SENATE, No. 592

 

STATE OF NEW JERSEY

 

INTRODUCED JANUARY 29, 1996

 

 

By Senator ADLER

 

 

An Act concerning the South Jersey Port Corporation, and amending and supplementing P.L.1968, c.60.

 

    Be It Enacted by the Senate and General Assembly of the State of New Jersey:

 

    1. (New section) The Legislature finds and declares that:

    a. It is the public policy of this State to provide for the coordinated development and planning of the South Jersey Port District encompassing seven counties in South Jersey, which provides over $226 million in economic benefits, and employs several thousand workers in what is considered among the top 10% of the world's largest ports, according to amount of tonnage handled.

    b. The South Jersey Port Corporation was created by the New Jersey Legislature as a body corporate and politic, with perpetual succession, to operate as the regional State agency responsible for the development of the Delaware River Port within its jurisdictional seven county district.

    c. The "South Jersey Port Corporation Act," P.L.1968, c.60 (C.12:11A-2 et seq.) sets forth the functions and powers of the port corporation, including the power to issue bonds or notes with the prior approval in writing of the Governor and either the State Treasurer or the Director of the Division of Budget and Accounting in the Department of the Treasury.

    d. While "The South Jersey Port Corporation Act" expressly provides that bonds or notes issued by the corporation are not a debt or liability of the State, the State has frequently contributed and will continue to contribute funds to the corporation to maintain its financial viability including, but not limited to, contributions to the port corporation's Bond Reserve Fund in order to assure the maintenance of that fund.

    e. In addition to receiving such funds from the State, the corporation has received and will continue to receive State funds for its Tax Reserve Fund which acts as a "pass through" of State funds to reimburse local units for the loss of local property taxes due to the tax-exempt status granted to the corporation's marine terminal.

    f. The Compact establishing the Delaware River Port Authority was recently amended pursuant to P.L.1991, c.515 to authorize the port authority to proceed with actions to unify the ports of the Delaware River through the acquisition or control of maritime terminals or facilities or by the acquisition of, or merger with, existing port authorities or corporations within the port district, including but not limited to, the South Jersey Port Corporation.

    g. In order to effectuate the unification of the ports of the Delaware River, the Delaware River Port Authority approved on December 15, 1993, a plan for the formation of The Ports of Philadelphia and Camden, Inc., as a separate subsidiary corporation within the port authority to rehabilitate and coordinate certain port services currently provided by separate agencies in the State of New Jersey and the Commonwealth of Pennsylvania, respectively.

    h. On May 12, 1994, the Governor of New Jersey and the Governor of Pennsylvania signed an agreement formally acknowledging the creation of The Ports of Philadelphia and Camden, Inc., as a separate subsidiary corporation under the Delaware River Port Authority.

    i. It is in the public interest to unify the South Jersey Port Corporation and other port facilities on the Delaware River under The Ports of Philadelphia and Camden, Inc., thereby reducing costs to the State by consolidating port operations under a single umbrella agency, coordinating and promoting the use of the Delaware River for expanded commerce and enhancing the competitiveness of the ports of the Delaware River.

    j. The public interest in port unification, streamlined operations and reduced costs is best served by replacing the existing board of the South Jersey Port Corporation with an interim board to oversee port operations until such time as the Governor can appoint a new board for the port corporation, and by requiring that after a transition period of up to two years, the corporation shall lease its facilities to The Ports of Philadelphia and Camden, Inc., to oversee, manage and operate port facilities and to achieve more effective coordination of the various port programs, policies and projects in a manner consistent with the public trust without interfering with the existing obligations to holders of bonds or notes.

 

    2. Section 3 of P.L.1968, c.60 (C.12:11A-3) is amended to read as follows:

    3. As used in this act:

    "Corporation" shall mean the South Jersey Port Corporation, created by this act, or, if said corporation shall be abolished, the board, body or commission succeeding to the principal functions thereof or to whom the powers given by this act to the corporation shall be given by law.

    "District" or "port district" shall mean the South Jersey Port District created by this act.

    "Marine terminals" shall mean developments, consisting of one or more piers, wharves, docks, bulkheads, slips, basins, vehicular roadways, railroad connections, side tracks, sidings or other buildings, structures, facilities or improvements, necessary or convenient to the accommodation of steamships or other vessels and their cargoes or passengers.

    "Marine terminal purposes" shall mean the effectuation, establishment, acquisition, construction, rehabilitation, improvement, maintenance, ownership and operation of marine terminals.

