New Jersey § 34:1b-21

§ 34:1b-21.

a. The authority shall establish and maintain a special nonlapsing fund to be known

as the “Cigarette Tax Securitization Proceeds Fund” into which shall be deposited

the following moneys: (1) the proceeds from the sale of all bonds (other than refunding bonds) issued by

the authority pursuant to this act which are remaining after any required deposit

to any reserve or other fund established for such bonds or any refunding bonds in

accordance with subsection a. of section 4 of this act and after the payment of all

costs, fees and other expenses related to, or incurred by the authority or the State

in connection with, the issuance of such bonds or any refunding bonds; (2) any amounts which shall be appropriated by the Legislature for the purposes of

such fund; and (3) any other amounts or funds which the authority shall determine to deposit into

such fund. Moneys on deposit in the Cigarette Tax Securitization Proceeds Fund shall be invested

in such obligations as the authority may determine or as shall otherwise be provided

in any contract between the authority and the State Treasurer authorized and entered

into pursuant to section 6 of this act, and interest or other earnings on any such

investments shall be credited to such fund. b. Amounts on deposit in the Cigarette Tax Securitization Proceeds Fund shall be withdrawn

by the authority from time to time, upon written request of the State Treasurer or

as otherwise provided in any contract between the authority and the State Treasurer

authorized and entered into pursuant to section 6 of this act, and paid to the State

Treasurer for deposit into either the General Fund of the State or the Cigarette Tax

Securitization Fund, as determined by the State Treasurer, and used for any lawful

purpose of the State for which moneys on deposit in the General Fund may be used. All amounts withdrawn from the Cigarette Tax Securitization Proceeds Fund and deposited

into the General Fund of the State as provided in this subsection shall represent

financial resources and revenues of the State from that fund as certified by the Governor

pursuant to Article VIII, Section II, paragraph 2 of the State Constitution for the State annual appropriation act for such State fiscal year, and as may be

applicable for such annual appropriation act as may be amended and supplemented from

time to time. Notwithstanding any provision of this subsection to the contrary, the State Treasurer

shall not request the authority to pay, and the authority shall not pay, to the State

Treasurer during any State fiscal year amounts on deposit in the Cigarette Tax Securitization

Proceeds Fund which are in excess of the amounts anticipated as revenues from such

fund.