Bill > A6039

This bill makes a supplemental appropriation of $45,000,000 from the Transportation Trust Fund Account, specifically its Subaccount for Capital Reserves, to the Palisades Interstate Park Commission. These funds are designated for certain construction projects, particularly disaster recovery initiatives, and are subject to the approval of the Director of the Division of Budget and Accounting. The Palisades Interstate Park Commission must use these monies in accordance with the requirements for spending from the Transportation Trust Fund Account, as established by P.L.1984, c. 73 (C.27:1B-1 et al.), and any conditions outlined in a memorandum of understanding between the Commissioner of Environmental Protection, the Executive Director of the Palisades Interstate Park Commission, and other necessary agency heads. A key provision of this memorandum of understanding is that the Palisades Interstate Park Commission must repay the full $45,000,000 to the Department of the Treasury, regardless of whether they receive any federal reimbursement, grant, or other financial assistance for the projects funded by this appropriation. The repayment schedule and terms will be jointly determined by the Department of the Treasury and the Palisades Interstate Park Commission. Any repayments made will be deposited back into the Transportation Trust Fund Account - Subaccount for Capital Reserves. This act takes effect immediately.

Budget and Finance, Transportation and Infrastructure

https://www.njleg.state.nj.us/bill-search/2024/A6039