    "Private marine terminal operator" shall mean any person or persons, corporation, partnership or any business organization which shall operate and maintain any of the marine terminals established, acquired, constructed, rehabilitated or improved by the South Jersey Port Corporation by means of and through leasing agreements entered into by any such person or persons, corporation, partnership or any business organization with the South Jersey Port Corporation.

    "Cost," in addition to the usual meanings thereof, means the cost of acquisition or construction of all or any part of a marine terminal and of all or any property, rights, easements, privileges, agreements and franchises deemed by the corporation to be necessary or useful and convenient therefor or in connection therewith, including interest or discount on bonds, cost of issuance of bonds; engineering and inspection costs and legal expenses; cost of financial, professional and other estimates and advice; organization, administration, operation and other expenses of the corporation prior to and during such acquisition or construction; and all such other expenses as may be necessary or incident to the financing, acquisition, construction and completion of said marine terminal or part thereof and placing of same in operation; and also such provision or reserves for working capital, operating or maintenance or replacement expenses, or for payment or security of principal of or interest on bonds prior to during or after such acquisition or construction and including also payments to its South Jersey Port Corporation Reserve Fund and payments required under Tax Agreements with counties or municipalities pursuant to section 20 of this act.

    "Subsidiary corporation" means "The Ports of Philadelphia and Camden, Inc.," established pursuant to P.L.1991, c.515 and in accordance with an agreement entered into by the Governor of New Jersey and the Governor of Pennsylvania on May 12, 1994, on behalf of the Delaware River Port Authority, the South Jersey Port Corporation and the Philadelphia Regional Port Authority.

    "Transfer date" means, with respect to the corporation, the date on which all bonds issued by the South Jersey Port Corporation cease to be outstanding within the meaning of the resolutions pursuant to which those bonds were issued, as certified by the trustee or trustees thereunder.

(cf: P.L.1968, c.60, s.3)

 

    3. Section 5 of P.L.1968, c.60 (C.12:11A-5) is amended to read as follows:

    5. a. There is hereby established in the State Department of Environmental Protection a body corporate and politic, with corporate succession, to be known as the "South Jersey Port Corporation." The corporation is hereby constituted an instrumentality exercising public and essential governmental functions, and the exercise by the corporation of the powers conferred by this act in the establishment, acquisition, construction, rehabilitation, improvement, operation and maintenance of marine terminals shall be deemed and held to be an essential governmental function of the State.

    b. [The corporation shall consist of seven members, each of whom shall be a resident of the port district, who shall have been a qualified elector therein for a period of at least 3 years next preceding his appointment. For the purpose of representation on the corporation the port district shall be divided into subdistricts with representation as follows:

    (1) The counties of Cape May, Cumberland and Salem shall constitute one subdistrict and shall be represented by one member on the corporation who shall be appointed from one of these counties.

    (2) The counties of Camden and Gloucester shall constitute one subdistrict and shall be represented by three members on the corporation at least two of whom shall be appointed from Camden county.

    (3) The counties of Burlington and Mercer shall constitute one subdistrict and shall be represented by three members on the corporation at least one of whom shall be appointed from each county within this subdistrict.

    No more than four members shall be of the same political party. Each member of the corporation shall be appointed by the Governor, with the advice and consent of the Senate, for a term of 5 years and shall serve until his successor is appointed and has qualified; except that of the first appointments hereunder, three shall be for a term of 2 years, two for a term of 3 years, and two for a term of 4 years, and they shall serve until their respective successors are appointed and have qualified. The term of each of the first appointees hereunder shall be designated by the Governor. Each member of the corporation may be removed from office by the Governor or by the Legislature, for cause, after a public hearing. Each member of the corporation before entering upon his duties shall take and subscribe an oath to perform the duties of his office faithfully, impartially and justly to the best of his ability. A record of such oaths shall be filed in the office of the Secretary of State.]

    Until such time as the Governor appoints the members of the new board of the corporation, the corporation shall consist of seven ex officio members who shall be designated by the Governor to serve on an interim basis until the members of the new board are appointed and have qualified. The interim members shall be designated from the Departments of the Treasury, Commerce and Economic Development, Transportation, Environmental Protection, the Office of the Governor, the Department of State and the Office of the Attorney General. The corporation shall be governed by the interim board and the powers of the corporation shall be vested in the members thereof. Four members of the interim board of the corporation, or their designees, shall constitute a quorum at any meeting thereof. Actions may be taken and motions and resolutions adopted by the corporation at any meeting thereof by the affirmative vote of at least a majority of the interim members, or their designees, who are present. No vacancy in the membership of the interim board shall impair the right of the quorum of the members to exercise all of the powers and perform all of the duties of the corporation.

