The bill amends the New Jersey Transportation Trust Fund Authority Act of 1984, specifically updating Sections 3 and 9 to clarify definitions and provisions regarding the issuance of bonds and notes by the New Jersey Transportation Trust Fund Authority. Key definitions such as "Circle of Mobility" and "permitted maintenance" are introduced to enhance understanding of transit projects and necessary preservation work. The bill establishes a framework for the authority to issue up to $15.6 billion in transportation program bonds until June 30, 2029, with any increase in this limit requiring legislative approval. It also mandates that the authority report to the Joint Budget Oversight Committee before issuing refunding bonds, ensuring transparency and oversight.

Additionally, the bill creates the Transportation Policy Review Board, consisting of nine members with expertise in transportation finance and policy, tasked with overseeing transportation policies and ensuring effective fund utilization. It allocates a minimum of $400 million annually for local transportation projects and introduces adjustments to the taxation of petroleum products, converting tax rates to a cents-per-gallon basis and establishing new fees for zero-emission vehicles. The bill also repeals a previous section of law related to these matters and is set to take effect immediately upon approval.

Statutes affected:
Introduced: 27:1B-3, 27:1B-9, 27:1B-20, 27:1B-21.1, 27:1B-22.2, 27:1B-25, 54:15B-3, 52:18A-257
Advance Law: 27:1B-3, 27:1B-9, 27:1B-20, 27:1B-21.1, 27:1B-22.2, 27:1B-25, 54:15B-3, 52:18A-257
Pamphlet Law: 27:1B-3, 27:1B-9, 27:1B-20, 27:1B-21.1, 27:1B-22.2, 27:1B-25, 54:15B-3, 52:18A-257