A-4703

Primary Sponsors:
DeAngelo, Wayne P.
Pintor Marin, Eliana

STATEMENT
This bill appropriates a total of $393,480,000 from the “New Jersey Debt Defeasance and Prevention Fund” for various capital projects and allows the remaining balance in the fund to be appropriated for debt defeasance and debt avoidance purposes, subject to the approval of the Joint Budget Oversight Committee.
Future Debt Defeasance and Prevention Fund Appropriations
The bill also authorizes balances remaining in the fund, including amounts previously credited to the fund, to be appropriated for the purpose of retiring and defeasing State debt and funding capital projects on a pay-as-you-go basis rather than issuing additional State debt. The State Treasurer would be required submit to the Joint Budget Oversight Committee a report describing the manner in which debt retirement and defeasance has been accomplished, including a description of the amounts to be saved and an attestation that describes the manner in which the retired debt benefits the State.
The bill establishes a process by which the Executive and Legislative branches of State government may determine future appropriations from the fund for capital projects. The bill requires the Joint Budget Oversight Committee (JBOC) approval to consider appropriations for capital projects on lists provided by the State Treasurer. The Joint Budget Oversight Committee is authorized to approve each project as proposed by the State Treasurer, approve each proposed project as may be reduced in amount or otherwise modified by the committee, or to reject each project in the detailed list in its entirety.