Table of contents I. Members and staff



Download 2.01 Mb.
Page12/20
Date01.02.2018
Size2.01 Mb.
#37268
1   ...   8   9   10   11   12   13   14   15   ...   20

27A:5-8. Issuance of bonds

a. The authority may issue its bonds, notes or other obligations in amounts as in the opinion of the authority are necessary to provide for its purposes, including the payment, funding or refunding of the principal of, or interest or redemption premiums on, any bonds, notes or other obligations issued by it, whether or not they have become due; and to provide for security and for the establishment or increase of reserves to secure or to pay the bonds, notes or other obligations or interest on them and other reserves and expenses of the authority. In addition to its bonds, notes and other obligations, the authority may issue subordinated indebtedness, which shall be subordinate in lien to the lien of any or all of its bonds or notes. No resolution or other action of the authority providing for the issuance of bonds, refunding bonds or other obligations shall be adopted or otherwise made effective by the authority without the prior approval in writing of the Governor and either the State Treasurer or the Director of the Division of Budget and Accounting in the Department of the Treasury.

b. Except as may be otherwise expressly provided in the chapter or by the authority, every issue of bonds or notes shall be general obligations payable out of any revenues or funds of the authority, subject only to agreements with the holders of particular bonds or notes pledging any particular revenues or funds. The authority may provide the security and payment provisions for its bonds or notes as it may determine, including (without limitation) bonds or notes as to which the principal and interest are payable from and secured by all or any portion of the revenues of and payments to the authority, and other money as the authority shall determine. In addition, the authority may, in anticipation of the issuance of the bonds or the receipt of appropriations, grants, reimbursements or other funds, including without limitation grants from the federal government for federal aid highways or public transportation systems, issue notes, the principal of or interest on which, or both, shall be payable out of the proceeds of notes, bonds or other obligations of the authority or appropriations, grants, reimbursements or other funds or revenues of the authority. The authority may also enter into bank loan agreements, lines of credit and other security agreements and obtain for or on its behalf letters of credit for the purpose of securing its bonds, notes or other obligations or to provide direct payment of any costs which the authority is authorized to pay by this chapter and to secure repayment of any borrowings under the loan agreement, line of credit, letter of credit or other security agreement by its bonds, notes or other obligations or their proceeds or by any or all of the revenues of and payments to the authority or by any appropriation, grant or reimbursement to be received by the authority and other money as the authority shall determine.

c. Whether or not the bonds and notes are negotiable instruments under the terms of Title 12A, Commercial Transactions, New Jersey Statutes, the bonds and notes are hereby made negotiable instruments within the meaning of and for all the purposes of Title 12A.

d. Bonds or notes of the authority shall be authorized by resolutions of the authority and may be issued in one or more series and shall bear the dates, mature at the times, bear interest at the rates, be in the denominations, be in the form, carry the conversion or registration privileges, have the rank or priority, be executed in the manner, be payable from the sources, in the medium of payment, at the places, and be subject to the terms of redemption, with or without premium, as the resolutions provide. Bonds or notes may be further secured by a trust indenture between the authority and a corporate trustee within or without the State. All other obligations of the authority shall be authorized by resolution containing terms and conditions as the authority shall determine.

e. Bonds, notes or other obligations of the authority may be sold at public or private sale at prices and in the manner that the authority determines. Every bond, or refunding bond, issued on or before January 19, 1988 after the effective date of P.L.1995, c. 108 (C.27:1B-25.1 et al.) shall mature and be paid no later than 17 21 years from the its date. Every bond issued after July 19, 1988 shall mature and be paid no later than 11 years from its date. However, every bond, note and other obligation and the refunding of every bond, note and other obligation shall mature and be paid no later than July 10, 2006.



Notes, the initial series of bonds and bonds issued for refunding purposes of the authority may be sold at public or private sale at prices and in the manner that authority determines.

Except as noted above, all bonds of the authority shall be sold at prices and in the manner that the authority determines, after notice of sale, published at least three times in at least three newspapers published in the State of New Jersey, and at least once in a publication carrying municipal bond notices and devoted primarily to financial news, published in New Jersey or the City of New York, the first notice to be at least five days prior to the day of bidding. The notice of sale may contain a provision to the effect that any or all bids may be rejected. In the event of such rejection or of failure to receive any acceptable bid, the authority, at any time within 60 days from the date of the advertised sale, may sell the bonds at private sale upon terms not less favorable to the State than the terms offered by any rejected bid. The authority may sell all or part of the bonds of any series as issued to any State fund or to any federal government agency, at private sale, without advertisement.

f. Bonds or notes may be issued and other obligations incurred under the provisions of this chapter without obtaining the consent of any agency of the State, other than the approval as required by subsection (a) of this section, and without any other proceedings or conditions than those proceedings or conditions which are specifically required by the chapter.

g. Bonds, notes and other obligations of the authority issued or incurred under the provisions of the chapter shall not be in any way a debt or liability of the State or of any of its political subdivisions other than the authority and shall not be any obligation of the State or of any political subdivision or be a pledge of the faith and credit of the State or of any political subdivision but all bonds, notes and obligations, unless funded or refunded by bonds, notes or other obligations of the authority, shall be payable solely from revenues or funds pledged or available for their payment as authorized in this chapter. Each bond, note or other obligation shall contain on its face a statement to the effect that the authority is obligated to pay the principal and interest only from revenues or funds of the authority and that neither the State nor any political subdivision is obligated to pay the principal or interest and that neither the faith and credit nor the taxing power of the State or any political subdivision is pledged to the payment of the principal of or the interest on the bonds, notes or other obligations. For the purposes of this subsection, political subdivision does not include the authority.

h. All expenses incurred in carrying out the provisions of this chapter shall be payable solely from the revenues or funds provided under the provisions of the chapter and nothing in the chapter shall be construed to authorize the authority to incur any liability on behalf of or payable by the State or any political subdivision.



i. The aggregate principal amount of bonds, notes or other obligations outstanding at any one time, including subordinated indebtedness of the authority, may not exceed $1,700,000,000. If in any fiscal year appropriations by the Legislature to the authority, and amounts received in accordance with contracts entered into with the toll road authorities, if those amounts are not included in legislative appropriations, are in excess of $331,000,000.00, the aggregate principal amount of $1,700,000,000.00 shall be reduced by an amount equal to the excess. In computing the foregoing limitations there shall be excluded all the bonds, notes or other obligations, including subordinated indebtedness of the authority, which are issued for refunding purposes, provided that the refunding is determined by the authority to result in a debt service savings.

The authority shall minimize debt incurrence by first relying on appropriations and other revenues available before incurring debt to meet its statutory purposes.

The authority shall not incur debt at any time in any fiscal year in excess of the difference between the amount of appropriations and other revenues in that fiscal year and the amount which the Department of Transportation is permitted to commit for transportation projects in that fiscal year as indicated in the budget, plus reasonably necessary expenses, required debt reserve funds, debt service and outstanding financial obligations from prior fiscal years of the authority.

