SENATE, No. 960

STATE OF NEW JERSEY

INTRODUCED MARCH 18, 1996

By Senator INVERSO

An Act concerning certain reports and supplementing Title 52 of the Revised Statutes.

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

    1. As used in this act:

    "Bonds" mean bonds, notes, capital leases, lease purchases, installment obligations or other debt obligations.

    "Debt and debt service" means the amount of outstanding principal and interest payments due on bonds, or estimated to become due on bonds, as appropriate.

    "Treasurer" means the Treasurer of the State of New Jersey.

    2. Each county, municipality, or any agency, authority or other instrumentality thereof or created thereby (hereinafter, "local entity"), shall provide no later than January 31 of each year to the Director of the Division of Local Government Services in the Department of Community Affairs a report on the amount of the local entity's debt and debt service costs for the previous fiscal year, the estimated amount for the current fiscal year and the estimated amount for the subsequent five fiscal years. The director shall aggregate the data reported and file a summary report thereon with the Treasurer no later than 30 days after all reports have been filed by local entities as required by this section. The report shall contain aggregate State-wide figures from each type of local entity, and a total from all such entities.

    3. Each school district shall provide no later than January 31 of each year to the Commissioner of Education or the commissioner's designee a report on the amount of the school district's debt and debt service costs for the previous fiscal year, the estimated amount for the current fiscal year and the estimated amount for the subsequent five fiscal years. The commissioner or his designee shall aggregate the data reported and file a summary report thereon with the Treasurer no later than 30 days after all reports have been filed by school districts

as required by this section.

    4. No later than 30 days after the receipt of the reports required pursuant to sections 2 and 3 of this act, and the debt management plans required pursuant to subsection a. of section 16 of P.L. , c. (C. ) (now pending before the Legislature as Senate Bill No. 961 of 1996), the Treasurer shall prepare a report presenting the respective debt and debt service and debt management data reported pursuant to this act and P.L. , c. (C. ) (now pending before the Legislature as Senate Bill No. 961 of 1996) and submit that report to the New Jersey Commission on Capital Budgeting and Planning.

    5. This act shall take effect immediately.

STATEMENT

    This bill requires all local entities to report annually to the Director of the Division of Local Government Services in the Department of Community Affairs on their outstanding bonded indebtedness and debt service costs for the previous and current fiscal years and the estimated amount for the subsequent five fiscal years. In addition, all school districts in the State are required to report the same information to the Commissioner of Education or the commissioner's designee. No later than 30 days after all required reports are received from the local entities and the school districts respectively as required by this bill, the director and the commissioner are to aggregate the data received in separate summary reports to the State Treasurer. No later than 30 days after the receipt of these reports and the debt management plan required pursuant to section 16 of Senate Bill No. 961 of 1996, the State Treasurer shall prepare a report presenting the respective debt and debt service and debt management data so reported and submit it to the New Jersey Commission on Capital Budgeting and Planning.

Requires local units and school districts to file certain reports concerning debt levels.