New Jersey § 34:1b-7

§ 34:1b-7.

a. The State Treasurer shall, in each State fiscal year, pay from the General Fund

to the authority, in accordance with a contract or contracts between the State Treasurer

and the authority, authorized pursuant to section 6 of this act, 1 an amount equivalent to the amount due to be paid in such State fiscal year to pay

the debt service incurred for such State fiscal year on the bonds or refunding bonds

of the authority issued pursuant to this act and any additional costs authorized by

section 4 of this act. 2 b. In addition to such terms and conditions as are agreed upon pursuant to section

6 of this act, the contract or contracts shall provide that all such payments from

the General Fund shall be subject to, and dependent upon, appropriations being made

from time to time by the Legislature for such purposes and shall further provide for

a payment schedule and requirements as follows: (1) For State fiscal year 1998, an amount not less than the amount that would be required

to be applied in that State fiscal year to the amortization schedule of the unfunded

accrued pension liability, as that liability is defined in subsection d. of section

3 of this act 3 and actuarially determined as of the dates specified therein (hereinafter “unfunded

accrued pension liability payment”); (2) For each of the State fiscal years from 1999 through 2004, inclusive, an amount

not less than the sum of the respective unfunded accrued pension liability payment

plus $25 million; (3) For each of the State fiscal years from 2005 through 2020, inclusive, an amount

not less than the respective unfunded accrued pension liability payment; (4) For each of the State fiscal years from 2021 through 2035, or such State fiscal

year after 2021 and prior to 2035 in which the last of the bonds issued under this

act are retired, as appropriate, an amount not less than the unfunded accrued pension

liability payment for State fiscal year 2020 and not more than the unfunded accrued

pension liability payment for State fiscal year 2021; (5) No payments under the contract or contracts shall be required for bonds that are

defeased or bonds for which a deposit sufficient to provide for all payments on the

bonds has been made; and (6) Notwithstanding any other provision of this section to the contrary, under all

payment provisions set forth in this section, annual amounts to be paid shall be sufficient

to pay the debt service on the bonds and any refunding bonds, and any additional costs

authorized by section 4 of this act for the appropriate years. 1

N.J.S.A. 34:1B-7.50. 2

N.J.S.A. 34:1B-7.48. 3

N.J.S.A. 34:1B-7.47.