Sponsored by:
Senator STEPHEN M. SWEENEY
District 3 (Cumberland, Gloucester and Salem)
SYNOPSIS
New Jersey Retirement Infrastructure Collateralized Holdings Fund Act creates trust fund for conveyance of certain assets for benefit of State-administered retirement systems; requires remediation of emergent conditions for certain public assets; appropriates $20,000,000.
CURRENT VERSION OF TEXT
As introduced.
An Act concerning the conveyance of certain assets to a trust fund for the benefit of the State-administered retirement systems, requiring the remediation of emergent conditions for certain public assets, amending and supplementing various parts of the statutory law, and making an appropriation
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. (New section) This act shall be known and may be cited as the Retirement Infrastructure Collateralized Holdings (RICH) Fund Act.
2. (New section) As used in sections 1 through 10 of P.L. , c. (C. ) (pending before the Legislature as this bill):
360 review means a comprehensive analysis that includes an assessment of a public entity s fiscal condition, an inventory of asset optimization opportunities as established in section 6 of P.L. , c. (C. ) (pending before the Legislature as this bill), and an initial due diligence review of any public asset proposed for conveyance to the trust fund.
Administrator means the New Jersey Infrastructure Bank created pursuant to section 4 of P.L1985, c.334 (C.58:11B-4).
Asset means title to real and personal property, leaseholds, licenses, franchises, easements, concessions, and any other right, title or interest deemed appropriate by the New Jersey Infrastructure Bank; land, including improvements and fixtures thereon, and property of any nature appurtenant thereto or used in connection therewith, and every estate, interest and right, legal or equitable, therein, including terms for years and liens by way of judgment, mortgage or otherwise, and indebtedness secured by such liens; and any other enterprise or asset, tangible or intangible, deemed appropriate by the New Jersey Infrastructure Bank under rules issued pursuant hereto.
Asset conveyance means the transfer and conveyance of all or any part of a public or non-public entity s ownership interest in an asset to the trust fund.
Benefitting public entity means a public entity, including any associated public entity, that would benefit from an asset conveyance by means of a reduction in that public entity s required contribution to a State-administered retirement system.
Certificate of trust means a document providing the fractional beneficial or economic interest in assets or income of the fund or any of its subaccounts.
Fund or trust fund means the New Jersey Retirement Infrastructure Collateralized Holdings Fund established pursuant to section 3 of P.L. , c. (C. ) (pending before the Legislature as this bill).
New Jersey Infrastructure Bank or bank means the New Jersey Infrastructure Bank created pursuant to section 4 of P.L1985, c.334 (C.58:11B-4).
Non-public asset means an asset, no part of which is held by a public entity.
Public asset means an asset held by a public entity, including public infrastructure, as that term is defined in section 10 of P.L.2014, c.63 (C.34:1B-251).
Public entity means the State, and any county, municipality, district, or political subdivision, and any authority, agency, instrumentality, board or body of any of the foregoing. Public entity shall also mean any school district, community college, or public university.
Public-private partnership agreement means an agreement entered into by a public entity and a non-public entity for the purpose of permitting the non-public entity to assume full financial and administrative responsibility for the development, construction, reconstruction, repair, alteration, improvement, extension, operation, and maintenance of a public asset.
Qualified independent valuation agent or valuation agent means an entity or person who is (1) accredited by the American Society of Appraisers to conduct appraisals or (2) an investment bank, trust company, accountant, engineer, or financial advisor qualified to perform fair market valuations of public or non-public assets or render fairness opinions on the valuation of public or non-public assets; and who is independent of the public or non-public entity making, and the trust fund receiving, a conveyance of one or more assets.
Real property means any or all real property, any improvements thereon, and any easements rights appertaining thereto.
State-administered retirement systems means the Public Employees Retirement System, established pursuant to P.L.1954, c.84 (C.43:15A-1 et seq.), the Te