Bill Text: NJ A4703 | 2024-2025 | Regular Session | Introduced
Bill Title: Appropriates $393,480,000 from "New Jersey Debt Defeasance and Prevention Fund"; establishes process for authorizing future appropriations for debt defeasance and capital projects.
Spectrum: Partisan Bill (Democrat 2-0)
Status: (Introduced) 2024-06-28 - Substituted by S3511 [A4703 Detail]
Download: New_Jersey-2024-A4703-Introduced.html
Sponsored by:
Assemblyman WAYNE P. DEANGELO
District 14 (Mercer and Middlesex)
Assemblywoman ELIANA PINTOR MARIN
District 29 (Essex and Hudson)
SYNOPSIS
Appropriates $393,480,000 to "New Jersey Debt Defeasance and Prevention Fund"; establishes process for authorizing future appropriations for debt defeasance and capital projects.
CURRENT VERSION OF TEXT
As introduced.
An Act concerning the "New Jersey Debt Defeasance and Prevention Fund" and making appropriations.
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. There is appropriated from the "New Jersey Debt Defeasance and Prevention Fund" $70,000,000 to the Department of Environmental Protection for Liberty State Park, Capital Improvements that shall be used only for the construction of athletic fields, active recreation, community center, railroad terminal, or community gardens, and improvements that directly support such facilities, including concessions, restrooms, and mobility within Liberty State Park; and Greenway planning, revitalization, and remediation, subject to the approval of the Director of the Division of Budget and Accounting.
2. There is appropriated from the "New Jersey Debt Defeasance and Prevention Fund" $60,000,000 to the Department of Law and Public Safety for the design and construction of a secure juvenile facility to be operated by the Juvenile Justice Commission, subject to the approval of the Director of the Division of Budget and Accounting.
3. There is appropriated from the "New Jersey Debt Defeasance and Prevention Fund" $120,480,000 to the Department of Law and Public Safety for the design and construction of a State Police Training Center, subject to the approval of the Director of the Division of Budget and Accounting.
4. There is appropriated from the "New Jersey Debt Defeasance and Prevention Fund" $17,879,000 to the Department of Law and Public Safety for the design and construction of a laboratory that provides forensic services that include, but are not limited to, controlled dangerous substance analysis, fire debris analysis, and toxicological analysis of biological fluids, subject to the approval of the Director of the Division of Budget and Accounting.
5. There is appropriated from the "New Jersey Debt Defeasance and Prevention Fund" $38,721,000 to the Department of the Treasury for the purpose of funding capital construction projects that the New Jersey Commission on Capital Budgeting and Planning recommends be undertaken or continued, subject to the approval of the Director of the Division of Budget and Accounting.
6. There is appropriated from the "New Jersey Debt Defeasance and Prevention Fund" $21,000,000 to the Department of Military and Veterans' Affairs for the purpose of converting the New Jersey Veterans' Memorial Home-Menlo Park and the New Jersey Veterans' Memorial Home-Paramus to single occupancy rooms, subject to the approval of the Director of the Division of Budget and Accounting.
7. There is appropriated from the "New Jersey Debt Defeasance and Prevention Fund" $65,400,000 to the Office of Information Technology for the purpose of funding improvement and upgrades to the New Jersey State Enterprise Data Center and its power infrastructure, subject to the approval of the Director of the Division of Budget and Accounting.
8. a. Notwithstanding the provisions of section 3 of P.L.2021, c.125 or any other law to the contrary, there is appropriated from the "New Jersey Debt Defeasance and Prevention Fund" such amounts remaining therein after the appropriations required pursuant to sections 1 through 7 of this act, as determined by the State Treasurer, including any amounts previously deposited therein, for the purpose of retiring and defeasing debts of the State of New Jersey, and the costs thereof, in such manner and at such times as the State Treasurer shall direct. If money is used for debt retirement or defeasance, the State Treasurer shall submit to the Joint Budget Oversight Committee a report describing the manner in which debt retirement and defeasance has been accomplished, including a description of the amounts to be saved and an attestation that describes the manner in which the retired debt benefits the State.
