ASSEMBLY COMMERCE AND MILITARY AND VETERANS' AFFAIRS COMMITTEE

 

STATEMENT TO

 

ASSEMBLY, No. 1465

 

with committee amendments

 

STATE OF NEW JERSEY

 

DATED: FEBRUARY 15, 1996

 

      The Assembly Commerce and Military and Veterans' Affairs Committee reports favorably and with committee amendments Assembly, No. 1465.

      This bill authorizes the U.S.S. New Jersey Battleship Commission to establish the Foundation for the U.S.S. New Jersey Battleship, a nonprofit, educational and charitable organization devoted to the sponsoring of activities and the raising of funds for the support and promotion of the purposes of the commission.

      The foundation is to be incorporated, organized and operated pursuant to applicable federal law so as to be eligible for tax-exempt status and for the receipt of tax-deductible contributions.

      The bill provides that the foundation will be governed by a board of directors, the composition of which shall be determined upon the incorporation of the foundation. The bill further provides that the board of directors may employ an executive director and professional, technical and administrative personnel, within the limits of funding available to it.

      All funds received by the foundation, other than amounts required to defray necessary expenses of the foundation, shall be used exclusively for the support and promotion of the U.S.S. New Jersey Battleship Commission.

      The bill also increases the membership of the U.S.S. New Jersey Battleship Commission from 15 to 20. The Commissioner of Transportation would serve as an ex officio member and four additional public members would be appointed by the Governor.

 

COMMITTEE AMENDMENTS

      The committee amended the bill to increase the membership of the U.S.S. New Jersey Battleship Commission from 15 to 20. The Commissioner of Transportation would serve as an ex officio member and four additional public members would be appointed by the Governor.