SENATE BUDGET AND APPROPRIATIONS COMMITTEE

STATEMENT TO

SENATE, No. 1327

STATE OF NEW JERSEY

DATED: JUNE 24, 1996

      The Senate Budget and Appropriations Committee reports Senate Bill No. 1327 without recommendation.

      Senate Bill No. 1327 amends the "Public School Capital Finance Assistance Act," P.L.1993, c.102, to provide that repayment of loans made to public school districts from the Public School Facilities Code Compliance Loan Fund and the Public School Facilities Loan Assistance Fund, in an amount not to exceed $20.5 million, will be paid to the State Treasurer for deposit into the General Fund. Once the amount of transferred funds reaches $20.5 million, loan repayments will again be applied for the purposes specified in the original act.

      As reported, this bill is identical to Assembly, No. 33 of 1996 (Rocco/Gregg).

FISCAL IMPACT

      This bill will permit the transfer of $20.5 million to the General Fund from the Public School Facilities Code Compliance Loan Fund and the Public School Facilities Loan Assistance Fund.