Bill Text: NJ A677 | 2012-2013 | Regular Session | Introduced
Bill Title: Directs NJTA to dedicate toll increase revenue no longer required for payment of Access to the Region's Core Tunnel project to Transportation Trust Fund Account.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2012-01-10 - Introduced, Referred to Assembly Transportation, Public Works and Independent Authorities Committee [A677 Detail]
Download: New_Jersey-2012-A677-Introduced.html
STATE OF NEW JERSEY
215th LEGISLATURE
PRE-FILED FOR INTRODUCTION IN THE 2012 SESSION
Sponsored by:
Assemblyman JASON O'DONNELL
District 31 (Hudson)
SYNOPSIS
Directs NJTA to dedicate toll increase revenue no longer required for payment of Access to the Region's Core Tunnel project to Transportation Trust Fund Account.
CURRENT VERSION OF TEXT
Introduced Pending Technical Review by Legislative Counsel
An Act concerning the collection of tolls by the New Jersey Turnpike Authority and supplementing P.L.1984, c.73 (C.27:1B-1 et seq.).
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. The Legislature finds and declares that:
a. In 2008, the New Jersey Turnpike Authority ("authority") adopted a $7.0 billion, ten-year capital plan and separately made an agreement with the State of New Jersey, the New Jersey Transportation Trust Fund Authority ("TTFA"), and the New Jersey Transit Corporation to contribute $1.25 billion over a seven-year period to the TTFA to fund the construction of a mass transit tunnel ("ARC Tunnel").
b. To finance both the $7.0 billion ten-year capital plan and the ARC Tunnel contributions, the authority approved a two-phase toll increase on the New Jersey Turnpike and the Garden State Parkway, the first toll increase occurring in 2008 and the second toll increase to occur in 2012.
c. The authority's $1.25 billion contribution to the ARC Tunnel project was essential to relieve congestion on the New Jersey Turnpike.
d. The authority's contribution to the ARC tunnel project was to be made only after its bondholder obligations were met, operating expenses paid, and special project and maintenance reserve programs fully funded.
e. In October 2010, the decision was made to terminate the ARC Tunnel project as a project of the TTFA, so that revenue from the toll increase theretofore intended to finance the ARC Tunnel is no longer required for that purpose.
2. The authority shall contribute to the Transportation Trust Fund Account, established pursuant to section 20 of P.L.1984, c.73 (C.27:1B-20), the tolls charged and collected by the authority, the cumulative total of $1.25 billion to be collected over time, that is no longer required for the payment of contributions to the TTFA to finance the cancelled ARC Tunnel project.
3. This act shall take effect immediately.
STATEMENT
This bill directs the New Jersey Turnpike Authority ("authority") to contribute to the Transportation Trust Fund Account ("TTFA"), established pursuant to section 20 of P.L.1984, c.73 (C.27:1B-20), the tolls charged and collected by the authority, the cumulative total of $1.25 billion to be collected over time, that is no longer required for the payment of contributions to the TTFA to finance the cancelled ARC Tunnel project.
In 2008, the authority approved a two-phase toll increase on the New Jersey Turnpike and the Garden State Parkway, the first toll increase occurring in 2008 and the second toll increase to occur in 2012, to fund a $7 billion, ten-year capital plan and a $1.25 billion contribution to the Transportation Trust Fund Authority for the Access to the Region's Core (ARC) Tunnel project.
The ARC Tunnel project was described as essential to relieving congestion on the New Jersey Turnpike. In the authority's determination, the project served its needs by preserving vital capacity on the Eastern and Western spurs of the New Jersey Turnpike in keeping with its fiduciary obligation to fund critical safety and congestion relief projects.
In October 2010, Governor Christie announced his decision to terminate the ARC Tunnel project as a project of the Transportation Trust Fund Authority. The toll increase authorized and collected by the authority for the financing or payment of the ARC Tunnel is no longer required, and accordingly, the authority is directed to dedicate the tolls charged and collected by the authority to the Transportation Trust Fund Account.