    The members of the interim board shall serve until such time as the nine initial members of the new board of the corporation are appointed and have qualified pursuant to this section.

    During the pendency of the interim board, the Governor shall appoint, with the advice and consent of the Senate, a new board consisting of nine members who shall be the same persons who from time to time shall hold the office of members appointed by the Governor of New Jersey to The Ports of Philadelphia and Camden, Inc., in accordance with the agreement entered into by the Governor of New Jersey and the Governor of Pennsylvania on May 12, 1994 formally acknowledging the creation of The Ports of Philadelphia and Camden, Inc., as a subsidiary corporation of the Delaware River Port Authority.

    Each appointed member of the new board of the port corporation shall be a resident of one of the seven New Jersey counties within the port district and shall be a qualified elector therein for at least three years immediately preceding the person's appointment. For the purpose of appointing the initial members of the board, the seven New Jersey counties within the port district shall be divided into subdistricts with representation as follows:

    (1) The counties of Cape May, Cumberland and Salem shall constitute one subdistrict and shall be represented by two members on the board who shall be appointed from these counties. No more than one member shall be appointed from any one of these counties.

    (2) The counties of Camden and Gloucester shall constitute one subdistrict and shall be represented by four members on the board, at least one of whom shall be appointed from each county.

    (3) The counties of Burlington and Mercer shall constitute one subdistrict and shall be represented by three members on the board at least one of whom shall be appointed from each county within this subdistrict.

    The term of each of the initial appointees hereunder shall be designated by the Governor. Each member of the corporation may be removed from office by the Governor, for cause, after a public hearing. Each member of the corporation, before entering upon the duties of the office, shall take and subscribe an oath to perform the duties of the office faithfully, impartially and justly to the best of the person's ability. A record of such oaths shall be filed in the Office of the Secretary of State.

    c. Any vacancies in the membership of the corporation occurring other than by expiration of term shall be filled in the same manner as the original appointment, but for the unexpired term only.

    d. The Governor shall designate one of the members of the corporation as chairman thereof and another member as vice-chairman thereof. The chairman and vice-chairman of the corporation so designated shall serve as such at the pleasure of the Governor and until their respective successors have been designated. The corporation shall elect a secretary and a treasurer who need not be

members. At the option of the corporation the same person may be elected to serve both as secretary and treasurer. [Four] Five members of the new board of the corporation shall constitute a quorum and the vote of [four] five members of the new board shall be necessary for any action taken by the corporation. No vacancy in the membership of the corporation shall impair the right of a quorum to exercise all the rights and perform all the duties of the corporation.

    e. Before the issuance of any bonds or notes under the provisions of this act, each member of the corporation shall execute a surety bond in the penal sum of $25,000.00, and the treasurer shall execute a surety bond in the penal sum of $50,000.00, each such surety bond to be conditioned upon the faithful performance of the duties of the office of such member or treasurer, as the case may be, to be executed by a surety company authorized to transact business in the State of New Jersey as surety and to be approved by the Attorney General and filed in the office of the Secretary of State.

    f. The members of the corporation shall not receive compensation for their services as members of the corporation. Each member shall be reimbursed by the corporation for his actual expenses necessarily incurred in the performance of his duties.

    g. No resolution or other action of the corporation providing for the issuance of bonds, refunding bonds or other obligations or for the fixing, revising or adjusting of tolls for the use of any corporation project or parts thereof shall be adopted or otherwise made effective by the corporation without the prior approval in writing of the Governor and at least one of the following: the State Treasurer and the [Comptroller of the Treasury] Director of the Division of Budget and Accounting in the Department of the Treasury . A true copy of the minutes of every meeting of the corporation shall be forthwith delivered by and under the certification of the secretary thereof, to the Governor. No action taken at such meeting by the corporation shall have force or effect until 10 days, exclusive of Saturdays, Sundays and public holidays, after such copy of the minutes shall have been so delivered. If, in said 10-day period, the Governor returns such copy of the minutes with veto of any action taken by the corporation or any member thereof at such meeting, such action shall be null and of no effect. The Governor may approve all or part of the action taken at such meeting prior to said 10-day period. The powers conferred in this paragraph g. upon the Governor, the State Treasurer and the [Comptroller of the Treasury] Director of the Division of Budget and Accounting in the Department of the Treasury shall be exercised with due regard for the rights of the holders of bonds of the corporation at any time outstanding, and nothing in, or done pursuant to, this paragraph g. shall in any way limit, restrict or alter the obligation or powers of the corporation or any representative or officer of the authority to carry out and perform in every detail each and every covenant, agreement or contract at any time made or entered into by or on behalf of the corporation with respect to its bonds for the benefit, protection or security of the holders thereof.

