SENATE, No. 398
STATE OF NEW JERSEY
INTRODUCED JANUARY 18, 1996
By Senator BRYANT
A Supplement to "An Act making appropriations for the support of the State Government and the several public purposes for the fiscal year ending June 30, 1996 and regulating the disbursement thereof," approved June 30, 1995 (P.L. 1995, c. 164).
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. In addition to the amounts appropriated under P.L.1995, c.164, there is appropriated out of the General Fund the following sum for the purpose specified:
STATE AID 20 DEPARTMENT OF COMMERCE AND ECONOMIC DEVELOPMENT 50 Economic Planning, Development and Security 51 Economic Planning and Development--State Aid |
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20-2800 Economic Development................................................................. |
$3,900,000 |
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Total Appropriation, Economic Planning |
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and Development.......................................................................................... |
$3,900,000 |
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State Aid: |
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Property Tax Reserve Fund |
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Requirements, Section 20 of P.L. 1968, |
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c.60 (C.12:11A-20)...................................................... |
($3,900,000) |
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There are appropriated such additional sums as may be certified to the Governor by the South Jersey Port Corporation as necessary to meet the requirements of the "South Jersey Port Corporation Reserve Fund" under section 14 of P.L.1968, c.60 (C.12:11A-14), and the "South Jersey Port Corporation Tax Reserve Fund" under section 20 of P.L.1968, c.60 (C.12:11A-20), the expenditure of which shall be subject to the approval of the Director of the Division of Budget and Accounting.
2. This act shall take effect immediately.
STATEMENT
This bill makes a supplemental appropriation of $3,900,000 to the Department of Commerce and Economic Development for State aid for the South Jersey Port Corporation. The line item appropriation will allow the South Jersey Port Corporation to meet its statutory in lieu of tax obligations to local governments within whose boundaries the property of the corporation is located. The language provision allows the corporation to receive additional State aid as may be necessary for the corporation to meet its annual debt service reserve and in lieu of property tax requirements subject to the approval of the Director of the Division of Budget and Accounting in the Department of the Treasury.
Supplemental appropriation of $3.9 million in State aid for South Jersey Port Corporation Property Tax Reserve Fund requirements.