32:36-13 Capital plan.
13. Capital plan.
a. No later than January thirtieth, two thousand twenty, the Commission shall adopt a ten-year capital plan with respect to Project assets, if any, for which the Commission has ongoing maintenance obligations that is developed using a comprehensive planning process and risk-based prioritization that considers asset condition, operational and revenue impact, threat assessment, customer service, regional benefit, and regulatory or statutory requirements. The capital plan shall be dependent upon the availability of sufficient funding and other resources to pursue the capital Projects proposed for the ten-year period. Performance progress and revisions to reflect changes in programs, policies, and Projects and the environment in which the Commission operates by the board, and the capital plan shall be revised periodically as necessary and appropriate, and shall be reviewed with the board annually. The Commission shall publish an annual report on the status of the capital program and such report shall be made publicly available on the Commission's website. Prior to adoption of a capital plan, the Commission shall make the proposed plan available for public review and comments on its public website for at least four weeks prior to approval, and all comments received by the Commission are to be distributed to the board for review prior to consideration of the capital plan.
b. The Commission shall also provide that major capital Projects are monitored by external engineering consultants. The external engineering consultants shall prepare annual reports to be provided to the board and made available to the public. The annual reports prepared by external engineering consultants shall include, but not be limited to, a comparison of actual and target performance measures including, but not limited to, costs and construction schedules, and a narrative explanation of any discrepancy thereof. For the purposes of this section: "Major capital Project" means an undertaking or program for the acquisition, creation, or development of any crossing, transportation facility, or commerce facility or any part thereof, with an estimated total Project cost in excess of $500,000,000.
L.2019, c.195, s.13.