    h. Immediately upon the effective date of P.L. , c. (C. )(now before the Legislature as this bill), the members of the corporation are specifically authorized and directed to re-organize the administrative structure of the corporation in order to achieve the greatest economy and efficiency in the operations of the corporation. In order to effectuate the implementation of this re-organization, the members are directed to appoint an operations and leasing manager, who shall be a person of recognized ability and experience, to assume all responsibilities held by the executive director of the corporation on the effective date of P.L. , c. (C. )(now before the Legislature as this bill). The operations and leasing manager may employ such officers and employees as may be necessary for the proper effectuation of the duties or functions of the corporation and may determine the qualification of such persons; however, the members of the corporation shall approve such positions and fix compensation for such officers and employees all without regard to the provisions of Title 11A of the New Jersey Statutes. The operations and leasing manager shall be chosen by a majority of the members of the board. The operations and leasing manager's term shall be for a period not to exceed two years as may be determined by the board. Such term may be renewed upon approval of a majority of the members of the board.

(cf: P.L.1968, c.60, s.5)

 

    4. (New section) a. During the transition period, which shall not exceed two years following the effective date of P.L. , c. (C. ) (now before the Legislature as this bill), the corporation shall continue to own all of its assets and ensure that all of its revenues derived from the operation of its facilities and projects are dedicated to the payment of debt service obligations or reserve payments or other reserves or payments required under the contracts between the corporation and its bondholders or noteholders.

    b. The operations and leasing manager appointed pursuant to section 3 of P.L. c. (C. )(now before the Legislature as this bill) shall, in addition to any other functions required by the board, perform the following:

    (1) Identification of ways to significantly reduce operating expenses through economies of operational procedures, improved budgeting methods, the sale or retention of holdings, and lease or rental agreements with private operators and tenants for marine-oriented or other commercially viable ventures;

    (2) Structuring new or negotiated income generating agreements, such as through leases or fees, to include site restoration, remediation and environmental clean-up contingency funding;

    (3) Monitoring of current and future availability of funds to be used for approved or proposed capital program funds;

    (4) Reviewing the relationship between capital expenditures pursuant to each capital program plan and current and future operating budget requirements;

    (5) Monitoring the progress of capital elements described in each capital program approved by the corporation;

    (6) Monitoring the expenditures incurred and to be incurred for each such element;

    (7) Identifying capital elements not progressing on schedule, ascertaining responsibility therefor, and recommending those actions required or appropriate to accelerate their implementation;

    (8) Recommending procedures to amortize the corporation's capital bonded indebtedness within the shortest possible time in order to provide for the payment, discharge or retirement of the corporation's debts, contractual duties or other obligations;

    (9) Creating developable land parcels to provide for increased self-sufficiency of the host community, and direct ratable payments and revenues to the host community to replace the State's obligation to provide such payments and revenues, and developing non-State subsidized employment opportunities for local residents; and

    (10) Maintaining the City of Camden's anticipated receipt of the corporation's payment-in-lieu-of tax obligations.

    c. The corporation shall enter into a contractual arrangement with the subsidiary corporation for services to be provided by the subsidiary corporation, which services shall include, but not be limited to, the following:

    (1) Coordination and implementation of portwide environmental compliance and, where necessary, advocacy of environmental policies affecting port operations;

    (2) Coordination and study concerning planned dredging of the Delaware River;

    (3) Coordination and implementation of portwide facility security;

    (4) Coordination and dissemination of information concerning prospective clients, economic development, and environmental issues;

    (5) Preservation of existing jobs and the creation of new job opportunities; provided that with respect to the preservation of existing staff jobs and the creation of new job opportunities, the corporation may assign existing employees to other employment opportunities but shall not terminate any employees due to any of the actions taken pursuant to the provisions of P.L. c. (C. )(now before the Legislature as this bill) including, without limitation, unification of the ports of the Delaware River; and

    d. Any other services as agreed to by the board.