Debt which would have been incurred pursuant to this section, which is not incurred in any fiscal year, may be issued in subsequent years.

The authority shall minimize debt incurrence by first relying on appropriations and other revenues available before incurring debt to meet its statutory purposes. The authority shall not incur debt in any fiscal year in excess of $650,000,000, except that if that permitted amount of debt, or any portion, is not incurred in a fiscal year it may be incurred in a subsequent fiscal year. Any increase in this limitation shall only occur if so provided by law. In computing the foregoing limitation as to the amount of debt the authority may incur, the authority may exclude any bonds, notes or other obligations, including subordinated obligations of the authority, issued for refunding purposes.

j. Upon the decision by the authority to issue refunding bonds pursuant to this section, and prior to the sale of those bonds, the authority shall transmit to the Joint Budget Oversight Committee, or its successor, a report that a decision has been made reciting the basis on which the decision was made, including an estimate of the debt service savings to be achieved and the calculations upon which the authority relied when making the decision to issue refunding bonds. The report shall also disclose the intent of the authority to issue and sell the refunding bonds at public or private sale and the reasons therefore.

k. The Joint Budget Oversight Committee, or its successor, shall have authority to approve or disapprove the sale of refunding bonds as included in each report submitted in accordance with subsection (j) of this section. The committee shall approve or disapprove the sale of refunding bonds within 10 business days after physical receipt of the report. The committee shall notify the authority in writing of the approval or disapproval as expeditiously as possible.

l. No refunding bonds shall be issued unless the report has been submitted to and approved by the Joint Budget Oversight Committee, or its successor, as set forth in subsection (k) of this section.

m. Within 30 days after the sale of the refunding bonds, the authority shall notify the Joint Budget Oversight Committee, or its successor, of the result of that sale, including the prices and terms, conditions and regulations concerning the refunding bonds, and the actual amount of debt service savings to be realized as a result of the sale of refunding bonds.

n. The Joint Budget Oversight Committee, or its successor, shall review all information and reports submitted in accordance with the section and may make observations and recommendations to the authority or to the Legislature, or both, as it deems appropriate.

Source: 27:1B-9

COMMENT

This section is substantially identical to its source. Underlining represents Legislative changes effective May 30, 1995 and November 30, 2001.



27A:5-9. Covenants with holders of obligations

In any resolution of the authority relating to the issuance of bonds, notes or other obligations or in any indenture securing the bonds, notes or other obligations, the authority, in order to secure the payment of the bonds, notes or other obligations may by provisions in the bonds, notes or other obligations, which shall constitute covenants by the authority and contracts with the holders:

a. Pledge all or any part of its revenues or receipts to which its right exists or may afterwards exist and other funds as the authority determines, and the proceeds of any bonds, notes or other obligations;

b. Pledge any agreement, including, without limitation, contracts with the Commissioner or State Treasurer, contracts with the toll road authorities or other State agencies, and any grant, contract, or agreement with the federal government or the revenues, payments and proceeds of such a contract;

c. Covenant against pledging all or any part of its revenues or receipts or its agreements and other money as the authority determines or against permitting any lien on any of the foregoing;

d. Covenant with respect to limitations on any right to dispose of any property of any kind;

e. Covenant as to any bonds, notes and other obligations to be issued and their limitations, terms and conditions, and as to the custody, application, investment, and disposition of the their proceeds;

f. Covenant as to the issuance of additional bonds, or notes or other obligations or as to limitations on the issuance of additional bonds, notes or other obligations and on the incurring of other debts;

g. Covenant as to the payment of the principal of or interest on the bonds, notes, or other obligations, as to the sources and methods of payment, as to the rank or priority of any bonds, notes or obligations with respect to any lien or security or as to the acceleration of the maturity of any bonds, notes or obligations;

h. Provide for the replacement of lost, stolen, destroyed or mutilated bonds, notes or other obligations;

i. Covenant against extending the time for the payment of bonds, notes or other obligations or their interest;

j. Covenant as to the redemption of bonds, notes or other obligations and their privileges of exchange for other bonds, notes or other obligations of the authority;

k. Subject to the rights and security interests of the holders of bonds, notes or other obligations of the toll road authorities or other State agencies, covenant as to the enforcement of any term in any agreement entered into pursuant to this chapter, to which the authority is a party or an assignee, fixing amounts of funds of the toll road authorities or other State agencies to be paid to the authority, including any term concerning the fixing of tolls and other charges by the toll road authorities or other State agencies, at rates as shall be necessary to provide the amounts of funds;

l. Covenant to create or authorize the creation of funds to be held in pledge or otherwise for payment or redemption of bonds, notes, or other obligations, reserves for other purposes and as to the use, investment, and disposition of the money held in the funds;

m. Establish a procedure by which the terms of any contract or covenant with or for the benefit of the holders of bonds, notes or other obligations may be amended or abrogated, the amount of bonds, notes or other obligations the holders of which must consent, and the manner in which the consent may be given;

n. Provide for the release of property, agreements, or revenues and receipts from any pledge and to reserve rights and powers in property that is subject to a pledge;

o. Provide for the rights and liabilities, powers and duties arising upon the breach of any covenant, condition or obligation and prescribe the events of default and the terms and conditions upon which any or all of the bonds, notes or other obligations of the authority shall become or may be declared due and payable before maturity and the terms and conditions upon which any declaration and its consequences may be waived;

p. Vest in trustees any property, rights, powers and duties in trust as the authority may determine;

q. Execute bills of sale, conveyances, deeds of trust and other instruments necessary or convenient in the exercise of its powers or in the performance of its covenants or duties;

r. Pay the costs incident to the enforcement of the bonds, notes or other obligations or of the provisions of the resolution or of any covenant or agreement of the authority with the holders of its bonds, notes or other obligations;

s. Limit the rights of the holders of any bonds, notes or other obligations to enforce any pledge or covenant securing the bonds, notes or other obligations; and

t. Make covenants, in addition to the covenants expressly authorized in this section as may be desirable, in order to better secure bonds, notes or other obligations or which in the absolute discretion of the authority will tend to make bonds, notes or other obligations more marketable.

Source: 27:1B-10

COMMENT


This section is substantially identical to its source.

27A:5-10. Pledge of revenues, money, or other property

Any pledge of revenues, money, or other property made by the authority shall be valid and binding from the time when the pledge is made; the revenues, money or other property pledged shall immediately be subject to the lien of the pledge without any physical delivery or further act, and the lien of any pledge shall be binding as against all parties having claims of any kind against the authority, irrespective of whether the parties have notice thereof. Any instrument that creates a pledge of revenues, money, or other property shall be filed or recorded in the records of the authority.

Source: 27:1B-11

COMMENT


This section is substantially identical to its source.

27A:5-11. Immunity from personal liability

Neither the members of the authority nor any person executing bonds, notes or other obligations issued pursuant to this chapter shall be liable personally on the bonds, notes or other obligations by reason of their issuance.

