simple absolute or any lesser interest in private property, and any fee simple absolute in, easements upon, or the benefit of restrictions upon, abutting property to preserve and protect turnpike projects.

    Upon the exercise of the power of eminent domain, the compensation to be paid thereunder shall be ascertained and paid in the manner provided in chapter one of Title 20 of the Revised Statutes insofar as the provisions thereof are applicable and not inconsistent with the provisions contained in this act. The authority may join in separate subdivisions in one petition or complaint the descriptions of any number of tracts or parcels of land or property to be condemned and the names of any number of owners and other parties who may have an interest therein and all such land or property included in said petition or complaint may be condemned in a single proceeding; provided, however, that separate awards be made for each tract or parcel of land or property; and provided, further, that each of said tracts or parcels of land or property lies wholly in or has a substantial part of its value lying wholly within the same county.

    Upon the filing of such petition or complaint or at any time thereafter the authority may file with the clerk of the county in which such property is located and also with the Clerk of the Superior Court a declaration of taking, signed by the authority, declaring that possession of one or more of the tracts or parcels of land or property described in the petition or complaint is thereby being taken by and for the use of the authority. The said declaration of taking shall be sufficient if it sets forth: (1) a description of each tract or parcel of land or property to be so taken sufficient for the identification thereof, to which there may or may not be attached a plan or map thereof; (2) a statement of the estate or interest in the said land or property being taken; (3) a statement of the sum of money estimated by the authority by resolution to be just compensation for the taking of the estate or interest in each tract or parcel of land or property described in said declaration; and (4) that, in compliance with the provisions of this act, the authority has established and is maintaining a trust fund as hereinafter provided. Upon the filing of the said declaration, the authority shall deposit with the Clerk of the Superior Court the amount of the estimated compensation stated in said declaration. In addition to the said deposits with the Clerk of the Superior Court, the authority at all times shall maintain a special trust fund on deposit with a bank or trust company doing business in this State, in an amount at least equal to twice the aggregate amount deposited with the Clerk of the Superior Court, as estimated compensation for all property described in declaration of taking with respect to which the compensation has not been finally determined and paid to the persons entitled thereto or into court. Said trust fund shall consist of cash or securities readily convertible into cash, constituting legal investments for trust funds under the laws of this State. Said trust fund shall be held solely to secure and may be applied to the payment of just compensation for the land or other property described in such declarations of taking. The authority shall be entitled to withdraw from said trust fund from time to time so much as may then be in excess of twice the aggregate of the amount deposited with the Clerk of the Superior Court, as estimated compensation for all property described in declarations of taking with respect to which the compensation has not been finally determined and paid to the persons entitled thereto or into court.

    Upon the filing of the said declaration as aforesaid and depositing with the Clerk of the Superior court the amount of the estimated compensation stated in said declaration, the authority, without other process or proceedings, shall be entitled to the exclusive possession and use of each tract of land or property described in said declaration and may forthwith enter into and take possession of said land or property, it being the intent of this provision that the proceedings for compensation or any other proceedings relating to the taking of said land or interest therein or other property shall not delay the taking of possession thereof and the use thereof by the authority for the purpose or purposes for which the authority is authorized by law to acquire or condemn such land or other property or interest therein.

    The authority shall cause notice of the filing of said declaration and the making of said deposit to be served upon each party in interest named in the petition residing in this State, either personally or by leaving a copy thereof at his residence, if known, and upon each party in interest residing out of the State, by mailing a copy thereof to him at his residence, if known. In the event that the residence of any such party or the name of such party is unknown, such notice shall be published at least once in a newspaper published or circulating in the county or counties in which the land is located. Such service, mailing or publication shall be made within 10 days after filing such declaration. Upon the application of any party in interest and after notice to other parties in interest, including the authority, any judge of the Superior Court assigned to sit for said county may order that the money deposited with the Clerk of the Superior Court or any part thereof be paid forthwith to the person or persons entitled thereto for or on account of the just compensation to be awarded in said proceeding; provided, that each such person shall have filed with the Clerk of the Superior Court a consent in writing that, in the event the award in the condemnation proceeding shall be less than the amount deposited, the court, after notice as herein provided and hearing, may determine his liability, if any, for the return of such difference or any part thereof and enter judgment therefor. If the amount of the award as finally determined shall exceed the amount so deposited, the person or persons to whom the award is payable shall be entitled to recover from the authority the difference between the amount of the deposit and the amount of the award, with interest at the rate of six per centum (6%) per annum thereon from the date of making the deposit. If the amount of the award shall be less than the amount so deposited, the Clerk of the Superior Court shall return the difference between the amount of the award and the deposit to the authority, unless the amount of the deposit or any part thereof shall have theretofore been distributed, in which event the court, on petition of the authority and notice to all persons interested in the award and affording them an opportunity to be heard, shall enter judgment in favor of the authority for such difference against the party or parties liable for the return thereof. The authority shall cause notice of the date fixed for such hearing to be served upon each party thereto residing in this State, either personally or by leaving a copy thereof at his residence, if known, and upon each party residing out of the State, by mailing a copy to him at his residence, if known. In the event that the residence of any party or the name of such party is unknown, such notice shall be published at least once in a newspaper published or circulating in the county or counties in which the land is located. Such service, mailing or publication shall be made at least 10 days before the date fixed for such hearing.

    Whenever under chapter one of Title 20 of the Revised Statutes the amount of the award may be paid into court, payment may be made into the Superior Court and may be distributed according to law. The authority shall not abandon any condemnation proceeding subsequent to the date upon which it has taken possession of the land or property as herein provided;

    (k) To designate the locations, and establish, limit and control such points of ingress to and egress from each turnpike project as may be necessary or desirable in the judgment of the authority to insure the proper operation and maintenance of such project, and to prohibit entrance to such project from any point or points not so designated;

    (l) To make and enter into all contracts and agreements necessary or incidental to the performance of its duties and the execution of its powers under this act;

    (m) To appoint such additional officers, who need not be members of the authority, as the authority deems advisable, and to employ consulting engineers, attorneys, accountants, construction and financial experts, superintendents, managers, and such other employees and agents as may be necessary in its judgment; to fix their compensation; and to promote and discharge such officers, employees and agents, all without regard to the provisions of Title [11] 11A of the [Revised Statutes] New Jersey Statutes;

    (n) To receive and accept from any federal agency, subject to the approval of the Governor, grants for or in aid of the construction of any turnpike project, and to receive and accept aid or contributions, except appropriations by the Legislature, from any source, of either money, property, labor or other things of value, to be held, used and applied only for the purposes for which such grants and contributions may be made; and

    (o) To do all acts and things necessary or convenient to carry out the powers expressly granted in this act.

(cf: P.L.1984, c.73, s.41)

 

    17. Section 1 of P.L.1966, c.8 (C.27:23-5.8) is amended to read as follows:

    1. The New Jersey Turnpike Authority shall have, in addition to the powers heretofore granted to it, power:

    a. To pay or make any advance or contribution to the United States Government or the State of New Jersey or any agency thereof for the purpose of paying the State's share or any portion thereof under the federal aid highway laws of the cost of construction of any highway improvement determined by the authority to be a major improvement necessary to restore or prevent physical damage to the turnpike project, for the safe or efficient operation of such project, or to prevent loss of revenues therefrom.

    b. Subject to the rights and security interests of the holders from time to time of bonds or notes heretofore or hereafter issued by the New Jersey Turnpike Authority, to enter into contracts with the State or the New Jersey Transportation Trust Fund Authority established by section 4 of the "New Jersey Transportation Trust Fund Authority Act of 1984," P.L.1984, c.73 (C.27:1B-4), providing for the payment from the revenues of the New Jersey Turnpike Authority or the Turnpike Administration established within the New Jersey Transportation, Toll Road and Trust Fund Authority, as the case may be, to the State or to the New Jersey Transportation Trust Fund Authority of the amount or amounts of revenues that may be set forth in or determined in accordance with the contracts. Any contracts authorized pursuant to this section may include conditions and covenants necessary and desirable to facilitate the issuance and sale of bonds, notes and other obligations of the New Jersey Transportation Trust Fund Authority. Any agreements entered into between the State and the Turnpike Authority pursuant to this subsection shall terminate upon the effective date of any agreement entered into between the Turnpike Authority and the New Jersey Transportation Trust Fund Authority providing for the payment of revenues of the Turnpike Authority directly from the Turnpike Authority to the New Jersey Transportation Trust Fund Authority.