 

    5. (New section) a. After the transition period, which shall not exceed two years following the effective date of P.L. , c. (C. ) (now before the Legislature as this bill), and upon the full implementation of unification, the corporation shall lease all of its facilities, including the Beckett Street Terminal, to the subsidiary corporation pursuant to separate master net leases.

    b. Such facilities shall remain the property of the corporation and the proceeds of the sale of any such facilities shall be retained by the corporation, pending the dissolution of the corporation and transfer of the corporation's assets to the subsidiary corporation pursuant to section 6 of P.L. , c. (C. )(now before the Legislature as this bill).

    c. The corporation shall retain the right to withdraw any and all of its assets from the subsidiary corporation's master lease for non-port purposes without any consideration being paid therefor to the subsidiary corporation.

    d. The corporation shall retain the right to add additional facilities to the subsidiary corporation master lease with the affirmative vote of a qualified majority of the subsidiary corporation board.

    e. Facilities built by the corporation after a subsidiary board deadlock on the issue of building a facility can be added to the master lease without board approval as long as the corporation pays for any and all costs related to the new facility.


    6. (New section) a. Upon the transfer date, the terms of office of the members of the corporation shall terminate, the officers having custody of the funds of the corporation shall deliver those funds into the custody of the chief financial officer of the subsidiary corporation, the property and assets of the corporation shall, without further act or deed, become the property and assets of the subsidiary corporation, and the corporation shall cease to exist, provided that the corporation has submitted the plan for proposed dissolution of the corporation and merger with the subsidiary corporation to the Legislature and the Legislature has expressed its approval pursuant to subsection (t) of section 6 of P.L.1968, c.60 (C.12:11A-6(t)).

    b. Upon the transfer date, the officers and employees of the corporation shall be transferred to the subsidiary corporation and shall become employees of the subsidiary corporation until determined otherwise by the subsidiary corporation.

    c. Nothing in P.L. , c. (C. )(now before the Legislature as this bill) shall be construed to deprive any officers or employees of their rights, privileges, obligations or status with respect to any pension or retirement system. The officers and employees of the corporation who are transferred to the subsidiary corporation shall continue to be enrolled in the Public Employees Retirement System and, for the purposes of P.L. , c. (C. )(now before the Legislature as this bill), the subsidiary corporation shall be considered to be a State agency which shall make the appropriate contributions on behalf of such officers and employees to the Public Employees Retirement System in order to maintain their rights, privileges, obligations or status with respect to that retirement system. The employees shall retain all of their rights and benefits under existing collective bargaining agreements or contracts until such time as new or revised agreements or contracts are agreed to or these agreements or contracts shall expire. All existing bargaining agents shall be retained to act on behalf of those employees until such time as the employees shall, pursuant to law, elect to change those agents.

    d. Nothing in P.L. , c. (C. )(now before the Legislature as this bill) shall affect the civil service status, if any, of those officers or employees. The provisions of this paragraph shall not apply to any officer or employee appointed or employed, or any collective bargaining agreement entered into, on or after the date of enactment of P.L. , c. (C. )(now before the Legislature as this bill). Nothing in P.L. , c. (C. )(now before the Legislature as this bill), shall be construed as providing for the permanent tenure of officers or employees who were granted this tenure by the corporation and no officer or employee transferred pursuant to this section shall be deemed to receive or enjoy permanent tenure with the subsidiary corporation by virtue of any action of the corporation, nor shall the subsidiary corporation grant this tenure to any officer or employee of the subsidiary corporation on or after the transfer date.

    e. All debts, liabilities, obligations and contracts of the corporation, except to the extent specifically provided or established to the contrary in P.L. , c. (C. )(now before the Legislature as this bill), are imposed upon the subsidiary corporation, and all creditors of the corporation and persons having claims against or contracts with the corporation of any kind or character may enforce those debts, claims and contracts against the subsidiary corporation as successor to the corporation in the same manner as they might have had against the corporation, and the rights and remedies of those holders, creditors and persons having claims against or contracts with the corporation shall not be limited or restricted in any manner by P.L. , c. (C. ) (now before the Legislature as this bill).

    f. In continuing the functions, contracts, obligations and duties of the corporation, the subsidiary corporation is authorized to act in its own name or in the name of the corporation as may be convenient or advisable under the circumstances from time to time.

