ASSEMBLY, No. 1733
STATE OF NEW JERSEY
INTRODUCED MARCH 18, 1996
By Assemblymen DORIA and IMPREVEDUTO
An Act concerning Liberty State Park and supplementing Title 13 of the Revised Statutes.
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. This act shall be known and may be cited as the "Liberty State Park Reinvestment Finance Act."
2. The Legislature finds and declares that Liberty State Park is a magnificent State resource, a key part of the State park system, and an important State tourist attraction; that the park is worthy of a substantial and continuing dedication of State funds to ensure that it is properly preserved, developed, enhanced, improved, operated, and maintained for all generations to enjoy both now and in the future; and that proper care of the park will allow for expanded recreational, cultural, and educational opportunities and greater public access and use of park facilities. The Legislature therefore determines that it is necessary and desirable for the State to create a stable source of funding, as set forth in this act, in order that Liberty State Park may reach its full potential as one of the premier urban parks in the entire nation.
3. a. There is created in the Department of the Treasury a special non-lapsing, revolving fund to be known as the "Liberty State Park Reinvestment Finance Fund," hereinafter referred to as the fund, to be held separate and apart from all other funds of the State.
b. (1) All revenue generated and collected by the State or any agency thereof from Liberty State Park concession, franchise, vendor, license, or lease agreements, special events, concerts, ferries and tour boats, user fees, parking fees, recreational facilities, or any other source, except for revenue generated and collected from lease agreements between the Department of Environmental Protection and the Liberty State Park Development Corporation and any subleases thereto, shall be deposited into the fund and appropriated annually by the Legislature to the Department of Environmental Protection only for the purposes set forth in subsection d. of this section, based upon certified estimates thereof provided annually by the Director of the Division of Budget and Accounting in the Department of the Treasury.
(2) All taxes imposed and collected pursuant to the "Sales and Use Tax Act," P.L.1966, c.30 (C.54:32B-1 et seq.), on tangible property sold, services performed, food and drink sold, or charges to places of amusement at Liberty State Park, and the State of New Jersey's share of any sales taxes or other sources of revenue imposed and collected for transactions occurring at Statue of Liberty Island or Ellis Island as may be allowed pursuant to any agreement pertaining to that share that may be reached between the State of New York and the State of New Jersey, shall also be deposited into the fund and appropriated annually by the Legislature to the Department of Environmental Protection only for the purposes set forth in subsection d. of this section, based upon certified estimates thereof provided annually by the Director of the Division of Budget and Accounting.
c. Monies in the fund may be invested and reinvested as are other funds in the custody of the State Treasurer, in the manner provided by law. All interest or other income or earnings received from the deposit or investment of monies in the fund shall be credited to the fund and shall be appropriated annually by the Legislature to the Department of Environmental Protection only for the purposes set forth in subsection d. of this section.
d. After deducting such monies as may be necessary to pay for the costs of administering the fund, 50% of the monies remaining in the fund shall be allocated and used for operations and maintenance support of Liberty State Park and 50% shall be allocated and used to fund capital improvement projects at the park.
e. For the first ten years after the effective date of this act, monies annually appropriated from the General Fund for Liberty State Park shall not be reduced because of the annual appropriation of monies from the Liberty State Park Reinvestment Finance Fund for operations and maintenance support pursuant to this act. Thereafter, monies annually appropriated from the General Fund for Liberty State Park may be reduced accordingly because of the annual appropriation of monies from the Liberty State Park Reinvestment Finance Fund for operations and maintenance support pursuant to this act.
f. (1) Capital improvement projects shall be undertaken in accordance with a Liberty State Park capital improvement plan to be prepared, and adopted pursuant to the "Administrative Procedure Act," P.L.1968, c.410 (C.52:14B-1 et seq.), by the Department of Environmental Protection. The department shall conduct at least one public hearing prior to final adoption of the plan.
(2) All or a portion of the monies allocated for capital improvement projects may be paid by the State Treasurer to the New Jersey Economic Development Authority pursuant to an agreement between the State Treasurer and the authority, to be used by the authority to provide for the funding or refunding of bonds or to otherwise incur indebtedness secured wholly or partly by those monies, and to pay the principal of, premium, if any, and interest on any such bonds issued or other indebtedness incurred, for the purpose of financing capital improvement projects at Liberty State Park, with the approval of the Commissioner of Environmental Protection, the Chairperson of the New Jersey Economic Development Authority, and the State Treasurer and in accordance with the capital improvements plan adopted pursuant to paragraph (1) of this subsection.
(3) Monies allocated for capital improvement projects that are not used or needed to finance bonded projects or the debt service associated therewith may be used for non-bonded projects.
4. This act shall take effect immediately.
STATEMENT
This bill would provide a stable source of funding for operation and maintenance costs and capital improvement projects at Liberty State Park. The bill would dedicate revenue received by the State from Liberty State Park concession, franchise, vendor, license, or lease agreements, special events, concerts, ferries and tour boats, user fees, parking fees, recreational facilities, or any other source to park purposes. Sales tax revenue from the park would be similarly dedicated, as would the potential State share of sales tax revenue from Statue of Liberty Island and Ellis Island as may be allowed pursuant to any agreement pertaining to that share that may be reached between the State of New York and the State of New Jersey.
After deducting administration costs, 50% of the dedicated monies would be used for operations and maintenance support of Liberty State Park and 50% would be used to fund capital improvement projects at the park according to a capital improvement plan to be developed and adopted by the Department of Environmental Protection after conducting at least one public hearing.
Finally, the bill would authorize the New Jersey Economic Development Authority to issue bonds to finance capital improvement projects at the park using the dedicated revenue from the park as security for those bonds.
The "Liberty State Park Reinvestment Finance Act."