New Jersey § 34:1b-21

§ 34:1b-21.

There is created within the Department of the Treasury a special nonlapsing fund to

be known as the “Division of Motor Vehicles Surcharge Fund,” which, beginning September

1, 1996 or earlier as provided pursuant to this section, shall be comprised of moneys

transferred to the DMV Surcharge Fund from the Market Transition Facility which, notwithstanding

the provisions of this section to the contrary, may be appropriated, immediately upon

receipt from the Market Transition Facility, by the Legislature to the Facility Revenue

Fund and all moneys collected pursuant to subsection b. of section 6 of P.L.1983,

c. 65 ( C.17:29A-35 ) and any interest or other income earned thereon. Moneys in the DMV Surcharge Fund shall be managed and invested by the Division of

Investment in the Department of the Treasury. Commencing September 1, 1996, or at such earlier time as may be certified by the

commissioner that moneys on deposit in the New Jersey Automobile Insurance Guaranty

Fund created pursuant to section 23 of P.L.1990, c. 8 ( C.17:33B-5 ) are sufficient to satisfy the current and anticipated financial obligations of the

New Jersey Automobile Full Insurance Underwriting Association, the moneys in the DMV

Surcharge Fund shall be disbursed from time to time by the State Treasurer, upon appropriation

by the Legislature, to the Market Transition Facility Revenue Fund, for payment of

principal, interest and premium on the Market Transition Facility bonds or notes and

New Jersey Motor Vehicle Commission bonds or notes issued by the authority pursuant

to section 4 of P.L.1994, c. 57 ( C.34:1B-21.4 ). From and after such time as all Market Transition Facility bonds, notes and obligations

and all New Jersey Motor Vehicle Commission bonds, notes and obligations issued pursuant

to section 4 of P.L.1994, c. 57 ( C.34:1B-21.4 ) and the costs thereof are discharged and no longer outstanding, all amounts on deposit

in the DMV Surcharge Fund shall be disbursed from time to time by the State Treasurer,

upon appropriation by the Legislature, to the Motor Vehicle Surcharges Revenue Fund

established pursuant to section 6 of the “Motor Vehicle Surcharges Securitization

Act of 2004,” P.L.2004, c. 70 ( C.34:1B-21.28 ) to be applied as set forth in section 6 of P.L.2004, c. 70 ( C.34:1B-21.28 ) until such time as all bonds (including refunding bonds), notes and other obligations

issued or entered into pursuant to section 4 of P.L.2004, c. 70 ( C.34:1B-21.26 ) and the costs thereof are discharged and no longer outstanding.