    g. Any references to the corporation in any other law or regulation shall be deemed to refer and apply to the subsidiary corporation.

    h. All rules and regulations of the corporation shall continue in effect as the rules and regulations of the subsidiary corporation until amended, supplemented or rescinded by the subsidiary corporation in accordance with law.

    i. All operations of the corporation shall continue as operations of the subsidiary corporation until altered by the subsidiary corporation as may be permitted pursuant to P.L. , c. (C. )(now before the Legislature as this bill).

    j. The powers vested in the subsidiary corporation by P.L. , c. (C. )(now before the Legislature as this bill) shall be construed as being in addition to, and not in diminution of, the powers heretofore vested by law in the corporation to the extent not otherwise altered or provided for in P.L. , c. (C. )(now before the Legislatue as this bill).

    k. As soon as practicable after the transfer date or dates, as the case may be, the subsidiary corporation shall notify the Governor of New Jersey and the presiding officer of each house of the Legislature of New Jersey, that the transfer has occurred, the date of the transfer and any other information concerning the transfer that the subsidiary corporation deems appropriate.

 

    7. (New section) Notwithstanding the provisions of any other law, rule or regulation to the contrary, the State and all public officers, municipalities, counties, political subdivisions and public bodies and agencies thereof, all banks, bankers, trust companies, savings banks and institutions, building and loan associations, investment companies, savings and loan associations, and other persons carrying on a banking or investment business, all insurance companies, insurance associations and other persons carrying on an insurance business, and all executors, administrators, guardians, trustees and other fiduciaries, may legally invest any sinking funds, moneys or other funds belonging to them or within their control in any bonds or notes issued pursuant to P.L. , c. (C. )(now before the Legislature as this bill), and these bonds and notes shall be authorized security for any and all public deposits.

 

    8. (New section) If any provision of P.L. , c. (C. )(now before the Legislature as this bill) or the application thereof to any person or circumstance is held invalid, such invalidity shall not affect other provisions or applications of P.L. , c. (C. )(now before the Legislature as this bill) which can be given effect without the invalid provision or application and to this end the provisions of P.L. , c. (C. )(now before the Legislature as this bill) are declared to be severable.

 

    9. This act shall take effect 15 days after enactment.

 

 

STATEMENT

 

    The unification of the ports of the Delaware River has been promoted for many years as a way of streamlining operations, reducing costs and making the ports more competitive with other ports along the East Coast.

    This bill is intended to implement the agreement entered into on May 12, 1994 by the Governors of the States of New Jersey and Pennsylvania to consolidate the operations of the ports of Philadelphia and Camden under The Ports of Philadelphia and Camden, Inc., a separate subsidiary corporation of the Delaware River Port Authority.

    The bill provides that, immediately upon the effective date of the bill, the current board of the South Jersey Port Corporation shall be replaced with an interim board consisting of seven ex officio members designated by the Governor. The interim board shall serve until such time as a new board for the port corporation is appointed by the Governor, with the advice and consent of the Senate. The new board shall consist of nine persons who shall be the same persons who serve as members of The Ports of Philadelphia and Camden, Inc. in accordance with the May 12, 1994 agreement signed by the Governor of New Jersey and the Governor of Pennsylvania.

    The bill further provides that after a transition period of not more than two years, the port corporation shall lease its port facilities and operations to the subsidiary corporation.

    The bill also provides that, immediately upon the effective date of the bill, the interim members of the port corporation shall administratively re-organize the structure of the corporation. In order to effectuate the re-organization, the bill directs the members to appoint an operations and leasing manager to implement various cost-saving and income-generating strategies during the transition period. These strategies shall include but not be limited to, creating developable land parcels to provide for increased self-sufficiency of the host community, and direct ratable payments and revenues to the host community to replace the State's obligation to provide such payments and revenues, and developing non-State subsidized employment opportunities for local residents.

    In addition, the bill directs the port corporation to enter into contractual arrangements with The Ports of Philadelphia and Camden, Inc., to provide certain services to the corporation that will assist with port unification.

    The bill further provides for certain procedures to be followed for merging the corporation into the subsidiary corporation once the Legislature has expressed its approval for the dissolution of the corporation pursuant to law.

 

 

 

Provides for appointment of a new board for South Jersey Port Corporation and merger of the port corporation with a subsidiary corporation of the Delaware River Port Authority