52:9S-3.1 Yearly review of entities with a pledge of revenues derived from motor vehicle surcharges.
2. a. The New Jersey Commission on Capital Budgeting and Planning shall each year conduct a review of all outstanding debts, including bonds, refunding bonds, notes, and other obligations and the costs thereof, of the State and each State agency that have a pledge of revenues derived from a motor vehicle surcharge imposed by section 6 of P.L.1983, c.65 (C.17:29A-35) or by section 1 of P.L.2000, c.75 (C.39:4-97.2). The review shall, at a minimum, determine the date each outstanding debt was issued, the entity responsible for the issuance of the debt, the outstanding debt and debt service costs for the prior fiscal year, the current fiscal year, and the estimated amount for the subsequent five fiscal years, and the date the outstanding debt is expected to be repaid. The commission shall prepare a summary of the review conducted in accordance with this subsection for inclusion in the State Capital Improvement Plan.
b. Upon the repayment of all outstanding debts, including bonds, refunding bonds, notes, and other obligations and the costs thereof, of the State and each State agency that have a pledge of revenues derived from a motor vehicle surcharge imposed by section 6 of P.L.1983, c.65 (C.17:29A-35) or by section 1 of P.L.2000, c.75 (C.39:4-97.2), the executive director of the commission shall transmit a written notification to the State Treasurer and the Chief Administrator of the New Jersey Motor Vehicle Commission to certify that the debts have been repaid in full pursuant to the terms of those debt contracts and that no new motor vehicle surcharges shall be imposed on or after the date that all outstanding debts have been repaid. The written notification shall be transmitted not later than five days after the date that all outstanding debts have been repaid. A copy of the written notification shall be included in the State Capital Improvement Plan for the fiscal year in which all outstanding debts have been repaid.
c. Following enactment of P.L.2019, c.301 (C.52:9S-3.1 et al.) but prior to the repayment of all outstanding debts, including bonds, refunding bonds, notes, and other obligations and the costs thereof, of the State and each State agency that have a pledge of revenues derived from a motor vehicle surcharge imposed by section 6 of P.L.1983, c.65 (C.17:29A-35) or by section 1 of P.L.2000, c.75 (C.39:4-97.2), the executive director of the commission shall monitor the issuance of all new debts to determine if those debts have a pledge of revenues derived from a motor vehicle surcharge in violation of section 4 of P.L.2019, c.301 (C.17:29A-35.2) or of section 6 of P.L.2019, c.301 (C.39:4-97.2a). The executive director of the commission shall transmit a written notification to the State Treasurer and the presiding officer of each House of the Legislature if the executive director determines that the issuance of any new debts have a pledge of revenues derived from a motor vehicle surcharge. The written notification shall be transmitted not later than five days after the determination has been made. A copy of the written notification shall be included in the State Capital Improvement Plan for the fiscal year in which the determination has been made.
L.2019, c.301, s.2.