SENATE, No. 1948

STATE OF NEW JERSEY

INTRODUCED MARCH 20, 1997

By Senators CIESLA, LITTELL, Matheussen,

Bark and Cardinale

An Act concerning the financing of the State's transportation system and amending P.L.1987, c.460.

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

    1. Section 8 of P.L.1987, c.460 (C.27:1B-21.1) is amended to read as follows:

    8. a. Commencing with the report of the commissioner required to be submitted pursuant to section 22 of P.L.1984, c.73 (C.27:1B-22) on or before March 1, 1996 for the fiscal year commencing July 1, 1996 and for each fiscal year thereafter the amount reported by the commissioner for proposed projects to be financed shall not exceed $700,000,000 exclusive of federal funds, except that for the fiscal year beginning July 1, 1997, the amount shall not exceed $900,000,000 exclusive of federal funds.

    b. For the fiscal year beginning on July 1, 1995 and for each fiscal year thereafter, the total amount authorized to be appropriated from the revenues and other nonfederal funds of the New Jersey Transportation Trust Fund Authority for the projects listed in the appropriations act pursuant to section 21 of P.L.1984, c.73 (C.27:1B-21) shall not exceed $700,000,000 exclusive of federal funds, except that for the fiscal year beginning July 1, 1997, the amount shall not exceed $900,000,000 exclusive of federal funds.

    c. (Deleted by amendment, P.L.1991, c.40.)

    d. (Deleted by amendment, P.L.1992, c.10).

    e. The State Auditor shall provide for a unified annual audit of expenditures from the Special Transportation Fund, established by section 21 of P.L.1984, c.73 (C.27:1B-21), in order to determine that these funds are expended for costs eligible for funding from the authority and in a manner consistent with appropriations made by the Legislature. The findings of such audits shall be transmitted to the presiding officer of each House of the Legislature, and to the Chair of the Senate Budget and Appropriations Committee, the Senate Transportation Committee, the Assembly Appropriations Committee, and the Assembly Transportation and Communications Committee or their successors.

    f. The State Auditor shall review bond issuances of the authority and report to the Joint Budget Oversight Committee and to the members of the Senate Budget and Appropriations Committee and the Assembly Appropriations Committee, or their successors, on the status of the bonds of the authority and projects financed from the proceeds of the bonds. The report shall include the investment status of all unexpended bond proceeds and provide a description of any bond issues expected during a fiscal year, including type of issue, estimated amount of bonds to be issued and the expected month of sale.

(cf: P.L.1995, c.108, s.7)

    2. This act shall take effect immediately.

STATEMENT

    This bill increases by $200 million the amount authorized to be appropriated from the revenues and other funds of the New Jersey Transportation Trust Fund Authority for transportation projects for the fiscal year beginning July 1, 1997.

Increases New Jersey Transportation Trust Fund Authority spending cap by $200 million for Fiscal Year 1998.