Bill > S1896

This bill allows municipalities to create a special savings account, called a "dredging control reserve fund," to pay for projects that involve dredging, which is the process of removing sand, silt, mud, or other materials from the bottom of waterways to keep them clear for boats or to make them deeper. Any money that a municipality budgets for dredging each year but doesn't spend can be put into this reserve fund. Once the fund is established, the municipality's governing body can decide to use the money for various dredging-related activities, even after they've spent the money allocated in their regular annual budget. These activities can include the actual removal of materials, building any necessary infrastructure for the project, treating or disposing of the removed material, or even using the projects to boost the state or local maritime, recreation, or tourism industries. Any money reimbursed for these expenditures will go back into the reserve fund. The bill also permits unspent funds budgeted for general dredging control expenses to be added to this reserve. Finally, it authorizes the Local Finance Board, a state agency, to create the necessary rules and regulations to make sure this law can be put into practice.

Government Affairs, Housing and Urban Affairs

https://www.njleg.state.nj.us/bill-search/2024/S1896