SENATE TRANSPORTATION COMMITTEE

 

STATEMENT TO

 

SENATE, No. 427

 

with committee amendments

 

STATE OF NEW JERSEY

 

DATED: FEBRUARY 22, 1996

 

      The Senate Transportation Committee favorably reports Senate Bill No. 427 with committee amendments.

      This amended bill permits the use of surplus that was generated in prior years and utilized in the current budget to be used in determining whether a municipal public utility is a self-liquidating purpose. Under current law the term " municipal public utility" is defined to include a county public utility.

      The committee amended the bill to clarify that a municipal public utility shall be deemed to be a self-liquidating purpose if the public utility qualifies under the "Municipal Qualified Bond Act," P.L.1976, c.38 (C.40A:3-1 et seq.), or the public utility shall have anticipated surplus funds for the purpose of paying operating and maintenance costs in its budget as approved by the Director of the Division of Local Government Services in the Department of Community Affairs.

Since a municipal public utility includes a county public utility, the amendments restored the original language in the existing law.