The "Citizen's Fund Act" establishes a trust fund known as the Citizens Fund, which is intended to facilitate the conveyance of revenue-producing assets from public entities for the benefit of public benefit plans, such as state-administered retirement systems. The fund will operate as an independent instrumentality of the State, allowing public entities to contribute, transfer, or sell their assets into a segregated account. The act outlines the governance structure of the fund, including the creation of a fund board and an enterprise advisory board, which will provide guidance but will not have voting authority. The fund aims to maximize the long-term value of these assets while ensuring compliance with relevant laws and regulations.

Additionally, the bill amends the "Water Infrastructure Protection Act" to allow municipalities facing emergent conditions to convey their water or wastewater assets to the Citizens Fund. It includes provisions for independent valuation of these assets and requires that any proposed contract for asset conveyance be approved by the fund board within 90 days, with specific criteria for assessing the reasonableness of sale prices. Notably, the bill inserts a provision exempting the Citizens Fund from certain requirements related to asset sales or leases, thereby streamlining the asset management process and ensuring that the fund can effectively serve the public interest.

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