Source: 27:1B-12

COMMENT


This section is substantially identical to its source.

27A:5-12. Reserves, funds or accounts

The authority may establish reserves, funds or accounts, as it deems desirable to accomplish the purposes of the authority or to comply with the provisions of any agreement made by the authority.

Source: 27:1B-13

COMMENT


This section is substantially identical to its source.

27A:5-13. Pledge of State not to alter rights or powers of authority

The State hereby pledges to the holders of any bonds, notes or other obligations issued pursuant to this chapter that it will not alter the rights or powers of the authority in any way that would jeopardize the interest of the holders or inhibit or prevent performance or fulfillment by the authority of the terms of any agreement made with the holders of the bonds, notes or other obligations, or prevent the authority from obtaining sufficient revenues which, together with other available funds, shall be sufficient to meet all of its expenses and fulfill the terms of agreements made with the holders of the bonds, notes or other obligations, with interest, including interest on any unpaid installments of interest, and including all costs and expenses in connection with any action or proceedings on behalf of the holders, or from receiving payment of funds of the toll road authorities or other State agencies, as provided in any agreement provided for in the chapter, until the bonds, notes or other obligations, together with interest, are fully met and discharged or provided for. The standards required to be followed by the State in complying with the foregoing covenant shall be no more or less restrictive than the standards required to be followed by the State under its covenants with the toll road authorities in section 7 of P.L.1948, c. 454 (C. 27:23-7), section 11 of P.L.1952, c. 16 (C. 27:12B-11) and section 41 of P.L.1962, c. 10 (C. 27:12C-41). The failure of the State to appropriate moneys for any purpose of the chapter shall not be a violation of this section.

Source: 27:1B-14

COMMENT


This section is substantially identical to its source.

27A:5-14. Bonds or notes as legal investments

The State and all public officers, governmental units and agencies thereof, all banks, trust companies, savings banks and institutions, building and loan associations, savings and loan associations, investment companies, and other persons carrying on a banking business, all insurance companies, insurance associations and other persons carrying on an insurance business, and all executors, administrators, guardians, trustees and other fiduciaries may legally invest any funds within their control in any bonds or notes issued pursuant to this chapter, and the bonds or notes shall be authorized security for public deposits.

Source: 27:1B-15

COMMENT


This section is substantially identical to its source.

27A:5-15. Tax exemption; property of authority; bonds, notes or other obligations

All property of the authority is declared to be public property devoted to an essential governmental purpose and shall be exempt from all taxes and special assessments of the State. All bonds, notes or other obligations issued pursuant to this chapter are hereby declared to be issued by a public body of the State and for an essential governmental purpose and the bonds, notes and other obligations, and the interest and income from them and all money received by the authority and available to pay or secure the payment of the bonds, notes and other obligations, or interest on them, shall be exempt from taxation, except for transfer inheritance and estate taxes.

Source: 27:1B-16

COMMENT


This section is substantially identical to its source.

27A:5-16. Annual report

On or before the first day of September in each year the authority shall make an annual report of its activities for the preceding fiscal year to the Governor and Legislature. In addition, the authority shall respond to other requests for reports made by the Legislature. Each annual report shall set forth a complete operating and financial statement covering the authority's operations during the year. The authority shall cause an audit of its books and accounts to be made at least once in each year by certified public accountants and the cost shall be considered an expense of the authority and a copy of the audit shall be filed with the Comptroller of the Treasury. The State Auditor or his legally authorized representative may also examine the accounts and books of the authority.

The Department shall, not less than every six months, report to the Senate Transportation and Communications Committee and the Assembly Transportation, Communications and High Technology Committee on the status of each project financed pursuant to this chapter. The report shall also include information on major changes in project status or major impediments to the accomplishment of the planned projects.

Source: 27:1B-17

COMMENT

This section is substantially similar to its source. The requirement for a report to the Legislature five years after the effective date of the source section has been deleted as executed.



27A:5-17. Services to authority by other governmental units; payment of costs

All agencies of the State are authorized to render services to the authority within the area of their respective governmental functions, if requested by the authority. Insofar as possible, the cost of any services shall be met by the agencies.

Source: 27:1B-18

COMMENT


This section is substantially identical to its source.

27A:5-18. Regulations

The Commissioner is authorized to adopt regulations, in accordance with the "Administrative Procedure Act,” P.L.1968, c. 410 (C. 52:14B-1 et seq.), as are deemed necessary to effectuate the purposes of this chapter.

Source: 27:1B-19

COMMENT


This section is substantially identical to its source.

27A:5-19. Transportation Trust Fund Account

There is hereby established in the General Fund an account entitled "Transportation Trust Fund Account." During any fiscal year in which the authority has bonds, notes or other obligations outstanding, the treasurer shall credit to this account:



a. Commencing with the last business day of each calendar month, an amount not less than $7,333,333.00, provided that the amount credited shall be an amount equivalent to the revenue derived from $0.025 per gallon from the tax imposed on the sale of motor fuels pursuant to chapter 39 of Title 54 of the Revised Statutes, as provided in Article VIII, Section II, paragraph 4 of the State Constitution, provided, however, such amount during any fiscal year shall not be less than $88,000,000.00;

a. An amount equivalent to the revenue derived from $0.09 per gallon from the tax imposed on the sale of motor fuels pursuant to chapter 39 of Title 54 of the Revised Statutes, as provided in Article VIII, Section II, paragraph 4 of the State Constitution, provides that such amount during any fiscal year shall not be less than $405,000,000.00;

b. In addition to the amount credited in subsection (a) of this section, for each fiscal year, on the last business day of each calendar month, an amount equivalent to the revenue derived from $0.045 per gallon from the tax imposed on the sale of motor fuels pursuant to chapter 39 of Title 54 of the Revised Statutes, provided, however, such amount during any month shall not be less than $14,812,500.00, nor less than $177,750,000.00 during any fiscal year; and

c. b. An amount equivalent to money received by the State in accordance with contracts entered into with toll road authorities or other State agencies, provided that the amount so credited shall not be less than $24,500,000.00 in any fiscal year.