b. Notwithstanding the provisions of section 4 of P.L.2021, c.125 or any other law to the contrary, there is appropriated from the "New Jersey Debt Defeasance and Prevention Fund" such amounts remaining therein after the appropriations required pursuant to sections 1 through 7 of this act, as determined by the State Treasurer, including any amounts previously deposited therein, for the purpose of funding capital construction projects for which State debt is already authorized by law, or for which funding would have been derived from future State bond issuances, thereby constituting debt avoidance, subject to the approval of the Director of the Division of Budget and Accounting. The State Treasurer shall submit a list of proposed capital projects to the Joint Budget Oversight Committee for approval. The Joint Budget Oversight Committee shall meet not less frequently than quarterly, with the first quarter of the fiscal year beginning on July 1 and ending on September 30, to consider lists of proposed capital projects submitted by the State Treasurer. The Joint Budget Oversight Committee shall meet during the third month of the first quarter of the fiscal year. In the event that the Joint Budget Oversight Committee fails to meet during a given quarter, any recommendation submitted to the Joint Budget Oversight Committee more than 45 days prior to the last day of the quarter shall be deemed approved.
9. This act shall take effect immediately.
STATEMENT
This bill appropriates a total of $393,480,000 from the "New Jersey Debt Defeasance and Prevention Fund" for various capital projects.
Department of Environmental Protection
The bill appropriates $70,000,000 to the Department of Environmental Protection for Liberty State Park, Capital Improvements, which would be used only for: the construction of athletic fields, active recreation, community center, railroad terminal, or community gardens, and improvements that directly support such facilities, including concessions, restrooms, and mobility within Liberty State Park; and Greenway planning, revitalization, and remediation. According to the Budget in Brief, the groundbreaking for the Garden State Greenway project is expected to occur in Fiscal Year 2025.
Department of Law and Public Safety
The bill appropriates $198,359,000 to the Department of Law and Public Safety to support three projects, including: (1) $120,480,000 to support the second and final installment of funding to support the balance of anticipated costs of a new State Police Training Center, for which an initial appropriation of $120,000,000 was provided from the fund under P.L.2023, c.68; (2) $60,000,000 for the construction of a third facility for the Juvenile Justice Commission; and (3) $17,879,000 for the design and construction of a new State Police Southern Regional Laboratory.
Department of the Treasury
The bill appropriates $38,721,000 to the Department of the Treasury for capital construction projects recommended by the New Jersey Commission on Capital Budgeting and Planning. According to the Executive, this funding is expected to support projects in the Departments of Agriculture, Corrections, Health, Human Services, Military and Veterans' Affairs, Juvenile Justice Commission, and the State Library.
Department of Military and Veterans' Affairs
The bill appropriates $21,000,000 to the Department of Military and Veterans' Affairs to convert the New Jersey Veterans' Memorial Home-Menlo Park and the New Jersey Veterans' Memorial Home-Paramus into single occupancy rooms. According to the Budget in Brief, the federal government will cover 65 percent of this project.
Office of Information Technology
The bill appropriates $65,400,000 to the Office of Information Technology for improvements and upgrades to the New Jersey State Enterprise Data Center and its power infrastructure. According to the Executive, this project aims to replace the 35-year old electrical and mechanical systems that support the center. The project is expected to be completed in Fiscal Year 2027.
Future Debt Defeasance and Prevention Fund Appropriations
The bill also authorizes balances remaining in the fund, including amounts previously credited to the fund, to be appropriated for the purpose of retiring and defeasing State debt and funding capital projects on a pay-as-you-go basis rather than issuing additional State debt.
The bill establishes a process by which the Executive and Legislative branches of State government will determine future appropriations from the fund for capital projects. The bill requires the Joint Budget Oversight Committee (JBOC) to meet at least once each calendar quarter to consider appropriations for capital projects on lists provided by the State Treasurer. JBOC may appropriate funding for all, some, or none of the projects recommended by the State Treasurer. If JBOC fails to meet during a given calendar quarter, any recommendation submitted to JBOC more than 45 days prior to the last day of the calendar quarter is deemed approved.