(cf: P.L.1984, c.73, s.30)

 

    18. Section 3 of P.L.1952, c.16 (C.27:12B-3) is amended to read as follows:

    3. As used in this act the following words and terms shall have the following meanings, unless the context shall indicate another or different meaning or intent:

    (a) "Authority" means the New Jersey Highway Authority, created by section 4 of this act, or, where appropriate, the Parkway Administration established under section 25 of P.L. , c. (C. )(now pending before the Legislature as this bill), or, if said authority and subsidiary administration shall be abolished, the [board, body or commission succeeding to the principal functions thereof or to whom the powers given by this act to the authority shall be given by law] New Jersey Transportation, Toll Road and Trust Fund Authority.

    (b) "Commissioner" means the Commissioner of Transportation.

    (c) "Department" means the Department of Transportation.

    (d) "Project" or "highway project" means any express highway, superhighway or motorway at such locations and between such termini as herein established or as may hereafter be established by law, and acquired or to be acquired or constructed or to be constructed under the provisions of this act by the authority, over which abutters have no easement or rights of light, air or direct access by reason of the fact that their properties abut thereon, together with such adjoining park or recreational areas and facilities directly related to the use of the express highway, superhighway or motorway as the authority, with the concurrence of the Department of Environmental Protection, shall find to be necessary and desirable for the convenience and comfort of users of the highway project and feasible for development pursuant to this act, and shall include but not be limited to all bridges, tunnels, overpasses, underpasses, interchanges, traffic circles, grade separations, entrance plazas, approaches, toll houses, service areas, service stations, service facilities, communications facilities, and administration, storage and other buildings which the authority may deem necessary for the operation of such project, together with all property, rights, easements and interests which may be acquired by the authority for the construction or the operation of such project.

    "Project" or "ferry project" also means a ferry service for the transportation of passengers and freight between such termini as are herein established or as may hereafter be established by law, and shall include but shall not be limited to ferries and other craft, bulkheads, docks, piers, wharves, warehouses, ferry terminals and stations, parking areas, service stations, service facilities, communications facilities and administration and other buildings which the authority may deem necessary for the operation of such project, together with all property, rights, easements and interests, including land under water and riparian rights, which may be acquired by the authority for the construction or operation of such project.

    (e) "Bonds" or "revenue bonds" means bonds of the authority authorized under the provisions of this act or any amendment thereof or supplement thereto.

    (f) "Public highway" means and shall include any public highway, road or street in the State, whether maintained by the State or by any county, city, borough, town, township, village, or other political subdivision.

    (g) "Feeder road" means any road which in the opinion of the authority is necessary to create or facilitate access to a project.

    (h) "Owner" means and shall include all individuals, copartnerships, associations, private or municipal corporations and all political subdivisions of the State having any title or interest in any property, rights, easements and interests authorized to be acquired by this act.

(cf: P.L.1988, c.177, s.1)

 

    19. Section 4 of P.L.1952, c.16 (C 27:12B-4) is amended to read as follows:

    4. There is hereby established in the State Department of Transportation a body corporate and politic, with corporate succession, to be known as the "New Jersey Highway Authority." The authority is hereby constituted an instrumentality exercising public and essential governmental functions, and the exercise by the authority of the powers conferred by this act in the construction, operation and maintenance of projects shall be deemed and held to be an essential governmental function of the State.

    [The New Jersey Highway Authority shall consist of eight members, as follows: the Commissioner of Transportation, ex officio, or his designee; and seven members, each of whom, except the Commissioner of Transportation, shall be a resident of the State and shall have been a qualified elector therein for a period of at least one year next preceding his appointment. Each member of the authority, except the Commissioner of Transportation, shall be appointed by the Governor, with the advice and consent of the Senate, for a term of five years and shall serve until his successor is appointed and has qualified. Of the two members first appointed pursuant to this amendatory act, one shall be for a term of four years and one for a term of five years. Each member of the authority, except the Commissioner of Transportation, may be removed from office by the Governor, for cause, after a public hearing. Each member of the authority before entering upon his duties shall take and subscribe an oath to perform the duties of his office faithfully, impartially and justly to the best of his ability. A record of such oaths shall be filed in the office of the Secretary of State.

    Any vacancies in the appointed membership of the authority occurring other than by expiration of term shall be filled in the same manner as the original appointment, but for the unexpired term only.

    The Governor shall designate one of the members of the authority as chairman thereof and another member as vice-chairman thereof. The chairman and vice-chairman of the authority so designated shall serve as such at the pleasure of the Governor and until their respective successors have been designated. The authority shall elect a secretary and a treasurer who need not be members. At the option of the authority the same person may be elected to serve both as secretary and treasurer. Five members of the authority shall constitute a quorum and the vote of five members shall be necessary for any action taken by the authority. No vacancy in the membership of the authority shall impair the right of a quorum to exercise all the rights and perform all the duties of the authority].

    The New Jersey Highway Authority shall consist of five members, who shall be the persons who from time to time shall hold the office of members of the New Jersey Transportation, Toll Road and Trust Fund Authority. The chairman and the vice-chairman shall be the chairman and vice-chairman, respectively, of the New Jersey Transportation, Toll Road and Trust Fund Authority. The authority shall elect a secretary and a treasurer who need not be members, and the same person may be elected as both secretary and treasurer. The powers of the authority shall be vested in the members thereof from time to time and three members of the authority shall constitute a quorum at any meeting thereof. Action may be taken and motions and resolutions adopted by the authority at any meeting thereof by the affirmative vote of at least a majority of the members present. No vacancy in the membership of the authority shall impair the right of the quorum of the members to exercise all of the powers and perform all of the duties of the authority.

    Anything herein to the contrary notwithstanding, the authority, or upon its dissolution, the Parkway Administration as successor to the authority, shall retain its separate legal status and corporate existence and continue to exercise all its powers and duties as required by law and by agreement with holders of its bonds or notes.

    [Before the issuance of any bonds or notes under the provisions of this act, each member of the authority shall execute a surety bond in the penal sum of $25,000.00, and the] The treasurer shall execute a surety bond in the penal sum of $50,000.00, [each] such surety bond to be conditioned upon the faithful performance of the duties of the office of [such member or] treasurer, [as the case may be,]to be executed by a surety company authorized to transact business in the State of New Jersey as surety and to be approved by the Attorney General and filed in the office of the Secretary of State.

    No resolution or other action of the authority providing for the issuance of bonds, refunding bonds or other obligations or for the fixing, revising or adjusting of tolls for the use of any highway projects or parts or sections thereof shall be adopted or otherwise made effective by the authority without the prior approval in writing of the Governor and at least one of the following: the State Treasurer and the Director of the Division of Budget and Accounting in the Department of the Treasury. The powers conferred in this section upon the Governor, the State Treasurer and the Director of the Division of Budget and Accounting in the Department of the Treasury shall be exercised with due regard for the rights of the holders of bonds of the authority at any time outstanding, and nothing in, or done pursuant to, this section shall in any way limit, restrict or alter the obligation or powers of the authority or any representative or officer of the authority to carry out and perform in every detail each and every covenant, agreement or contract at any time made or entered into by or on behalf of the authority with respect to its bonds or for the benefit, protection or security of the holders thereof.