The treasurer also shall credit to this account, in accordance with a contract between the treasurer and the authority, an amount equivalent to the sum of the revenues due from the increase of fees for motor vehicle registrations collected pursuant to the amendment to R.S. 39:3-20 made by L. 1984, c. 73 and from the increase of fees for motor fuels user identification markers collected pursuant to the amendment to section 10 of P.L. 1963, c. 44 (C. 54:39A-10) made by L. 1984, c. 73 and from the increase in the tax on diesel fuels imposed pursuant to the amendment to R.S. 54:39-27 made by L. 1984, c. 73 and by P.L. 1987, c. 460, provided that the total amount credited during a fiscal year shall not be less than $30,000,000.00.



c. In addition to the amounts credited to the account by this section every fiscal year, there shall be appropriated from the General Fund such additional amounts as are necessary to carry out the provisions of this act and the fees collected pursuant to subsection (a) of section 68 of P.L.1990, c. 8 (C.17:33B-63) shall be credited to the account for the purposes of this act, provided the amount credited from such fees during any fiscal year shall not be less that $60,000,000.

d. After approval by the voters of the constitutional amendment proposed in Senate Committee Substitute for Senate Concurrent Resolution No. 1 of 2000 or Assembly Concurrent Resolution No. 116 of 2000, in addition to the amount credited in subsection (a) of the this section, beginning January 1 following approval by the voters an amount equivalent to the revenue derived from the tax imposed on the sale of petroleum products pursuant to P.L.1990, c. 42 (C.54;15B-1 et seq.), provided that such amount shall not be less than $100,000,000 in the period January 1 through June 30 following approval by the voters and shall not be less than $200,000,000 in any fiscal year thereafter and for the fiscal year commencing July 1, 2001 and for each fiscal year followin an amount equivalent to the revenue derived from the tax imposed under the “Sale and Use Tax Act,” P.L.1966, c. 30 (C.54:32B-1 et seq.) on the sale of new motor vehicles, provided that such amount shall not be less than $80,000,000 for the fiscal year commencing July 1, 2001, not less than $140,000,000 for the fiscal year commencing July 1, 2002, and no less than $200,000,000 fro the fiscal year commencing July 1, 2003 and for each fiscal year following, as provided in Article VIII, Section II, paragraph 4 of the State Constitution.

No later than the fifth business day of the month following the month in which a credit has been made, the treasurer shall pay to the authority, for its purposes, the amounts then credited to the Transportation Trust Fund Account, provided that the payments to the authority shall be subject to and dependent upon appropriations being made by the Legislature.

Source: 27:1B-20

COMMENT


This section is substantially identical to its source. Underlining represents Legislative changes effective July 19, 1995 and July 1, 2000.

27A:5-20. Special Transportation Fund

a. There is hereby established a separate fund entitled "Special Transportation Fund." This fund shall be maintained by the State Treasurer and may be held in depositories selected by the treasurer and invested as other funds in the custody of the treasurer. The Commissioner, not more frequently than monthly, may certify to the authority an amount necessary to fund payments by or on behalf of the Department, from appropriations to the Department from funds of the authority. The Commissioner's certification shall be deemed conclusive for purposes of this chapter. The authority, within 15 days of receipt of the certificate, shall transfer the amount certified to the treasurer for deposit in the Special Transportation Fund from available funds of the authority. Funds transferred shall be expended by the Department only pursuant to appropriations made by the Legislature for the purposes of this chapter.

b. The Department shall not expend any money except as appropriated by law, and shall not expend any funds except as are appropriated by specific projects identified by a description of the projects, the county or counties within which they are located, and amounts to be expended on each project in an appropriations act.

c. No funds appropriated, authorized or expended pursuant to this chapter shall be used to finance the resurfacing of highways by Department personnel, where that resurfacing would require the use of more than 150,000 100,000 tons of bituminous concrete for that purpose in any calendar year, except that the Commissioner may waive this provision when he determines the existence of emergency conditions requiring the use of Department personnel for the resurfacing of highways, after the Department has effectively reached the 150,000 100,000 ton limit.

d. In order to provide the Department with flexibility in administering the specific appropriations by project identified in the annual appropriations act, the Commissioner may transfer a part of any item to any other item subject to the approval of the Director of the Division of Budget and Accounting and of the Joint Budget Oversight Committee or its successor. Upon approval of the director and the committee, the transfer shall take effect.

e. Any federal funds which become available to the State for transportation projects which have not been appropriated to the department in the annual appropriations act, shall be deemed appropriated to the department and may, subject to approval by the Joint Budget Oversight Committee and the State Treasurer, be expended for any purpose for which such funds are qualified.

f. There shall be no appropriations from the revenue and other funds of the authority for regular and routine maintenance of public highways and its components, or operational activities of the department unrelated to the implementation of and indirect costs associated with, the capital program. The Commissioner shall include in his annual budget request sufficient funding to effectuate the purposes of P.L.2000, c. 73 (C.27A:5-32 et al.).

g. To the extent that salaries or overhead of the department or the New Jersey Transit Corporation are charged to transportation projects, each agency shall keep adequate and truthful personnel records, and time charts to adequately justify each such charge and shall make those records available to the external auditor to the authority.

h. The Commissioner shall annually, on or before January 1 of each fiscal year, report to the Governor and the Legislature how much money was expended in the previous fiscal year for salaries and overhead of the department and the New Jersey Transit Corporation.However, the amount expended from the revenues and other funds of the authority for salaries and overhead of the department and the New Jersey Transit Corporation for the fiscal years beginning July 1, 2001, July 1, 2002 and July 1, 2003 shall not exceed 13 percent of the total funds appropriated from the revenues and other nonfederal funds of the authority for those fiscal years.

Source: 27:1B-21

COMMENT

This section is substantially identical to its source. Underlining represents Legislative changes effective May 30, 1995 and July 20, 2000.



27A:5-21. Annual funding maximums

a. The amount reported by the Commissioner for proposed projects to be financed shall not exceed $900,000,000 and for the fiscal year beginning July 1, 2001 through the fiscal year beginning July 1, 2003 the annual amounts shall not exceed $950,000,000 all amounts exclusive of federal funds.

b. For fiscal years beginning on July 1, 1990 2000 and through the fiscal year beginning on July 1, 1994 the amount authorized to be appropriated from the revenues and other nonfederal funds shall not exceed $565,000,000 $900,000,000 exclusive of federal funds, except as provided herein for the fiscal year beginning July 1, 2001 through the fiscal year beginning July 1, 2003 the annual amounts shall not exceed $950,000,000, all amounts exclusive of federal funds. If, in any fiscal year, a greater amount is determined to be necessary to meet the financing requirements, the amount appropriated may be in excess of $565,000,000 exclusive of federal funds; provided that in any such year: (1) in no event shall there be appropriated an amount greater than 105% of that $565,000,000, and provided further, that (2) if, pursuant to paragraph (1) of this subsection, (i) a greater fiscal year appropriation is authorized in excess of the $565,000,000 limit for a fiscal year, the ensuing fiscal year appropriation is to be reduced by the same amount that the appropriation for that fiscal year exceeds $565,000,000.



b. c. The State Auditor shall develop procedures for the a unified annual auditing of expenditures made by the Department and the New Jersey Transit Corporation from the Special Transportation Fund, established by section 21 of P.L.1984, c. 73(C. 27:1B-21), funds appropriated for transportation projects from the revenues of the authority and shall cause a semi-annual audit to be made of these expenditures in order to determine the extent to which these funds are expended for costs directly related to the projects, including but not limited to salaries and other administrative expenses that these funds are expended for costs eligible for funding from the authority and in a manner consistent with appropriations made by the Legislature. The findings of such audits shall be transmitted to the presiding officer of each House of the Legislature, and to the Chair of the Senate Budget and Appropriations Committee, the Senate Transportation Committee, the Assembly Appropriations Committee, and the Assembly Transportation and Communications Committee or their successors. In addition, the State Auditor shall audit expenditures made for maintenance of public transportation projects every six months and shall transmit the findings of these audits to the Chairs of the Senate Transportation Committee and the Assembly Transportation and Communications Committee.

c. Until the filing of a public issuer's annual report by the Transportation Trust Fund Authority pursuant to section 12 of the "New Jersey Bond Review Board Act," P.L., c. (C. )(now pending before the Legislature as Assembly Bill No. 1199 of 1992),

d. The State Auditor shall review bond issuances of the authority and report to the Joint Budget Oversight Committee and to the members of the Senate Budget and Appropriations Committee and the Assembly Appropriations Committee, or their successors, on the status of the bonds of the authority and projects financed from the proceeds of the bonds. The report shall include the investment status of all unexpended bond proceeds and provide a description of any bond issues expected during a fiscal year, including type of issue, estimated amount of bonds to be issued and the expected month of sale.

