New Jersey § 39:4-97

§ 39:4-97.

a. Notwithstanding the provisions of any other law to the contrary, all debts, including

bonds, refunding bonds, notes, and other obligations and the costs thereof which remain

outstanding as of the effective date of P.L.2019, c. 301 ( C.52:9S-3.1 et al.) 1 and that have a pledge of revenues derived specifically from a surcharge imposed

pursuant to section 1 of P.L.2000, c. 75 ( C.39:4-97.2 ), shall continue to be paid until those debts have been repaid in full pursuant to

the terms of those debt contracts. b. After the effective date of P.L.2019, c. 301 ( C.52:9S-3.1 et al.), no new debts, including bonds, notes, and other obligations shall be issued

which pledges or includes revenues derived from a surcharge imposed pursuant to section

1 of P.L.2000, c. 75 ( C.39:4-97.2 ) as a source of funding for the repayment of those new bonds, so that once the debts

outstanding as of the effective date of P.L.2019, c. 301 ( C.52:9S-3.1 et al.) have been retired, the revenues collected pursuant to section 1 of P.L.2000, c. 75 ( C.39:4-97.2 ) shall not be encumbered by a debt of any sort. c. The provisions of this section shall not prohibit the State from refinancing or

refunding any outstanding debts, including bonds, refunding bonds, notes, and other

obligations, which remain outstanding as of the effective date of P.L.2019, c. 301 ( C.52:9S-3.1 et al.) and that have a pledge of revenues derived specifically from a surcharge

imposed pursuant to section 1 of P.L.2000, c. 75 ( C.39:4-97.2 ), as long as such refinancing or refunding does not extend the maturity date beyond

January 1, 2035. 1

L.2019, c. 301, eff. Jan. 13, 2020.