Sponsored by:
Assemblyman JOHN J. BURZICHELLI
District 3 (Cumberland, Gloucester and Salem)
SYNOPSIS
Supplements Department of Transportation language provisions in FY 2021 Appropriations Act to provide flexibility for debt service payments.
CURRENT VERSION OF TEXT
As introduced.
A Supplement to the Fiscal Year 2021 appropriations act, P.L.2020, c.97.
Be It Enacted by the Senate and the General Assembly of the State of New Jersey:
1. The following language is added to section 1 of P.L.2020, c.97, the annual State appropriations act for Fiscal Year 2021:
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78 DEPARTMENT OF TRANSPORTATION 10 Public Safety and Criminal Justice 11 Vehicular Safety 6400 Motor Vehicle Services DIRECT STATE SERVICES
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Notwithstanding the provisions of any law or regulation to the contrary, there are appropriated such additional amounts, not to exceed $30 million, as determined by the Director of the Division of Budget and Accounting, as are required to pay debt service on the bonds issued pursuant to the Motor Vehicle Surcharges Securitization Act of 2004, P.L.2004, c.70, as amended.
2. This act shall take effect immediately.
STATEMENT
This bill supplements the Fiscal Year 2021 appropriations act by adding a new Department of Transportation language provision that appropriates such additional amounts, not to exceed $30 million, as determined by the Director of the Division of Budget and Accounting, as are required to pay debt service on the bonds issued pursuant to the Motor Vehicle Surcharges Securitization Act of 2004, P.L.2004, c.70, as amended.