Source: 27:1B-21.1



COMMENT

This section is substantially identical to its source. Underlining represents Legislative changes effective May 30, 1995 and July 20, 2000.



27A:5-22. Use of State appropriation

a. The State amount appropriated from the revenues and other funds of the Transportation Trust Fund Authority for transportation projects for any fiscal year may be used for the costs of salaries, wages and related payroll expenses incurred for periods of time public employees are actively engaged, either directly or indirectly, in the following transportation project-related activities:

(1) Preliminary engineering, which means location, design, and related work preparatory to the advancement of a project to physical construction.

(2) Construction engineering, which means the supervision and inspection of construction activities; additional staking functions considered necessary for effective control of the construction operation; testing material incorporated into construction; checking shop drawings and measurements needed for the preparation of pay estimates.

(3) Acquisition of rights-of-way, which means the preparation of right-of-way plans; making economic studies and other related preliminary work; appraisal for parcel acquisition; review of appraisals; preparation for and trial of condemnation cases; management of properties acquired; furnishing of relocation advisory assistance; and other related labor expenses.

(4) Highway and public transportation planning which means the orderly and continuing assembly and analysis of information about highways and public transportation, such as the history of development and their extent, dimensions and conditions, use, economic and social effects, costs and future needs.

(5) Research and development which means the search for more complete knowledge of the characteristics of the highway and public transportation systems and the translation of the results of research into practice.

(6) Administrative settlement costs - contract claims which means services related to the review and defense of claims against transportation projects.

(7) The costs incurred for analysis and award of contracts and agreements, auditing, environmental and bridge inspection work directly chargeable to, and for the benefit of, specific transportation projects.

b. The State amount appropriated from the revenues and other funds of the Transportation Trust Fund Authority for transportation projects for any fiscal year may be used for the cost of commercial transportation, the use of privately owned automobiles, and per diem or subsistence which is essential to the prosecution of the project and that is incurred in conformance with established policy of the Department or the corporation or of a county or municipality, as appropriate.

c. The cost of annual, sick, military, jury and other leave that is earned, accounted for, and used in accordance with established procedures may be considered payroll cost provided that the cost of leave is equally distributed to all activities, and the pro rata costs are representative of the amount that is earned and accrued while working on the project. Compensatory leave granted in lieu of payment of overtime to eligible employees may be considered payroll cost if it is accrued and granted under established policies on a uniform basis and the leave costs meets the other criteria of this subsection.

d. General administration, supervision and other unallowable overhead costs of a transportation project, which are not to be funded from State revenues of the authority, are those considered necessary for the management, supervision and administrative control of the Department and the corporation. Examples of such unallowable costs include the following types of personnel, related payroll benefit costs and other administrative or support services:

(1) Directors, department heads, legal, accounting, budgeting, personnel, and procurement units.

(2) Related clerical, secretarial, and other support services for personnel listed in paragraph (1) of this subsection.

(3) Management, supervision and administrative overhead costs incurred by other units or departments of State, county or municipal governmental organizations.

e. Cost incurred for services rendered by employees generally classified as administrative may, however, be funded from the revenues of the authority for:

(1) A highway or transportation planning unit and a research and development unit, in the ratio of time spent on the participating portion of work in the unit to the total unit's working hours, and

(2) Other operating units if those employees are assigned for specific identifiable periods of time to perform project-related activities in the same manner as operating personnel.

Source: 27:1B-21.2

COMMENT

This section was repealed by L.1995, c. 108, § 18, eff. May 30, 1995.



27A:5-23. Public transportation projects, maintenance, expenses not included in reported amounts

Notwithstanding the provisions of any other law to the contrary, the amount required to be reported pursuant to section 27A:5-24 and the amount appropriated in any fiscal year commencing on or after July 1, 1993 pursuant to section 27A:5-20 shall not include any amount for the maintenance of public transportation projects.

Source: 27:1B-21.3

COMMENT

This section was repealed by L.1995, c. 108, § 18, eff. May 30, 1995.



27A:5-22. Utilization of funds; allocation of costs

The State amount appropriated from the revenues and other funds of the authority for any fiscal year may be utilized for any cost incurred in direct or indirect support or advancement of transportation projects authorized by the annual appropriations act, except that indirect costs shall not include the cost of routine operation and routine maintenance of a transportation project, or costs associated with the non-capital programs of the department and the New Jersey Transit Corporation. Costs which directly or indirectly support or advance more than one transportation project may be allocated among those projects in a manner the Commissioner finds reasonable, provided such costs are equitable and uniformly distributed among all work that was performed during the fiscal year or accounting period. The rate of indirect costs appropriated from the State amount in any fiscal year shall not exceed the indirect cost at additive, as calculated pursuant to the United States Office of Management and Budget Circular A-87, “Cost Principles Applicable to Grants and Contracts with State and Local Governments,” applicable to federal funds.

Source: 27:1B-21.4

COMMENT

This section is identical to its source.



27A:5-23. Authority of Commissioner; loans; approval; annual reports

a. The Commissioner is authorized to enter into agreement s with public or private entities or consortia for the loan of federal funds appropriated to the department for the purpose of financing all, or a portion of, the costs incurred for the planning, acquisition, engineering, construction, reconstruction, repair and rehabilitation of a transportation project by that public or private entity or consortia.

b. The Commissioner, with the approval of the State Treasurer, shall establish rules and regulations governing the qualifications of the applicants, the application procedures, the criteria for awarding loans, and the standards for establishing the amount, terms and conditions of each loan. The rules and regulations shall provide that the term of the loan agreement shall be consistent with terms and conditions as provided by applicable federal law.

c. Loans granted pursuant to this section shall be considered an investment or reinvestment of Special Transportation Fund funds within the meaning of subsection (a) of section 21 of P.L.1984, c. 73 (C.27A:5-20). Payments of interest and principal on loans granted pursuant to this section shall be credited to a special subaccount of the Special Transportation Fund an may be used for financing authorized projects. Monies appropriated from the special subaccount pursuant to this section shall be in addition to the total State amount authorized to be appropriated in a fiscal year pursuant to section 8 of P.L.1987, c. 460 (C.27A:5-21).

d. Each loan made pursuant to this section shall require the specific approval of the Joint Budget Oversight Committee, except for those loans agreed to by the Commissioner as part of an agreement for a demonstration project approved pursuant to P.L.1997, c. 136 (C.27A:16-15 et al.). The Chairman of the Joint Budget Oversight Committee may request periodic reports from the Commissioner on the status of any or all loans. The Commissioner shall provide reports so requested on a timely basis.

e. Transportation projects which are the subject of a loan agreement entered into pursuant to this section shall be included in the annual report of proposed projects prepared pursuant to section 22 of P.L.1984, c. 73 (C.27A:5-39) for the fiscal year in which the loan amount for those projects is to be appropriated.

