SENATE TRANSPORTATION COMMITTEE

STATEMENT TO

SENATE, No. 398

STATE OF NEW JERSEY

DATED: MAY 9, 1996

      The Senate Transportation Committee favorably reports Senate Bill No. 398.

      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.