    A true copy of the minutes of every meeting of the authority shall be forthwith delivered by and under the certification of the secretary thereof, to the Governor. No action taken at such meeting by the authority shall have force or effect until 10 days (Saturdays, Sundays and holidays excepted) after such copy of the minutes shall have been delivered or the approval thereof by the Governor prior thereto. If, in said 10-day period, the Governor returns such copy of the minutes with veto of any action, except action to negotiate or execute a collective negotiation agreement with a certified public employee organization representing employees of the authority, taken by the authority or any member thereof at such meeting, such action shall be null and of no effect.

    The members of the authority shall not receive compensation for their services as members of the authority. Each member shall be reimbursed by the authority for his actual expenses necessarily incurred in the performance of his duties. Notwithstanding the provisions of any other law, no member shall be deemed to have forfeited, nor shall the member forfeit, the member's office or employment or any benefits or emoluments thereof by reason of the member's acceptance of the office of ex officio member of the authority or the member's services therein.

    The ex officio member of the authority may designate an employee of his department to represent him at meetings of the authority. A designee may lawfully vote and otherwise act on behalf of the member for whom he is the designee. The designation shall be in writing and delivered to the authority and shall be effective until revoked or amended by a writing delivered to the authority.

    Notwithstanding any provisions of this section or any other law to the contrary, the members of the authority appointed by the Governor pursuant section 4 of P.L.1952, c.16 (C.27:12B-4) shall, after the date of dissolution of the New Jersey Highway Authority as provided by this section, continue to serve until the expiration of their appointment but the members shall serve exclusively as an advisory body to the members of the New Jersey Transportation, Toll Road and Trust Fund Authority. Any vacancy occurring in the membership of the advisory body established by this section, whether by expiration of the term of an advisory member or occurring other than by expiration of term, shall not be filled and there shall not be an appointment of a member to another term as an advisory member.

    On or before the ninetieth day after the effective date of P.L. , c. (C. )(now pending before the Legislature as this bill), the members shall prepare or cause to be prepared a final and complete audit of the financial accounts and records of the New Jersey Highway Authority and shall submit same to the Treasurer of the State of New Jersey; provided, however, that the treasurer in his discretion, may extend the time for the members to submit the audit beyond the 90 days if the extension is necessary to complete the audit. The audit shall contain an appraisal of the value of the facilities of the authority. Upon receipt of the audit, the treasurer shall certify the exact indebtedness of the authority owing to creditors and bondholders as of the effective date of P.L. , c. (C. )(now pending before the Legislature as this bill), and upon such certification the New Jersey Highway Authority is dissolved and the facilities, files, books, papers, records, equipment and other property, including all the rights, title and interest of the authority in any of its records and papers, are hereby transferred to the Parkway Administration established under section 25 of P.L. , c. (C. )(now pending before the Legislature as this bill), to be held, used and applied for the purposes of the Parkway Administration.

(cf: P.L.1988, c.177, s.2)

 

    20. Section 5 of P.L.1953, c.164 (C.27:12B-5) is amended to read as follows:

    5. [The] Except as otherwise may be provided by P.L. , c. (C. )(now pending before the Legislature as this bill), the authority shall be a body corporate and politic and shall have perpetual succession and shall have the following powers:

    (a) To adopt bylaws for the regulation of its affairs and the conduct of its business;

    (b) To adopt an official seal and alter the same at pleasure;

    (c) To maintain an office at such place or places within or without the State as it may designate;

    (d) To sue and be sued in its own name;

    (e) To acquire, construct, maintain, repair and operate projects;

    (f) To acquire, lease, build, improve, maintain and operate one or more ferry boats and other craft between a point in Cape May county, New Jersey, and a point in Lewes, Delaware, and to transport passengers and freight between said points by means of such boats;

    (g) To acquire in cooperation with the Department of Environmental Protection limited roadside areas adjoining said projects and transfer any or all of such areas to the Department of Environmental Protection, so that said department may maintain such areas as roadside parks;

    (h) To issue bonds or notes of the authority and to provide for the rights of the holders thereof, as provided in this act;

    (i) In the exercise of any of its powers, to fix and revise from time to time and charge and collect tolls or other charges for transit over or use of any project acquired or constructed by it;

    (j) To establish and enforce rules and regulations for the use of any project;

    (k) To acquire, hold and dispose of real and personal property in the exercise of is powers and the performance of its duties under this act;

    (l) To acquire in the name of the authority by purchase or otherwise, on such terms and conditions and in such manner as it may deem proper, or by the exercise of the power of eminent domain, any land and other property, including land under water and riparian rights, within or without the State of New Jersey, which it may determine is reasonably necessary for any project or for the relocation or reconstruction of any public highway by the authority under the provisions of this act or for the construction of any feeder road, which the authority is or may be authorized to construct and any and all rights, title and interest in such land and other property, including public lands, parks, playgrounds, reservations, highways or parkways, owned by or in which any county, city, borough, town, township, village, or other political subdivision of the State of New Jersey has any right, title or interest, or parts thereof or rights therein and any fee simple absolute or any lesser interest in private property, and any fee simple absolute in, easements upon, or the benefit of restrictions upon abutting property to preserve and protect projects;

    (m) To locate and designate, and to establish, limit and control such points of ingress to and egress from each project as may be necessary or desirable in the judgment of the authority to insure the proper operation and maintenance of such project, and to prohibit entrance to such project from any point or points not so designated;

    (n) To take title or any lesser interest to any land or other property in the State of Delaware in any manner permitted by the laws of Delaware. Whenever such property located in the State of Delaware cannot be acquired by the authority in its name or in that of its nominee or trustee by agreement, and the Highway Department of the State of Delaware is willing to condemn such property for the use of the project, if reimbursed by the authority for the condemnation money or damages awarded in such condemnation and the expenses thereof, the authority is authorized and empowered to enter into an agreement of reimbursement with the Highway Department of the State of Delaware for such condemnation money or damages and expenses and to secure the same by a deposit of cash or otherwise and to reimburse the Highway Department of the State of Delaware or other proper department or agency of the State of Delaware for all condemnation money or damages and costs legally awarded or incurred in such condemnation;

    (o) To make and enter into all contracts and agreements necessary or incidental to the performance of its duties and the execution of its powers under this act;

    (p) To construct, maintain, repair and operate any feeder road or any public highway connecting parts of a project or two or more projects, which in the opinion of the authority will increase the use of a project or projects, to take over for maintenance, repair and operation any existing public highway as a feeder road, and to realign any such existing public highway and build additional sections of road over new alignment in connection with such existing public highway;

    (q) To appoint such additional officers (who need not be members of the authority) and employ such consulting engineers, attorneys, accountants, construction and financial experts, superintendents, managers and other employees and agents as the authority deems advisable and as may be necessary in its judgment; to fix their compensation; and to promote and discharge such officers, employees and agents, all without regard to the provisions of Title [11] 11A of the [Revised Statutes] New Jersey Statutes;

    (r) To receive and accept from any federal agency, subject to the approval of the Governor, grants for or in aid of the acquisition or construction of any project, and to receive and accept aid or contributions, except appropriations by the Legislature, from any source, of either money, property, labor or other things of value, to be held, used and applied only for the purposes for which such grants and contributions may be made;

    (s) Subject to the rights and security interest of the holders from time to time of bonds or notes heretofore or hereafter issued by the New Jersey Highway Authority, to enter into contracts with the State or the New Jersey Transportation Trust Fund Authority established by section 4 of the "New Jersey Transportation Trust Fund Authority Act of 1984," P.L.1984, c.73 (C.27:1B-4), providing for the payment from the revenues of the Highway Authority or the Parkway Administration established within the New Jersey Transportation, Toll Road and Trust Fund Authority, as the case may be, to the State or to the New Jersey Transportation Trust Fund Authority of the amount or amounts of revenues that may be set forth in or determined in accordance with the contracts. Any contracts authorized pursuant to this section may include conditions and covenants necessary and desirable to facilitate the issuance and sale of bonds, notes and other obligations of the New Jersey Transportation Trust Fund Authority. Any agreements entered into between the State and the Highway Authority pursuant to this subsection shall terminate upon the effective date of any agreement entered into between the New Jersey Transportation Trust Fund Authority and the Highway Authority providing for the payment of revenues of the Highway Authority directly from the Highway Authority to the New Jersey Transportation Trust Fund Authority;

     (t) To do all acts and things necessary or convenient to carry out the powers and duties expressly provided in this act; and

    (u) To exercise all of the foregoing powers in the State of Delaware insofar as permitted by the laws of that state, and to apply to the authorities in the State of Delaware for all franchises, permits and licenses necessary to exercise such powers.

