SENATE NATURAL RESOURCES AND ECONOMIC DEVELOPMENT COMMITTEE

STATEMENT TO

SENATE, No. 1672

STATE OF NEW JERSEY

DATED: NOVEMBER 18, 1996

      The Senate Natural Resources and Economic Development Committee favorably reports Senate Bill No. 1672.

      This bill changes the effective date of section 1 of P.L.1995, c.7, by providing that it shall take effect when the State of New York has committed at least $10 million to the acquisition of lands in Sterling Forest and the federal government has authorized the appropriation of at least $17.5 million for the acquisition. Because both of these conditions will have been satisfied prior to the enactment of this bill into law, P.L.1995, c.7 would be in effect as of the date of enactment of this bill into law.

      The bill further clarifies that upon the authorization of the appropriation by the federal government of at least $17.5 million for the acquisition, the Department of Environmental Protection shall distribute to the Palisades Interstate Park Commission $10 million constituting New Jersey's share of the purchase, to be held in an interest bearing account until a purchase agreement is consummated. Any interest that accrues is to be used for the acquisition or any costs related thereto. If no agreement is entered into within three years of the enactment of this bill as law, the bill directs that the funds be returned to the Department of Environmental Protection for the purposes expressed in the "Water Conservation Bond Act," P.L.1969, c.127.