This bill proposes a supplemental appropriation of $45,000,000 from the Transportation Trust Fund Account Subaccount for Capital Reserves to the Palisades Interstate Park Commission. The funds are designated for the development and construction of disaster recovery projects, with the stipulation that the appropriation is subject to the approval of the Director of the Division of Budget and Accounting. The bill also establishes that the Palisades Interstate Park Commission must adhere to a memorandum of understanding with the Commissioner of Environmental Protection and other relevant agency heads, which includes a requirement for the Commission to repay any federal reimbursements received for project costs back to the Department of the Treasury.

Additionally, the bill includes new legal language that emphasizes the appropriation's purpose and outlines the conditions under which the funds are to be used. It mandates that any repayments made to the Department of the Treasury be deposited back into the Transportation Trust Fund Account Subaccount for Capital Reserves. The act is set to take effect immediately upon passage.