Source: 27:1B-21.5

COMMENT

This section is identical to its source.



27A:5-24. Funding agreements for transportation projects

The Commissioner or the board of the New Jersey Transit Corporation with the approval of the Commissioner is authorized to enter into agreements for a period of year for the advancement of a transportation project to be funded by future year appropriations to the authority, except that, in the case of a transportation project involving appropriations in excess of $100,000,000 in any fiscal year, the agreement shall be subject to approval of the Joint Budget Oversight Committee.

The Commissioner or the board of the New Jersey Transit Corporation may pledge grant monies or funds anticipated to be appropriated to those transportation projects in those agreements, provided that payment of monies pledged is subject to the availability of funds in the year in which the funds are to be appropriated.

Any transportation project which is the subject of an agreement authorized by this section shall appear in the annual report of proposed projects prepared pursuant to section 22 of P.L.1984, c. 73 (C.27A:5-39) for each fiscal year in which the agreement is in effect and the report shall indicate the amount to appropriated, if any, to the project in the upcoming fiscal year.

Source: 27:1B-21.6

COMMENT

This section is substantially identical to its source.



27A:5-25. Closing accounts; expenditure of remaining funds

a. After the Commissioner has determined that a project financed through the authority has been completed, the Commissioner may direct that any account established for such project be closed, provided that the funds in any such account are less than $1,000,000. The Commissioner may further direct that any appropriated funds remaining in such closed accounts be credited to a special subaccount of the Special Transportation Fund. In the event that an account for a project that has been completed exceeds $1,000,000, the account shall not be closed and the funds credited to the special subaccount unless the Joint Budget Oversight Committee approves such action.

b. Subject to approval by the State Treasurer, the Commissioner may expend funds from the special subaccount established pursuant to subsection (a) of this section for any purpose for which the Legislature has previously appropriated funds and which the authority is authorized to undertake pursuant to section 5 of P.L.1984, c. 73 (C.27A:5-4). Any claims or costs which would have been paid from an account closed pursuant to this section may be paid from the special subaccount established pursuant to subsection (a) of this section, or from any other funds appropriated for such purposes.

Source: 27:1B-21.7

COMMENT


This section is substantially identical to its source.

27A:5-26. Credits to airport safety fund

Each year a nonlapsing sum of money shall be appropriated form funds held in the Special Transportation Fund, established pursuant to section 21 of P.L.1984, c. 73 (C.27A:5-20), and credited to the Airport Safety Fund, established in the General Fund pursuant to section 4 of P.L.1983, c. 264 (C.6:1-92), for use for any purpose pursuant to the “New Jersey Airport Safety Act of 1983,” P.L.1983, c. 264 (C.6:1-89 et al.) and that sum shall be included in the annual report of projects prepared pursuant to section 22 of P.L.1984, c. 73 (C.27A:5-39). Funds so appropriated shall no longer be subject to the provisions and limitations of chapter 5 of Title 27A of the Revised Statutes, but instead shall be subject to the provisions and limitations of P.L.1983, c. 264 (C.6:1-89 et al.).

Source: 27:1B-21.8

COMMENT

This section is substantially identical to its source.



27A:5-27. Appropriation for operating expenses of New Jersey transit corporation

Any fiscal year in which the amount allocated by the Federal Government to the New Jersey Transit Corporation for public transportation operating expenses is less than in the previous fiscal year, an amount equal to the diminution may be appropriated from the revenues and other funds of the authority, excluding bond proceeds, to the department for the operating expenses of the New Jersey Transit Corporation, subject to approval provided in the annual appropriations act.

Source: 27:1B-21.9

COMMENT

This section is substantially identical to its source.



27A:5-28. Definitions

As used in this act:

a. “Federal infrastructure bank program” means the United States Department of Transportation State Infrastructure Bank Program provided for in section 350 of Pub.L.104-59 and Pub.L.102-240 as amended or superseded.

b. “Other assistance” means forms of financial assistance, in addition to loans, authorized by the federal infrastructure bank program, including but not limited to, use of funds to: provide credit enhancements; serve as a capital reserve for bond or other debt instrument financing; subsidize interest rates; ensure the issuance of letters of credit and credit instruments; finance purchase and lease agreements with respect to transit projects; and provide bonds or other debt financing instrument security.

Source: 27:1B-21.10

COMMENT

This section is substantially identical to its source.



27A:5-29. State Transportation Infrastructure Bank established

a. There is hereby established a special non-lapsing, revolving subaccount of the Special Transportation Fund to be known as the "State Transportation Infrastructure Bank" which shall be credited with:  State and federal funds appropriated to the State Transportation Infrastructure Bank, monetary donations made available to the State to support the State Transportation Infrastructure Bank program and any monies received as repayment of the monies loaned or otherwise provided pursuant to this act.  The Commissioner may establish subaccounts of the State Transportation Infrastructure Bank as may be required by the federal infrastructure bank program.  The Commissioner shall administer and maintain the State Transportation Infrastructure Bank in accordance with the provisions of the federal infrastructure bank program.

b. Monies in the State Transportation Infrastructure Bank shall be used to provide loans or other assistance to public or private entities or consortia thereof for the purpose of financing all or a portion of the costs incurred for the planning, acquisition, engineering, construction, reconstruction, repair and rehabilitation of a transportation project or for any other purpose permitted under the federal infrastructure bank program.

c. Loans or other assistance granted pursuant to this section shall be considered an investment or reinvestment by the State Transportation Infrastructure Bank consistent with the federal infrastructure bank program and not a loan within the meaning of section 12 of P.L.1995, c.108 (C.27A:5-23).

Source: 27:1B-21.11

COMMENT

This section is substantially identical to its source.



27A:5-30. Commissioner; authority to enter into agreements; mandatory reports

a. The Commissioner is authorized to enter into agreements with public or private entities or consortia thereof for the use of monies from the State Transportation Infrastructure Bank to provide loans or other assistance for the purpose of financing all or a portion of the costs incurred for the planning, acquisition, engineering, construction, reconstruction, repair and rehabilitation of a transportation project or for any other purpose permitted under the federal infrastructure bank program.  The terms of the agreements shall be consistent with the requirements of the federal infrastructure bank program.

b. The Commissioner shall report periodically, and at least annually, on the status of the State Transportation Infrastructure Bank program to the Joint Budget Oversight Committee or its successor.

