The "Citizen's Fund Act" establishes a trust fund known as the Citizens Fund, which is designed to facilitate the conveyance of revenue-producing assets from public entities to benefit public benefit plans, such as state-administered retirement systems and public pension plans. The fund will operate as an independent entity, governed by a board appointed by the Governor, which will include representatives from the New Jersey Infrastructure Bank and the Division of Investment. The act outlines key definitions and mandates that the fund maintain separate accounts, adhere to generally accepted accounting principles, and undergo annual audits. It emphasizes that the fund's assets must be used solely for maximizing their value and supporting public benefit plans, while also allowing for the optimization of asset conveyance.

Additionally, the bill amends existing legislation to allow municipalities facing emergent conditions to convey their water or wastewater assets to the Citizens Fund. It requires municipalities to retain independent financial advisors for asset valuation and mandates public hearings to discuss findings before asset conveyance can occur. The Citizens Fund is exempt from certain qualification requirements, and the bill outlines the process for approving contracts and allocating proceeds, ensuring that a minimum of 50% of remaining proceeds is dedicated to capital improvements. Overall, the act aims to enhance the management and distribution of public assets while ensuring transparency and compliance with relevant regulations.

Statutes affected:
Introduced: 58:30-3, 58:30-5, 58:30-6, 58:30-7