    Nothing contained in this act shall be construed to authorize or empower the authority to acquire State property by the exercise of the power of eminent domain.

(cf: P.L.1984, c.73, s.28)

 

    21. Section 3 of P.L.1962, c.10 (C.27:12C-3) is amended to read as follows:

    3. As used in this act, unless a different meaning clearly appears from the context:

    (a) "Authority" means the New Jersey Expressway Authority created by this act ,or where appropriate, the Expressway Administration established under section 25 of P.L. , c. (C. )(now pending before the Legislature as this bill);

    (b) "Bond" means any bond, and "note" means any note, of the authority authorized pursuant to the provisions of this act or of the Expressway Administration authorized pursuant to P.L. , c. (C. )(now pending before the Legislature as this bill);

    (c) "Commissioner" means the Commissioner of Transportation;

    (d) "County" means any county of the State;

    (e) "Department" means the Department of Transportation;

    (f) "Feeder road" means any road which in the opinion of the authority is necessary to create or facilitate access to a project and is not more than three miles in length from the point of its connection with the project;

    (g) "Governing body" means, in the case of a county, the board of chosen freeholders, or, in the case of a school district, the board of education, or, in the case of a municipality or any other governmental subdivision, the commission, council, board or body, by whatever name it may be known, having charge of its finances;

    (h) "Municipality" means any city, borough, village, town or township of the State but not a county or a school district;

    (i) "Owner" means and includes any individuals, copartnerships, associations, private or municipal corporations, and counties, municipalities or other governmental subdivisions of the State having any title or interest in any property, rights, easements and interests authorized to be acquired pursuant to this act;

    (j) "Project" or "expressway project" means any express highway, superhighway or motorway at such locations and between such termini as herein established or as may hereafter be established by law, and acquired or to be acquired or constructed or to be constructed under the provisions of this act by the authority, over which abutters have no easements or rights of light, air or direct access by reason of the fact that their properties abut thereon, and shall include but not be limited to all bridges, tunnels, overpasses, underpasses, interchanges, traffic circles, grade separations, entrance plazas, approaches, toll houses, service areas, stations and facilities, communications facilities, administration, storage and other buildings, and other structures, directly related to the use of the express highway, superhighway or motorway, intersecting highways and bridges and feeder roads which the authority may deem necessary for the operation of such project, together with all property, rights, easements and interests which may be acquired by the authority for the construction or the operation of such project;

    (k) "Public highway" means and shall include any public highway, road or street in the State, whether maintained by the State or by any county, municipality or other governmental subdivision; and

    (l) "Real property" means lands within the State, above or below water, and improvements thereof or thereon, or any riparian or other rights or interests therein.

(cf: P.L.1988, c.177, s.3)

 

    22. Section 5 of P.L.1962, c.10 (C.27:12C-5) is amended to read as follows:

    5. [The authority shall consist of the following members: the Commissioner of Transportation, ex officio, or his designee; and five members appointed by the Governor, with the advice and consent of the Senate, as follows: one resident each from the counties of Camden, Cape May and Gloucester, and two residents from the county of Atlantic. No more than three of the county representatives shall be members of the same political party. Each appointed member shall have been a qualified voter of the State for at least one year preceding the appointment.

    Each member of the authority, except the Commissioner of Transportation, shall serve for a term expiring on April 30 of the year ensuing after his appointment which corresponds in number to the number of the members of the authority then authorized; provided, that the terms of the members first appointed shall be so arranged that one of such terms shall expire on April 30 in each successive year ensuing after such appointments. Each member, except the Commissioner of Transportation, shall hold office for the term of his appointment and until his successor shall have been appointed and qualified. Any vacancy among the appointed members shall be filled by appointment only for the unexpired term but such appointment shall not be made sooner than 15 days after the occurrence of such vacancy.]

    The New Jersey Expressway Authority shall consist of five members, who shall be the persons who from time to time shall hold the office of members of the New Jersey Transportation, Toll Road and Trust Fund Authority. The chairman and the vice-chairman shall be the chairman and vice-chairman, respectively, of the New Jersey Transportation, Toll Road and Trust Fund Authority. The authority shall elect a secretary and a treasurer who need not be members, and the same person may be elected as both secretary and treasurer. The powers of the authority shall be vested in the members thereof from time to time and three members of the authority shall constitute a quorum at any meeting thereof. Action may be taken and motions and resolutions adopted by the authority at any meeting thereof by the affirmative vote of at least a majority of the members present. No vacancy in the membership of the authority shall impair the right of the quorum of the members to exercise all of the powers and perform all of the duties of the authority.

    Anything herein to the contrary notwithstanding, the authority, or upon its dissolution, the Expressway Administration as successor to the authority, shall retain its separate legal status and corporate existence and continue to exercise all its powers and duties as required by law and by agreement with holders of its bonds or notes.

    Notwithstanding any provisions of this section or any other law to the contrary, the members of the New Jersey Expressway Authority appointed pursuant to P.L.1962, c.10 (C.27:12C-1 et seq.) may, after the effective date of P.L. , c. (C. )(now pending before the Legislature as this bill), continue to serve until the expiration of their appointment but the members shall serve exclusively as an advisory body to the board of the New Jersey Transportation, Toll Road and Trust Fund Authority. Any vacancy occurring in the membership of the advisory body established by this section, whether by the expiration of the term of an advisory member or occurring other than by expiration of term, shall not be filled and there shall not be an appointment of a member to another term as an advisory member.

    On or before the ninetieth day after the effective date of P.L. , c. (C. )(now pending before the Legislature as this bill), the members shall prepare or cause to be prepared a final and complete audit of the financial accounts and records of the New Jersey Expressway Authority and shall submit same to the Treasurer of the State of New Jersey; provided, however, that the treasurer in his discretion, may extend the time for the members to submit the audit beyond the 90 days if the extension is necessary to complete the audit. The audit shall contain an appraisal of the value of the facilities of the authority. Upon receipt of the audit, the treasurer shall certify the exact indebtedness of the authority owing to its creditors and bondholders as of the effective date of P.L. , c. (C. )(now pending before the Legislature as this bill), and upon such certification the New Jersey Expressway Authority is dissolved and the facilities, files, books, papers, records, equipment and other property, including all the rights, title and interest of the authority in any of its records and papers, are hereby transferred to the Expressway Administration established within the New Jersey Transportation, Toll Road and Trust Fund Authority, to be held, used and applied for the purposes of the Expressway Administration.

(cf: P.L.1988, c.177, s.4)

 

    23. Section 7 of P.L.1962, c.10 (C.27:12C-7) is amended to read as follows:

    7. [The] Except as may otherwise be provided by P.L. , c. (C. )(now pending before the Legislature as this bill), the powers of the authority shall be vested in the members thereof in office from time to time. Four members of the authority shall constitute a quorum and the vote of four members shall be necessary for any action taken by the authority. No vacancy in the membership of the authority shall impair the right of a quorum to exercise all the rights and perform all the duties of the authority.