Source: 27:1B-21.12

COMMENT

This section is substantially identical to its source.



27A:5-31. Adoption of rules and regulations

The Commissioner shall adopt rules and regulations, pursuant to the "Administrative Procedure Act," P.L.1968, c.410 (C.52:14B-1 et seq.), governing the State Transportation Infrastructure Bank Program.

Source: 27:1B-21.13

COMMENT

This section is substantially identical to its source.



27A:5-32. Legislative findings

The Legislature hereby finds and declares that:

a. A balanced and improved transit and goods movement and highway system is of key importance to our State's continued prosperity and to the quality of life of our citizens.

b. The State's citizens and businesses require a transportation system which provides adequate mobility to all of its citizens utilizing all modes.

c. The State should consider and utilize, where appropriate, transportation approaches and concepts to reduce congestion, enhance mobility, discourage sprawl, and assist in the redevelopment of our cities, enhance suburbs and town centers, and otherwise improve the quality of life of our citizens.

d. Stable and adequate dedicated funding is a prerequisite to the sensible planning of transportation projects, most of which are conceived, planned, designed and built over a span of several years.

e. Additional investment is needed to bring the public highway and bridge system into a state of good repair, to reduce the backlog of infrastructure repair jobs, to maximize rail freight capacity, to promote bicycle and pedestrian safety, and to promote cycling and walking trips by providing and financing appropriate infrastructure.

f. Ferries and ferry facilities, including those providing interstate service to points in New Jersey, are an increasingly important component of the State's intermodal transportation system and should be eligible for transportation assistance from the State.

g. The system of financing under the New Jersey Transportation Trust Fund Authority has provided a stable source of funds to keep our transportation system in good repair and to provide funding for important new projects, which have enhanced that system.

h. The renewal and improvement of the system of financing under the New Jersey Transportation Trust Fund Authority and a significant increase in the funding of that system are necessary to achieve the aforementioned goals and can be achieved without the necessity of increasing taxes.

Source: 27:1B-21.15

COMMENT

This section is substantially identical to its source.



27A:5-33. Use of best available technology

The Commissioner shall establish and implement a program to employ the best available technology to improve traffic signal operation throughout the State so as to avoid unnecessary delays, reduce air pollution, and allow traffic to move sequentially through signals on  roads and highways throughout the State without stopping, to the greatest extent practicable without endangering or limiting pedestrian travel.

Source: 27:1B-21.16

COMMENT

This section is substantially identical to its source.



27A:5-34. Report; recommended incentives

No later than March 31, 2001, the Commissioner shall submit a report to the Legislature containing recommended incentives to businesses to encourage a reduction in single occupancy trips.

Source: 27:1B-21.17

COMMENT

This section is substantially identical to its source.



27A:5-35. Report, identification of telecommuting opportunities

No later than January 1, 2001, the Chief Executive Officer and Secretary of the New Jersey Commerce and Economic Growth Commission, in consultation with the Commissioner and the State Treasurer, shall submit a report to the Legislature containing a program to identify sectors of the economy, or specific occupations, which are appropriate for telecommuting to increase telecommuting in the State.

Source: 27:1B-21.18

COMMENT

This section is substantially identical to its source.



27A:5-36. State highways; context sensitive design

Many State highways run through fully developed cities and suburban towns. In addition, many small villages in rural areas have State highways which pass through built-up residential areas or village centers. The traffic on many of these State highways, particularly large truck and speeding traffic, prevents these residential areas, town centers and future town centers from functioning as intended.  The Commissioner shall study this issue and develop a departmental program which authorizes context sensitive design and examines the functional classifications of State highways running through developed cities and suburban towns. As used in this section, "context sensitive design" means a planning technique that embraces a collaborative, interdisciplinary process and recognizes the uniqueness of the community in planning transportation projects.

Source: 27:1B-21.19

COMMENT

This section is substantially identical to its source.



27A:5-37. Report; measures to improve safety of large trucks

The Commissioner shall report to the Legislature not later than January 1, 2001, on measures undertaken by the department and measures it recommends as necessary to improve the safety or to mitigate adverse impacts of large trucks which travel on New Jersey State and local roadways.

Source: 27:1B-21.20

COMMENT

This section is substantially identical to its source.



27A:5-38. Installation of LED lighting in traffic signals

The Commissioner shall install light emitting diodes lighting ("LED lighting"), or lighting similar in energy and life cycle savings, in traffic signals on the State highway system from the amounts appropriated from the revenues and other funds of the New Jersey Transportation Trust Fund Authority. It is anticipated that this lighting will result in operational energy savings for State, county and municipal governments and provide congestion relief because the diodes have a 10-year life cycle as compared to the one year replacement cycle for regular light bulbs. The State shall develop a program to assist local governments to install LED lighting or lighting similar in energy and life cycle savings, in approved local traffic signals throughout the State. The Commissioner may consult with the State's public utility companies for assistance where appropriate to implement this program.

Source: 27:1B-21.21

COMMENT

This section is substantially identical to its source.



27A:5-39. Payment Preservation and Preventative Maintenance Program

There is hereby established in the Department of Transportation, a Pavement Preservation and Preventive Maintenance Program. In furtherance of this program, the Commissioner shall utilize cost-effective road materials, surface treatments and base rehabilitation methodology including, but not limited to, micro-surfacing, white topping and cold-in-place recycling. These cost- effective materials, surface treatments and methodologies shall be used in conjunction with standard road materials and surface treatments including, but not limited to, superpave, asphalt milling, asphalt overlays and crack sealing. The Commissioner shall authorize the use of cost-effective materials, surface treatments and methodologies where deemed appropriate by the department, but they shall be utilized as a regular and integral part of the road preservation and maintenance program, and in a manner sufficient to provide for safe roads as provided for in this act.

Source: 27:1B-21.22

COMMENT

This section is substantially identical to its source.



27A:5-40. Evaluation of roadway pavements; assignment of numerical ratings

The Commissioner shall continue to evaluate roadway pavements on the State highway system and assign numerical ratings to roads for maintenance and repair similar to any nationally recognized method.

Source: 27:1B-21.23

COMMENT

This section is substantially identical to its source.



27A:5-41. Report; numerical ranking of pavements

The Commissioner shall issue a report to the Governor and the Legislature at the end of each fiscal year containing the numerical ranking of pavements for roads needing maintenance and repair in accordance with the method developed in section 10 of this act. The report shall also identify the repair and maintenance projects that were completed during the fiscal year, including an estimate of the cost impact to the department for each maintenance and repair project that utilized road surface material or treatment.

Source: 27:1B-21.24

COMMENT

This section is substantially identical to its source.



