SENATE NATURAL RESOURCES AND ECONOMIC DEVELOPMENT COMMITTEE

 

STATEMENT TO

 

ASSEMBLY, No. 1791

 

STATE OF NEW JERSEY

 

DATED: OCTOBER 7, 1996

 

      The Senate Natural Resources and Economic Development Committee favorably reports Assembly Bill No. 1791.

      This bill makes the following changes in the "New Capital Sources Partnership Act," P.L.1995, c.293 (C.34:1B-107 et seq.):

      (1) increases the number of public members appointed to the New Capital Sources Board by the President of the Senate and the Speaker of the General Assembly from six to ten;

      (2) provides that the appointment of the public members shall take place as soon as practicable after the effective date of the amendatory act;

      (3) provides that the convening of the New Capital Sources Board shall not take place until all public members of the board are appointed;

      (4) changes the time within which the board is to provide the Governor and the Legislature with the results of its accomplishments to one year from the date it is first convened;

      (5) changes the time when the board expires to 13 months from the date it is first convened; and

      (6) changes the date by which the board is to incorporate or cause to be incorporated a New Capital Sources Partnership to 12 months following the date the board is first convened.