    The ex officio member of the authority may designate an employee of his department to represent him at meetings of the authority. A designee may lawfully vote and otherwise act on behalf of the member for whom he constitutes the designee. The designation shall be in writing and delivered to the authority and shall be effective until revoked or amended by a writing delivered to the authority.

(cf: P.L.1988, c.177, s.5)

 

    24. Section 11 of P.L.1962, c.10 (C.27:12C-11) is amended to read as follows:

    11. [The] Except as may otherwise be provided by P.L. , c. (C. )(now pending before the Legislature as this bill), the authority shall be a public body corporate and politic and shall have perpetual succession and shall have the following powers:

    (a) To adopt bylaws for the regulation of its affairs and the conduct of its business;

    (b) To adopt and have an official common seal and alter the same at pleasure;

    (c) To maintain an office at such place or places within the State as it may designate;

    (d) To sue and be sued;

    (e) To acquire, construct, maintain, improve, repair and operate projects;

    (f) To construct, maintain, improve, repair and operate feeder roads;

    (g) To issue bonds or notes of the authority and to provide for the rights of the holders thereof, as provided in this act;

    (h) In the exercise of any of its powers, to fix and revise from time to time and charge and collect tolls or other charges for transit over or use of any project acquired or constructed by it;

    (i) To establish rules and regulations for the use of any project;

    (j) To acquire, lease as lessee, hold and dispose of real and personal property or any interest therein, in the exercise of its powers and the performance of its duties under this act;

    (k) To acquire in the name of the authority by purchase or otherwise, on such terms and conditions and in such manner as it may deem proper, or by the exercise of the power of eminent domain, any land and other property which it may determine is reasonably necessary for any project or for the relocation or reconstruction of any public highway by the authority under the provisions of this act or for the construction of any feeder road, which the authority is or may be authorized to construct and any and all rights, title and interest in such land and other property, including public lands, parks, playgrounds, reservations, highways or parkways, owned by or in which any county, municipality or other governmental subdivision of the State has any right, title or interest, or parts thereof or rights therein, and any fee simple absolute or any lesser interest in private property, and any fee simple absolute in, easements upon, or the benefit of restrictions upon abutting property to preserve and protect projects;

    (l) To locate and designate, and to establish, limit and control such points of ingress to and egress from each project as may be necessary or desirable in the judgment of the authority to insure the proper operation and maintenance of such project, and to prohibit entrance to such project from any point or points not so designated;

    (m) Subject to the limitations of this act, to acquire, construct, maintain, improve, repair or operate any public highway connecting with any one or more projects, which in the opinion of the authority will increase the use of a project or projects, to take over for maintenance, improvement, repair or operation any existing public highway as a feeder road, and to realign any such existing public highway and build additional sections of road over new alignment in connection with such existing public highway;

    (n) To receive and accept from any federal agency, subject to the approval of the Governor, grants for or in aid of the acquisition or construction of any project, and to receive and accept aid or contributions from any other source, of either money, property, labor or other things of value, to be held, used and applied only for the purposes for which such grants and contributions may be made;

    (o) Subject to the limitations of this act, to determine the location, type and character of any project and all other matters in connection with such project;

    (p) Subject to the rights and security interests of the holders from time to time of bonds or notes heretofore or hereafter issued by the New Jersey Expressway Authority, to enter into contracts with the State or the Department of Transportation or the New Jersey Transportation Trust Fund Authority established by section 4 of the "New Jersey Transportation Trust Fund Authority Act of 1984," P.L.1984, c.73 (C.27:1B-4), providing for the payment from the revenues of the New Jersey Expressway Authority or the Expressway Administration established within the New Jersey Transportation, Toll Road and Trust Fund Authority, as the case may be, to the State or to the New Jersey Transportation Trust Fund Authority of the amount or amounts of revenues that may be set forth in or determined in accordance with the contracts, provided, that the payments shall be used solely for financing highway and transportation projects in the counties of Ocean, Burlington, Camden, Gloucester, Atlantic, Salem, Cumberland and Cape May, including the payment of principal and interest on any bonds, notes or other obligations issued or entered into by the New Jersey Transportation Trust Fund Authority, the proceeds of which shall be allocated by the New Jersey Transportation Trust Fund Authority to highway and transportation projects within the counties aforesaid; any contracts authorized pursuant to this section may include conditions and covenants necessary and desirable to facilitate the issuance and sale of bonds, notes and other obligations of the New Jersey Transportation Trust Fund Authority. Any agreements entered into between the Department of Transportation and the Expressway Authority or Expressway Administration, pursuant to this subsection shall terminate upon the effective date of any agreement entered into between the Expressway Authority or Expressway Administration and the New Jersey Transportation Trust Fund Authority providing for payment of revenues of the Expressway Authority or Expressway Administration directly from the Expressway Authority or Expressway Administration to the New Jersey Transportation Trust Fund Authority;

    (q) To enter into any and all agreements or contracts, execute any and all instruments, and do and perform any and all acts or things necessary, convenient or desirable for the purposes of the authority or to carry out any power expressly given in this act.

(cf: P.L.1984, c.73, s.29)

 

    25. (New section) There is hereby established within the authority three separate and distinct subsidiary administrations to be known as: the "Turnpike Administration," the "Parkway Administration" and the "Expressway Administration." Each such administration is hereby constituted as a political subdivision and an instrumentality of the State exercising public and essential governmental functions. Each administration shall be governed by a board consisting of five members who shall be the persons who from time to time shall hold the office of members of the New Jersey Transportation, Toll Road and Trust Fund Authority. The members of the administrations shall not receive compensation for their services as members of the respective administrations. Each member shall be reimbursed by the respective administration for his actual expenses necessarily incurred in the performance of his duties. The responsibilities of the three subsidiary administrations shall be mutually exclusive.

    The Turnpike Administration shall have the sole responsibility for the financing, construction, enlargement, maintenance, improvement, repair, operation and support of the New Jersey Turnpike and turnpike projects including, but not limited to, the responsibility for issuing bonds, refunding bonds or other obligations for turnpike projects, for fixing, revising or adjusting of tolls, for collecting turnpike revenues and for meeting all debt service and reserve requirements and all other reserves and payments required by the terms of the New Jersey Turnpike Authority's contracts with its bondholders or noteholders. The Turnpike Administration shall be headed by an executive director who shall be a person of recognized ability and experience, who shall be appointed by the members of the New Jersey Transportation, Toll Road and Trust Fund Authority and who shall serve at the pleasure of that authority. The executive director may employ such officers and employees as may be necessary for the proper effectuation of the duties and functions of the Turnpike Administration and may determine the qualifications of such persons; however, the members of the New Jersey Transportation, Toll Road and Trust Fund Authority shall approve such positions and fix compensation for such officers and employees all without regard to the provisions of Title 11A, of the New Jersey Statutes except that such officers and employees appointed or hired by the authority after January 1, 1989 and who are not subject to the "New Jersey Employer-Employee Relations Act," P.L.1941, c.100 (C.34:13A-1 et seq.) shall receive sick and vacation leave only as provided for State employees in Title 11A of the New Jersey Statutes and if supplemental compensation upon retirement is to be paid to those officers and employees, it shall be calculated and limited as in N.J.S.11A:6-19.

    Except as may otherwise be herein provided, the Turnpike Administration shall be the successor to the New Jersey Turnpike Authority and shall succeed to all rights, obligations, contracts, debts and properties of such authority relating thereto, including, but not limited to, the issuance of bonds, refunding bonds or other obligations relating to turnpike projects, the fixing, revising or adjusting of tolls for the use of any turnpike projects or parts or sections thereof, the collection of turnpike revenues and the meeting of all debt service and reserve payments and all other reserves and payments required under the contracts between the New Jersey Turnpike Authority and its bondholders or noteholders.

