52:27BBBB-25 Allocation of certain moneys to Atlantic City.
9. a. Notwithstanding the provisions of section 3 of P.L.1984, c.218 (C.5:12-144.1) or any other law to the contrary, including subsection k. of section 5 of P.L.2011, c.18 (C.5:12-219), for calendar years 2018, 2019, 2020, and 2021, the moneys received after the effective date of P.L.2016, c.5 (C.52:27BBBB-18 et al.), by the State Treasurer derived from the payment of the investment alternative tax in the amount specified in paragraph (2) of subsection a. of section 3 of P.L.1984, c.218 (C.5:12-144.1) and the investment alternative in the amount as specified in section 17 of P.L.2013, c.27 (C.5:12-95.19), except for any amount thereof pledged for the payment of bonds issued by the Casino Reinvestment Development Authority or otherwise contractually obligated by the authority prior to the effective date of P.L.2016, c.5 (C.52:27BBBB-18 et al.), or any bonds issued to refund such bonds, shall be allocated to Atlantic City for the purposes of paying debt service on bonds issued by Atlantic City prior to and after the effective date of P.L.2016, c.5 (C.52:27BBBB-18 et al.).
b. Notwithstanding the provisions of section 3 of P.L.1984, c.218 (C.5:12-144.1) or any other law to the contrary, including subsection k. of section 5 of P.L.2011, c.18 (C.5:12-219), for each calendar year from 2022 through 2026, of the moneys received by the State Treasurer derived from the payment of the investment alternative tax in the amount specified in paragraph (2) of subsection a. of section 3 of P.L.1984, c.218 (C.5:12-144.1) and the investment alternative in the amount as specified in section 17 of P.L.2013, c.27 (C.5:12-95.19), except for any amount thereof pledged for the payment of bonds issued by the Casino Reinvestment Development Authority or otherwise contractually obligated by the authority prior to the effective date of P.L.2016, c.5 (C.52:27BBBB-18 et al.), or any bonds issued to refund such bonds, shall be allocated first to Atlantic City for the purposes of paying debt service during each such calendar year on bonds issued by Atlantic City prior to and after the effective date of P.L.2016, c.5 (C.52:27BBBB-18 et al.). In the event that the moneys received by the State Treasurer from the payment of the investment alternative tax, in the amounts identified in this section, exceed the debt service on bonds issued by Atlantic City prior to and after the effective date of P.L.2016, c.5 (C.52:27BBBB-18 et al.) in any year, then the amount in excess of the debt service shall be allocated as follows:
(1) for calendar year 2022, such residual moneys shall be allocated 20 percent to the Casino Reinvestment Development Authority, 15 percent to the Clean and Safe Fund established pursuant to section 7 of P.L.2021, c.315 (C.52:27BBBB-27), 15 percent to the Infrastructure Fund established pursuant to section 8 of P.L.2021, c.315 (C.52:27BBBB-28), and 50 percent of such residual moneys shall be allocated for use by Atlantic City for general municipal purposes;
(2) for calendar year 2023, 20 percent of such residual moneys shall be allocated to the Casino Reinvestment Development Authority, 12 percent of such residual moneys shall be allocated to the Clean and Safe Fund, 12 percent of such residual moneys shall be allocated to the Infrastructure Fund, and 56 percent of such residual moneys shall be allocated for use by Atlantic City for general municipal purposes;
(3) for calendar year 2024, 15 percent of such residual moneys shall be allocated to the Casino Reinvestment Development Authority, 11.5 percent of such residual moneys shall be allocated to the Clean and Safe Fund, 11.5 percent of such residual moneys shall be allocated to the Infrastructure Fund, and 62 percent of such residual moneys shall be allocated for use by Atlantic City for general municipal purposes;
(4) for calendar year 2025, 15 percent of such residual moneys shall be allocated to the Casino Reinvestment Development Authority, 11.5 percent of such residual moneys shall be allocated to the Clean and Safe Fund, 11.5 percent of such residual moneys shall be allocated to the Infrastructure Fund, and 62 percent of such residual moneys shall be allocated for use by Atlantic City for general municipal purposes; and
(5) for calendar year 2026, 10 percent of such residual moneys shall be allocated to the Casino Reinvestment Development Authority, 11.5 percent of such residual moneys shall be allocated to the Clean and Safe Fund, 11.5 percent of such residual moneys shall be allocated to the Infrastructure Fund, and 67 percent of such residual moneys shall be allocated for use by Atlantic City for general municipal purposes.
c. If, in any year, the aggregate amount allocated to Atlantic City for municipal purposes pursuant to subsection b. of this section results in an amount that is less than 2.5 percent higher than the amount for municipal purposes in the prior year, the distributions to the Casino Reinvestment Development Authority, the Clean and Safe Fund, and Infrastructure Fund shall be reduced in equal amounts and allocated to Atlantic City for municipal purposes to meet a 2.5 percent growth target.
d. If, in any year, the amount allocated to the Casino Reinvestment Development Authority, the Clean and Safe Fund, and the Infrastructure Fund pursuant to subsection b. of this section exceeds the amount set forth in the table below, each casino gaming property shall receive reimbursement from the moneys received by the State Treasurer derived from the payment of the investment alternative tax in the amount specified in paragraph (2) of subsection a. of section 3 of P.L.1984, c.218 (C.5:12-144.1) up to its full obligation under that paragraph on a pro rata basis. Following reimbursement, if there are still excess funds, the amount in excess attributable to each casino will be distributed to the Casino Reinvestment Development Authority and deposited into an account for use in accordance with Article 11 and Article 12 of the "Casino Control Act," P.L.1977, c.110 (C.5:12-1 et seq.) governing casino reinvestment and authority operations.
YEAR OF PILOT 6 7 8 9 10
CALENDAR YEAR 2022 2023 2024 2025 2026
(Expressed In Millions)
CRDA $2.7 $3.5 $3.2 $4.2 $3.1
INFRASTRUCTURE $2.0 $2.1 $2.5 $3.2 $3.6
CLEAN AND SAFE $2.0 $2.1 $2.5 $3.2 $3.6
CITY GENERAL FUND
(Non-debt service) $6.8 $9.8 $13.3 $17.5 $20.8
TOTAL $13.5 $17.5 $21.5 $28.1 $31.1
e. The provisions of this section shall expire on December 31, 2026.
L.2016, c.5, s.9; 2021, c.315, s.6.