SENATE, No. 2030

 

STATE OF NEW JERSEY

 

INTRODUCED MAY 8, 1997

 

 

By Senator LYNCH

 

 

An Act concerning the Police and Firemen's Retirement System's mortgage loan program and amending P.L.1992, c.78.

 

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

 

    1. Section 11 of P.L.1992, c.78 is amended to read as follows:

    11. This act shall take effect immediately [and shall expire five years after the effective date, provided that any mortgage in effect on the expiration date shall remain in effect until retirement of the mortgage].

(cf: P.L.1992, c.78, s.11)

 

    2. This act shall take effect immediately.

 

 

STATEMENT

 

    P.L.1992, c.78 authorized a mortgage loan program under the Police and Firemen's Retirement System (PFRS). However, that law is scheduled to expire five years after the date of enactment (August 5, 1992). This bill removes the law's expiration provision so that the PFRS mortgage loan program can continue.

 

 

                             

Makes permanent the PFRS mortgage loan program.