S2348

A Supplement to "An Act making appropriations for the support of the State Government and the several public purposes for the fiscal year ending June 30, 1998 and regulating the disbursement thereof," approved June 27, 1997 (P.L.1997, c.131).

1. In addition to the amounts appropriated under P.L.1997, c.131, there is appropriated out of the General Fund the following sum for the purpose specified:

50 Economic Planning, Development and Security 51 Economic Planning and Development -- Grants-In-Aid 2800 Division of Economic Development
20-2800 Economic Development ........................................................		$16,300,000
Total Appropriation, Economic Planning and Development ..........................................................................		$16,300,000
Grants:
New Jersey Economic Development Authority ....	($16,300,000)

Of the amounts appropriated hereinabove to the New Jersey Economic Development Authority, $7,000,000 is allocated to provide for a grant to pay for a portion of the costs associated with the acquisition, site preparation, design and construction of an infectious disease research complex to be located in Newark, New Jersey, such grant shall be subject to the terms and conditions that shall be set forth in an agreement between the entity which shall own and operate the infectious disease research complex and the New Jersey Economic Development Authority, subject to the approval of the State Treasurer.

Of the amounts appropriated hereinabove to the New Jersey Economic Development Authority, $6,000,000 is allocated from monies paid to the General Fund from the Surplus Fund, established pursuant to the Market Transition Facility Revenue Bond Resolution of the New Jersey Economic Development Authority adopted on July 5, 1994, as amended, to provide for a grant to pay for a portion of the costs associated with the acquisition, site preparation, design and construction of an infectious disease research complex to be located in Newark, New Jersey, such grant shall be subject to the terms and conditions that shall be set forth in an agreement between the entity which shall own and operate the infectious disease research complex and the New Jersey Economic Development Authority, subject to the approval of the State Treasurer.

Of the amount appropriated hereinabove to the New Jersey Economic Development Authority, an amount not to exceed $3,300,000 is allocated from funds paid into the General Fund from amounts remaining in the Note Payment Funds established in connection with the short term note programs for prior fiscal years to provide for a grant to pay for a portion of the costs associated with the acquisition, site preparation, design and construction of an infectious disease research complex to be located in Newark, New Jersey, and such grant shall be subject to the terms and conditions that shall be set forth in an agreement between the entity which shall own and operate the infectious disease research complex and the New Jersey Economic Development Authority, subject to the approval of the Treasurer.

This bill makes a fiscal year 1998 General Fund supplemental appropriation to the Department of Commerce and Economic Development. This supplemental appropriation consists of $16,300,000 in Grants-In-Aid funding for the New Jersey Economic Development Authority to pay for the acquisition, site preparation, design and construction of an infectious disease research complex to be located in Newark, New Jersey. The funds supporting this appropriation come from three General Fund sources. $7,000,000 of this grant is appropriated from the General Fund from general tax revenues. $6,000,000 of this grant is appropriated from revenues paid to the General Fund from the Surplus Fund established pursuant to the Market Transition Facility Revenue Bond Resolution of the New Jersey Economic Development Authority adopted on July 5, 1994, as amended. Up to $3,300,000 of this grant is appropriated from the General Fund from amounts remaining in the Note Payment Funds established in connection with the short term note programs for prior fiscal years.

Makes a fiscal year 1998 General Fund supplemental appropriation of $16,300,000 to the New Jersey Economic Development Authority.