    The Parkway Administration shall have sole responsibility for the financing, construction, enlargement, maintenance, improvement, repair, operation and support of the Garden State Parkway, the Garden State Arts Center and all other parkway projects including, but not limited to, the responsibility for issuing bonds, refunding bonds or other obligations for parkway projects, for fixing, revising or adjusting of tolls, for collecting parkway revenues and for meeting all debt service and reserve requirements and all other reserve and other payments required by the terms of the New Jersey Highway Authority's contracts with its bondholders or noteholders. The Parkway Administration shall be headed by an executive director who shall be a person of recognized ability and experience, who shall be appointed by the members of the New Jersey Transportation, Toll Road and Trust Fund Authority and who shall serve at the pleasure of that authority. The executive director may employ such officers and employees as may be necessary for the proper effectuation of the duties and functions of the Parkway Administration and may determine the qualifications of such persons; however, the members of the New Jersey Transportation, Toll Road and Trust Fund Authority shall approve such positions and fix compensation for such officers and employees all without regard to the provisions of Title 11A, of the New Jersey Statutes except that such officers and employees appointed or hired by the authority after January 1, 1989 and who are not subject to the "New Jersey Employer-Employee Relations Act," P.L.1941, c.100 (C.34:13A-1 et seq.) shall receive sick and vacation leave only as provided for State employees in Title 11A of the New Jersey Statutes and if supplemental compensation upon retirement is to be paid to those officers and employees, it shall be calculated and limited as in N.J.S.11A:6-19;

    Except as may otherwise be herein provided, the Parkway Administration shall be the successor to the New Jersey Highway Authority and shall succeed to all rights, obligations, contracts, debts and properties of such authority relating thereto, including, but not limited to, the issuance of bonds, refunding bonds or other obligations relating to parkway projects, the fixing, revising or adjusting of tolls for the use of any parkway projects or parts or sections thereof, the collection of parkway revenues and the meeting of all debt service and reserve payments and all other reserve and other payments required under the contracts between the New Jersey Highway Authority and its bondholders or noteholders.

    The Expressway Administration shall have sole responsibility for the financing, construction, enlargement, maintenance, improvement, repair, operation and support of the Atlantic City Expressway and expressway projects including, but not limited to, the responsibility for issuing bonds, refunding bonds or other obligations for expressway projects, for fixing, revising or adjusting of tolls, for collecting expressway revenues and for meeting all debt service and reserve requirements and all other reserves and payments required by the terms of the New Jersey Expressway Authority's contracts with its bondholders or noteholders. The Expressway Administration shall be headed by an executive director who shall be a person of recognized ability and experience, who shall be appointed by the members of the New Jersey Transportation, Toll Road and Trust Fund Authority and who shall serve at the pleasure of that authority. The executive director may employ such officers and employees as may be necessary for the proper effectuation of the duties and functions of the Expressway Administration and may determine the qualifications of such persons; however, the members of the New Jersey Transportation, Toll Road and Trust Fund Authority shall approve such positions and fix compensation for such officers and employees all without regard to the provisions of Title 11A, of the New Jersey Statutes except that such officers and employees appointed or hired by the authority after January 1, 1989 and who are not subject to the "New Jersey Employer-Employee Relations Act," P.L.1941, c.100 (C.34:13A-1 et seq.) shall receive sick and vacation leave only as provided for State employees in Title 11A of the New Jersey Statutes and if supplemental compensation upon retirement is to be paid to those officers and employees, it shall be calculated and limited as in N.J.S.11A:6-19;

    Except as may otherwise be herein provided, the Expressway Administration shall be the successor to the New Jersey Expressway Authority and shall succeed to all the rights, obligations, contracts, debts and properties of such authority relating thereto, including, but not limited to, the issuance of bonds, refunding bonds or other obligations relating to expressway projects, the fixing, revising or adjusting of tolls for the use of any expressway projects or parts or sections thereof, the collection of expressway revenues and the meeting of all debt service and reserve payments and all other reserves and payments required under the contracts between the New Jersey Expressway Authority and its bondholders or noteholders.

 

    26. (New section) Each such subsidiary administration of the New Jersey Transportation, Toll Road and Trust Fund Authority shall be created as a subsidiary of the authority, shall constitute a public body corporate and politic and an instrumentality of the State, and shall be organized by the authority by executing and filing with the Secretary of State of New Jersey a certificate of incorporation, which may be amended from time to time by similar filing, which shall set forth the name of such subsidiary administration, its duration, the location of its principal office, and the purposes of the incorporation. The members of each such subsidiary administration shall be the same persons holding the offices of members of the New Jersey Transportation, Toll Road and Trust Fund Authority. Each such subsidiary administration and its property, functions and activities shall have all of the privileges, immunities, tax exemptions and other exemptions of the predecessor authority and of the predecessor authority's property, if any. The property, revenues, and assets of the three subsidiary administrations shall be separate and distinct from each other and shall be separate and distinct from the property, revenues, and assets, if any, of the New Jersey Transportation, Toll Road and Trust Fund Authority. Each subsidiary administration shall separately account for its assets, liabilities, revenues and expenses and no one of the administrations shall be responsible for any obligations or debts of the other or for any obligations or debts of the New Jersey Transporation, Toll Road and Trust Fund Authority. No revenues, funds or other assets of one administration shall be available for any use whatsoever, directly, contingently or otherwise, by any other administration or by the New Jersey Transportation, Toll Road and Trust Fund Authority.

    Each administration shall ensure that all its revenues derived from toll road operations are dedicated to toll road projects of that administration or to the payment of debt service obligations or reserve payments or other reserves or payments required under the contracts between that administration and its bondholders or noteholders, including, but not limited to, the provisions of the agreements entered into by the predecessor authorities pursuant to subsection (s) of section 5 of P.L.1952, c.16 (C.27:12B-5), subsection (p) of section 11 of P.L.1962, c.10 (C.27:12C-11), and subsection b. of section 1 of P.L.1966, c.8 (C.27:23-5.8).

    A subsidiary administration may be dissolved by resolution of the authority or by act of the Legislature on condition that such subsidiary administration has no debts or obligations outstanding or that provision has been made for the payment or retirement of such debts or obligations. Upon any such dissolution of a subsidiary administration, the property, funds and assets thereof shall pass to and be vested in the State and the toll roads and toll road projects shall become part of the State highway system and thereafter be operated and maintained by the Department of Transportation as toll roads and toll road projects. The employees of any such subsidiary administration, except those who are also employees of the authority, shall be deemed employees of the State.

 

    27. (New section) Upon the transfer of the functions, powers and duties of the predecessor authorities as provided in P.L. , c. (C. )(now pending before the Legislature as this bill), all projects or facilities of the predecessor authorities shall be transferred to the respective subsidiary administrations and all toll roads and toll road projects shall thereafter be maintained and operated by the separate subsidiary administrations. The subsidiary administrations shall cause tolls for the use of the toll road projects to be charged and collected at the same rates as were charged and collected by the predecessor authorities immediately prior to the transfer of the functions, powers and duties of the predecessor authorities. Notwithstanding any law, rule or regulation to the contrary, no change or revision shall thereafter be made in those rates by the subsidiary administrations without the approval of the Governor at least 45 days prior to the date on which the change or revision is proposed to become effective. For the purposes of this section, the approval of the Governor means receipt of written notice from the Governor advising the administration to proceed with the notice and hearing concerning the adoption of a resolution or other action necessary to change or revise the rates.

 

    28. (New section) Upon the transfer of the functions, powers and duties of the predecessor authorities to the respective subsidiary administrations as provided for in P.L. , c. (C. )(now pending before the Legislature as this bill), all employees of the predecessor authorities shall be transferred to their respective subsidiary administrations established under section 25 of this P.L. , c. (C. )(now pending before the Legislature as this bill) and shall become employees of the respective subsidiary administration. All records and property of the predecessor authorities, except as otherwise provided herein, shall be transferred to the respective subsidiary administrations and all outstanding obligations and commitments lawfully undertaken or contracted for by the predecessor authorities shall be assumed and performed by the respective subsidiary administrations.

