SENATE COMMITTEE SUBSTITUTE FOR
SENATE, No. 1553
STATE OF NEW JERSEY
ADOPTED NOVEMBER 18, 1996
Sponsored by Senator LaROSSA
An Act concerning the dissolution of the Capital City Redevelopment Corporation and repealing P.L.1987, c.58.
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. a. Notwithstanding the provisions of subsection g. of section 4 of P.L.1987, c.58 (C.52:9Q-12) to the contrary, no later than 120 days following enactment of this act, the executive director of the Capital City Redevelopment Corporation created pursuant to P.L.1987, c.58 (C.52:9Q-9 et seq.) shall prepare a plan for the orderly dissolution of the corporation and for the transfer of its assets and liabilities to a nonprofit economic development corporation designated by the City of Trenton for the purpose of using the funds of the corporation to promote the revitalization of the city through the encouragement of public and private redevelopment, the restoration and improvement of historic areas, projects which result in job creation, and any other projects which benefit the economy of the city.
b. The plan shall include a complete accounting of the corporation's assets and liabilities and shall set forth the means proposed for the transfer of such real or personal property as may be in the possession of the corporation. The plan shall be submitted to the Senate and General Assembly on a day when each is in session. Within 30 days of the receipt thereof, the Senate or the General Assembly may object in writing to the board with respect to the plan or any portion thereof of which it disapproves. Before the plan shall take effect, the Senate and General Assembly shall approve the plan by concurrent resolution.
c. Upon completion of the plan, the executive director shall notify the State Auditor, who shall cause a complete audit of the corporation's assets and liabilities to be undertaken in accordance with the provisions of R.S.52:24-4.
d. (1) No later than 180 days following the approval of the plan by the Senate and General Assembly, the State Treasurer shall transfer all funds remaining in the account of the corporation to the economic development corporation designated by the City of Trenton pursuant to subsection a. of this section and the assets and liabilities shall be vested in the economic development corporation, which shall be deemed the successor corporation; provided, however, that if the economic development corporation is incorporated on or after the one hundred and fifty-first day following the approval of the plan by the Senate and General Assembly, but not later than the one hundred and eightieth day following approval of the plan, the State Treasurer shall have 30 days to transfer the funds to the economic development corporation. The State shall assume no further obligation for the debts or liabilities of either the Capital City Redevelopment Corporation or the economic development corporation designated by the City of Trenton, and upon the transfer of funds by the Treasurer, the Capital City Redevelopment Corporation shall be dissolved.
(2) If no economic development corporation is designated by the City of Trenton pursuant to subsection a. of this section by 180 days following the approval of the plan by the Senate and General Assembly pursuant to subsection b. of this section, all property, funds, assets, and liabilities of the Capital City Redevelopment Corporation shall remain vested in the corporation and the plan of dissolution shall be null and void.
2. P.L.1987, c.58 (C.52:9Q-9 et seq.) is repealed.
3. This act shall take effect immediately except that section 2 shall take effect on the day that the transfer of funds by the Treasurer pursuant to paragraph (1) of subsection d. of section 1 of this act is made.
Provides for dissolution of Capital City Redevelopment Corporation and transfer of assets to successor economic development corporation.