SENATE BUDGET AND APPROPRIATIONS COMMITTEE

STATEMENT TO

SENATE, No. 1329

STATE OF NEW JERSEY

DATED: JUNE 20, 1996

      The Senate Budget and Appropriations Committee reports favorably Senate Bill No. 1329.

      Senate Bill No. 1329 appropriates $8,000,000 from Petroleum Overcharge Reimbursement Fund to the Board of Public Utilities for energy conservation loans and grants. Of this amount, $3,500,000 is for zero interest or low interest loans to State agencies or other facilities that are not eligible for loans from the State Energy Conservation Bond fund. The remainder, in amounts determined by the Board of Public Utilities, is for: energy efficiency rehabilitation grants for public or private schools or nonprofit hospitals through the Institutional Conservation Program; grants for eligible energy conservation projects of local government entities; and grants or zero interest or low interest loans to State agencies or local government entities for the purchase of alternative fuel vehicles and the associated refueling infrastructure.

      As reported, this bill is identical to Assembly, No. 37 of 1996 (J.Smith/Augustine).

FISCAL IMPACT

      The bill appropriates $8,000,000 from Petroleum Overcharge Reimbursement Fund to the Board of Public Utilities for energy conservation loans and grants.