 

    29. (New section) The members of the New Jersey Transportation, Toll Road and Trust Fund Authority shall ensure that the authority and subsidiary administrations of the authority have adopted a code of ethics to govern the conduct of State officers and employees, and special State officers and employees, pursuant to P.L.1971, c.182 (C.52:13D-12 et seq.). The members shall further ensure that such officers and employees of the authority or the subsidiary administrations of the authority, receive a copy of the appropriate code of ethics and submit a signed certification to the authority or subsidiary administration, as the case may be, stating that the officer or employee has reviewed the code of ethics and agrees to be bound by the provisions thereof. The signed certifications shall be retained as part of the permanent records of the authority and subsidiary administrations.

 

    30. (New section) The chairman of the authority shall establish, in addition to other committees which may be established by the bylaws of the authority, a committee on capital program oversight which shall include the chairman or his designee, the State Treasurer and not less than two members. The capital program oversight committee shall, with respect to any approved or proposed capital program plans of the subsidiary administrations, perform the following functions:

    a. Monitor the current and future availability of funds to be utilized for such plans approved or proposed by the subsidiary administrations;

    b. Monitor the contract awards of the subsidiary administrations to insure that such awards are consistent with affirmative action provisions, collective bargaining agreements, State labor laws and State bidding requirements, and any other relevant requirements established by law;

    c. Monitor the award of contracts to determine if such awards and any change orders related to the awards have been submitted to and approved by the members of the appropriate subsidiary administration and that the actions taken with regard to such awards are specifically enumerated in the minutes of the meetings of that subsidiary administration;

    d. Review the relationship between capital expenditures pursuant to each such capital program plan and current and future operating budget requirements;

    e. Monitor the progress of capital elements described in each capital program approved by the subsidiary administrations;

    f. Monitor the expenditures incurred and to be incurred for each such element; and

    g. Identify capital elements not progressing on schedule, ascertain responsibility therefor and recommend those actions required or appropriate to accelerate their implementation.

    The committee shall issue reports of its activities and findings on a quarterly basis, and shall in connection with the preparation of such quarterly reports, consult with the Division of Budget and Accounting in the Department of the Treasury, the State Department of Transportation and any other group which the committee deems relevant, including at least annually, a nationally recognized transportation consulting firm. Such reports shall be made available to the members of the authority, members of the Legislature and the Governor.

 

    31. (New section) In addition to the capital program oversight committee and any other committees which may be formed by the bylaws of the authority, the chairman shall establish a committee to review the personnel policies and procedures of the subsidiary administrations. The committee shall consist of the chairman of the authority, or his designee, and at least two other members of the authority. The purpose of the committee shall be to consider how gains in economy and efficiency may be achieved in the operations of the subsidiary administrations through reductions in expenditures made possible by certain items, including but not limited to the following:

    a. Reductions in overtime;

    b. Elimination of consultant fees;

    c. Less temporary help;

    d. Elimination of budgeted positions;

    e. Improved methods of communication;

    f. Improved systems and procedures;

    g. Better deployment and utilization of manpower;

    h. Elimination of unnecessary travel;

    i. Elimination of unnecessary printing and mailing;

    j. Elimination of unnecessary payments of advertising, memberships, dues and subscriptions;

    k. Elimination of waste, duplication, and practices of doubtful value;

    l. Improved space utilization;

    m. Proven cost reduction techniques; and

     n. Any other items considered by the committee as representing true savings.

    The committee shall issue a report within one year of the effective date of P.L. , c. (C. )(now pending before the Legislature as this bill) containing a written description of the changes in personnel practices and procedures or work methods which it finds will produce gains in the economy and efficiency of the operations of the subsidiary administrations. Such report shall be made available to the members of the authority, members of the Legislature and the Governor.

 

    32. (New section) Nothing in P.L. , c. (C. )(now pending before the Legislature as this bill) shall be deemed or construed so as to limit, alter or impair in any way the rights and obligations of the New Jersey Turnpike Authority, the New Jersey Highway Authority or the New Jersey Expressway Authority, or their successors, under the provisions of the contracts made with the holders from time to time of bonds and notes heretofore or hereafter issued by said authorities or in any way impair the rights and security of such holders under such contracts.

 

    33. (New section) All acts and parts of acts inconsistent with any of the provisions of P.L. , c. (C. )(now pending before the Legislature as this bill) are to the extent of such inconsistencies, superseded and shall be deemed inoperative.

 

    34. (New section) If any clause, sentence, paragraph, section or part of P.L. , c. (C. )(now pending before the Legislature as this bill) shall be adjudged by any court of competent jurisdiction to be invalid, such judgment shall not affect, impair or invalidate the remainder thereof, but shall be confined in its operation to the clause, sentence, paragraph, section or part thereof directly involved in the controversy in which such judgment shall have been rendered.

 

    35. (New section) a. Whenever in any law, rule, regulation, order, contract, document, judicial or administrative proceeding or otherwise, reference is made to a predecessor authority, the same shall mean and refer to a subsidiary administration of the authority.

    b. The transfer of the predecessor authorities in accordance with the provisions of P.L. , c. (C. )(now pending before the Legislature as this bill) shall not affect the orders, rules and regulations heretofore made or promulgated by the predecessor authorities. These orders, rules and regulations insofar as they are not inconsistent herewith shall continue in effect until amended or repealed pursuant to law.

    c. The provisions of P.L.1952, c.16 (C.27:12B-1 et seq.), P.L.1962, c.10 (C.27:12C-1 et seq.), and P.L.1948, c.454 (C.27:23-1 et seq.), insofar as they are not inconsistent with the provisions of P.L. , c. (C. )(now pending before the Legislature as this bill), shall continue in effect and any reference therein or in any other law to the predecessor authorities, to the chairman or any member thereof shall be deemed to mean and refer to one of the subsidiary administrations, or the chairman or member thereof as the case may be.

 

     36. (New section) All transfers directed by this act shall be made in accordance with the "State Agency Transfer Act," P.L.1971, c.375 (C.52:14D-1 et seq.). Except as may otherwise be provided by P.L. , c. (C. )(now pending before the Legislature as this bill), nothing herein shall be construed to deprive employees of their rights, privileges, obligations or status with respect to any pension or retirement system.

 

    37. (New section) a. Upon transferral of the employees of the predecessor authorities to the subsidiary administrations of the authority, the employees shall retain all of their rights and benefits under existing labor agreements or contracts until such time as new or revised agreements or contracts are agreed to or these agreements or contracts shall expire. All existing bargaining agents shall be retained to act on behalf of these employees until such time as the employees shall, pursuant to law, elect to change such agents.

    b. Except as may otherwise be provided by P.L. , c. (C. )(now pending before the Legislature as this bill), all officers and employees who hold office or are employed by the predecessor authorities and whose functions, powers and duties have been transferred to the subsidiary administrations of the authority under P.L. , c. (C. )(now pending before the Legislature as this bill) shall upon the effective date of P.L. , c. (C. ) (now pending before the Legislature as this bill) be transferred from the predecessor authorities to the subsidiary administrations of the authority and shall continue in that or similar office or employment with the subsidiary administrations, and shall not be dismissed from such office or employment, except for good cause and after an opportunity to be heard, for one year after the effective date of P.L. , c. (C. )(now pending before the Legislature as this bill). Except as provided herein, nothing shall affect the civil service status, if any, of those officers or employees or their rights, privileges, obligations or status with respect to any pension or retirement system. Any collective bargaining agreements entered into by the predecessor authorities with any of its employees shall continue in effect for the term of the agreement, notwithstanding that the employees affected by the agreement shall be employees of the subsidiary administrations, but the agreement shall be binding for both the employees and the subsidiary administrations. The provisions of this section shall not apply to any officer or employee appointed or employed, or any collective bargaining agreement entered into, on or after the date of enactment of P.L. , c. (C. )(now pending before the Legislature as this bill).