27A:5-42. Life cycle cost analysis and report

The Commissioner shall conduct a life cycle cost analysis of pavement surfaces and report the findings of the analysis to the Governor and the Legislature no later than one year after the date of enactment of this act. The analysis shall compare equivalent designs and shall be based upon New Jersey's actual historic project maintenance, repair and resurfacing schedules and costs as recorded by the Department of Transportation, and shall include estimates of user costs throughout the entire life of the pavement. As used in this section, "life cycle cost" means the total cost of the initial project and all anticipated costs for subsequent maintenance, repair or resurfacing over the life of the pavement.

Source: 27:1B-21.25



COMMENT

This section is substantially identical to its source.



27A:5-43. Congestion Buster Task Force; members; organization; study; hearings; dissolution

a.  There is created in the Department of Transportation a task force to be known as the "Congestion Buster Task Force" to study and make recommendations concerning the reduction of traffic congestion in the State.

The members of the task force shall be appointed by the Commissioner in such number as the Commissioner shall designate from the Department of Transportation, the New Jersey Transit Corporation, business organizations, Transportation Management Associations, the counties, and members of the public.

b. The task force shall organize as soon as may be practicable after the appointment of its members and shall select a chairperson from among the members.  The members shall select a secretary, who need not be a member of the task force.

The task force shall meet at the call of the chairperson.

The task force shall be entitled to call to its assistance and avail itself of the services of the employees of any State department, board, bureau, Commission or agency, as it may require and as may be available for its purposes, and to employ stenographic and clerical assistance and incur traveling and other miscellaneous expenses as may be necessary in order to perform its duties, within the limits of funds appropriated or otherwise made available to it for its purposes.

c. The task force shall conduct a study of highway traffic congestion in the State and develop a commuter options plan that would result in peak hour vehicle trips being "capped" at 1999 levels.

In developing the plan, the task force shall review relevant information and findings from other jurisdictions, both national and international.  The plan shall include, but not be limited to, resources and incentives for public transportation, ridesharing, telecommuting and other travel reduction strategies.  In making its recommendations for the plan, the task force shall include funding proposals, an implementation of the plan, and a method of evaluating progress toward the realization of the goal of the plan to cap peak hour vehicle trips at 1999 levels.

The task force shall also be charged with identifying the top 10 projects which can be quickly implemented to relieve congestion or improve safety.

d. The task force may meet and hold public hearings at such place or places as it shall designate and shall issue a final report containing its findings and recommendations, including any recommendations for legislation that it deems appropriate, no later than one year after the task force organizes, to the Governor, the President of the Senate and the Speaker of the General Assembly, and the members of the Senate Transportation Committee and the Assembly Transportation Committee, or the successor committees.

e. The task force shall dissolve one year following organization of the task force.

Source: 27:1B-21.26

COMMENT

This section is substantially identical to its source.



27A:5-44. Report; establishment or expansion of park-and-ride facilities

No later than July 1, 2001, the Commissioner shall report to the Governor and the Legislature on steps which the Commissioner recommends to provide for the establishment or expansion of park-and-ride facilities in areas of traffic congestion throughout the State and shall establish a goal of establishing or expanding at least two park-and-ride facilities in each of the successive 2001-2002, 2002-2003, 2003-2004 and 2004-2005 fiscal years.  In the event that the department does not establish or expand at least two park-and-ride facilities in each of the preceding fiscal years, the Commissioner shall report to the Governor and the Legislature the reasons for the failure to establish or expand such facilities.

Source: 27:1B-21.27

COMMENT

This section is substantially identical to its source.



27A:5-45. Savings; funding of transportation projects

Any savings in the amount of debt service realized as a result of the sale of refunding bonds by the authority shall be used only to fund transportation projects.

Source: 27:1B-21.28

COMMENT

This section is substantially identical to its source.



27A:5-46. Other credit

In addition to those funds to be credited to the "Transportation Trust Fund Account" pursuant to section 20 of P.L.1984, c.73 (C.27A:5-19), the State Treasurer shall also credit to the account any and all additional funds which may now or hereafter be dedicated to transportation purposes by the State Constitution.

Source: 27:1B-21.29

COMMENT

This section is substantially identical to its source.



27A:5-47. Specific authorization by joint resolution

No new State highway route shall be constructed using the revenues and other funds of the authority unless specifically authorized by joint resolution. Nothing in this section shall impair the Commissioner's authority to modify, extend or widen  existing State highway routes.

Source: 27:1B-21.30

COMMENT

This section is substantially identical to its source.



27A:5-48. Transportation trust Fund Advisory Board established

a. There is hereby established a Transportation Trust Fund Advisory Board to be comprised of seven members. The Governor shall appoint three public members and the President of the Senate and the Speaker of the General Assembly shall each appoint one public member. The Commissioner or the Commissioner's designee and the State Treasurer or the State Treasurer's designee shall serve as ex officio members of the board. All of the public members shall have some experience in the field of transportation or finance. Each public member shall serve for a term of three years and shall serve until the member's successor is appointed and has qualified. Of the public members first appointed pursuant to this act, one member appointed by the Governor shall serve one year, two members so appointed shall serve two years, and the remainder of the public members shall serve three years. The Governor shall designate one of the public members to serve as chairperson of the board. The board shall meet a minimum of four times each year. The department shall provide staff to support the board.

b. The purpose of the Advisory Board shall be to review the department's long range capital planning, master plan and Capital Investment Strategy, including the overall program and to make recommendations to the Governor and the Legislature concerning the department's capital investment strategies and the continuation of the funding of the State's transportation system under the New Jersey Transportation Trust Fund Authority.

Source: 27:1B-21.31

COMMENT

This section is substantially identical to its source.



27A:5-49. Use of reclaimed asphalt pavement; state highways

a. Notwithstanding any law, rule or regulation to the contrary, the Commissioner of Transportation shall permit for public highways under the jurisdiction of the Department of Transportation the use of reclaimed asphalt pavement that constitutes a maximum of 25 percent by weight of the total pavement mixture for base and intermediate pavement courses and a maximum of 15 percent by weight of the total pavement mixture for surface pavement courses.

b. The Commissioner shall permit for public highways under the jurisdiction of the department the use of reclaimed asphalt pavement that constitutes from 25 to 50 percent by weight of the total pavement mixture for base and intermediate pavement courses, after an evaluation of the material properties of the reclaimed asphalt pavement in a "closed system" project. A "closed system" project is defined as a project on which the asphalt millings from the project are recycled back into the hot mix asphalt on that same project.

c. Reclaimed asphalt pavement shall not be used for open-graded and modified open-graded friction courses, or any other special purpose or premium asphalt mix required in specific projects to increase pavement skid resistance.

Source: 27:1B-21.32



COMMENT

This section is substantially identical to its source.



Download 2.01 Mb.

Share with your friends:
1   ...   8   9   10   11   12   13   14   15   ...   20



The database is protected by copyright ©ininet.org 2024
send message
    Main page
Guide
Instructions
Report
Request
Review