 

    38. (New section) a. In hiring employees after the effective date of P.L. , c. (C. )(now pending before the Legislature as this bill), the authority and its subsidiary administrations shall comply fully with the affirmative action policies and procedures of the State of New Jersey. The authority and its subsidiary administrations shall ensure equal employment opportunity for all of its employees and applicants seeking employment, including not limited to recruitment, selection, hiring, training, promotion, transfer, layoff, return from layoff, compensation and fringe benefits. Equal employment opportunity further includes policies, procedures, and programs for recruitment, employment, training, promotion, and retention of minorities, women and handicapped persons.

    b. The authority shall appoint at least one person with the responsibility for equal employment opportunity as the affirmative action officer. The authority and its subsidiary administrations shall develop, in consultation with the Division of Equal Employment Opportunity and Affirmative Action in the Department of Personnel, an affirmative action plan with goals and timetables and submit quarterly and annual affirmative action reports to the division. The affirmative action plan shall identify existing inequities in hiring, promotion, and all other conditions of employment and provide specific remedies for those inequities and establish the time periods for the accomplishment of remedial action.

    c. The Division of Equal Employment Opportunity and Affirmative Action in the Department of Personnel shall assist the authority and its subsidiary administrations in developing affirmative action plans. The division shall notify the Division on Civil Rights in the Department of Law and Public Safety of any possible violations of the "Law Against Discrimination," P.L.1945, c.169 (C.10:5-1 et seq.).

 

    39. (New section) In order to assist in the transition to the new structure and responsibilities of the New Jersey Transportation, Toll Road and Trust Fund Authority set forth in P.L. , c. (C. )(now pending before the Legislature as this bill), the State Treasurer and the Commissioner of Transportation shall prepare and submit to the members of the authority upon its organization after the effective date of P.L. , c. (C. )(now pending before the Legislature as this bill) a transition budget to provide for the continuation of services previously performed by the authority and its subsidiary administrations, and for the commencement of new responsibilities to be performed by the authority and its subsidiary administrations, which budget shall govern the financial operations of the authority and its subsidiary administrations until they shall adopt budgets for a full fiscal year. The State Treasurer and the Commissioner of Transportation shall, in preparing the transition budget, take into account all revenues, assets and liabilities of the predecessor authorities and any appropriations provided by the Legislature to the authority. The transition budget shall be submitted as part of the minutes of the authority, along with any amendments or other changes made by the members of the authority.

 

    40. (New section) All officers, departments, boards, agencies, divisions and commissions of the State are hereby authorized and empowered to render any and all such services to the authority and its subsidiary administrations as may be within the area of their respective governmental functions as fixed or established by law, and as may be requested by the authority or any of its subsidiary administrations. The cost and expense of any such services shall be met and provided for by the authority or its subsidiary administrations.

 

    41. (New section) The State of New Jersey does hereby pledge to and covenant and agree with the holders of any bonds or notes heretofore or hereafter issued by the predecessor authorities or the subsidiary administrations of the New Jersey Transportation, Toll Road and Trust Fund Authority that the State will not limit or alter the rights or powers hereby vested in the predecessor authorities or the subsidiary administrations of the authority to acquire, construct, maintain, improve, repair and operate its toll roads and toll road projects in any way that would jeopardize the interest of such holders, or to perform and fulfill the terms of any agreement made with the holders of such bonds or notes, or to fix, establish, charge and collect such tolls, rents, fees, rates or other charges as may be convenient or necessary to produce sufficient revenues which, together with other available funds, shall be sufficient to meet all expenses of the predecessor authorities or subsidiary administrations and fulfill the terms of any agreements made with the holders of such bonds or notes, together with interest thereon, with interest on any unpaid installments of interest, and all costs and expenses in connection with any action or proceedings by or on behalf of such holders, until the bonds and notes, together with interest thereon, are fully met and discharged or otherwise provided for.

 

    42. (New section) All bondholders and other creditors of the predecessor authorities and persons having claims against or contracts with any predecessor authority of any kind or character may enforce such debts, claims and contracts against the subsidiary administration created as the successor to that predecessor authority on or after the effective date of P.L. , c. (C. )(now pending before the Legislature as this bill), and the rights and remedies of bondholders, creditors and persons having claims or contracts shall not be limited or restricted in any manner by P.L. , c. (C. )(now pending before the Legislature as this bill).

 

    43. (New section) The provisions of P.L. , c. (C. )(now pending before the Legislature as this bill) and any rules and regulations adopted thereunder shall be in all respects subject to the rights and security interests of the holders from time to time of the bonds or notes heretofore or hereafter issued by any of the predecessor authorities or subsidiary administrations of the New Jersey Transportation, Toll Road and Trust Fund Authority.

 

    44. This act shall take effect immediately.

 

 

STATEMENT

 

    This bill creates three subsidiary administrations within a single successor authority to be known as the New Jersey Transportation, Toll Road and Trust Fund Authority. The bill provides that the three subsidiary administrations shall assume the operational and capital planning functions of the State's three toll road authorities. Under this new organization, the Turnpike Administration would assume these functions for the New Jersey Turnpike Authority, the Parkway Administration would assume these functions for the New Jersey Highway Authority and the Expressway Administration would assume these functions for the New Jersey Expressway Authority.

     This bill further provides that the five members of the New Jersey Transportation, Toll Road and Trust Fund Authority would replace the current members of each of the three toll road authorities and would thereby govern and manage the operations and planning for each of the three toll roads as well as for the New Jersey Transportation, Toll Road and Trust Fund Authority. The Commissioner of Transportation, who is designated as the chairman of the New Jersey Transportation, Toll Road and Trust Fund Authority, would also serve as chairman of each of three subsidiary administrations. The officers and employees of the toll road authorities whose duties involve those functions relating to the construction, operation, maintenance, and repair of toll road projects would be transferred to the respective subsidiary administrations. All actions of the authority as well as its subsidiary administrations would remain subject to gubernatorial veto to ensure complete public accountability.

    The bill also provides that the toll road authorities would retain their separate legal status as subsidiary administrations of the New Jersey Transportation, Toll Road and Trust Fund Authority and would retain exclusive powers to issue revenue bonds, if needed, for any of their corporate purposes, to refund bonds heretofore or hereafter issued by the administrations, and to fix, revise, charge and collect tolls for transit over the State's three toll roads. The bill further provides that the members of the authority may appoint one executive director for the authority and for the subsidiary administrations of the authority who shall serve at the pleasure of the authority.

    The purpose of the subsidiary administrations is to exercise those powers formerly reserved to the authorities to acquire, construct, maintain, repair, improve and operate toll road projects. In addition, the bill mandates that the administrations shall ensure that all revenues derived from toll road operations shall be dedicated to toll road purposes and projects of the respective administrations except where existing agreements between the State and the predecessor authorities require payments to the New Jersey Transportation, Toll Road and Trust Fund Authority. The bill also provides that upon dissolution of the authority and the administrations, all funds and other properties of the authority shall vest in and be delivered to the State.

    The intent and purpose of this bill is to ensure that the management, operations, maintenance and capital programs affecting the State's three toll roads are subject to greater accountability by placing the responsibility for these functions within three separate subsidiary corporations under the common control of the members of the New Jersey Transportation, Toll Road and Trust Fund Authority which includes the Commissioner of Transportation, to exercise greater oversight, to achieve economies of scale through centralized planning and purchasing decisions, and to effect greater coordination of the transportation policies and projects for the State, while keeping the financial structure and borrowing powers of the predecessor authorities intact in the form of subsidiary administrations.

 

 

 

Establishes three subsidiary administrations under the supervision and control of the New Jersey Transportation, Toll Road and Trust Fund Authority.