New Jersey § 52:9s-3

§ 52:9s-3.

a. The New Jersey Commission on Capital Budgeting and Planning shall each year conduct

a review of all outstanding debts, including bonds, refunding bonds, notes, and other

obligations and the costs thereof, of the State and each State agency that have a

pledge of revenues derived from a motor vehicle surcharge imposed by section 6 of

P.L.1983, c. 65 ( C.17:29A-35 ) or by section 1 of P.L.2000, c. 75 ( C.39:4-97.2 ). The review shall, at a minimum, determine the date each outstanding debt was issued,

the entity responsible for the issuance of the debt, the outstanding debt and debt

service costs for the prior fiscal year, the current fiscal year, and the estimated

amount for the subsequent five fiscal years, and the date the outstanding debt is

expected to be repaid. The commission shall prepare a summary of the review conducted in accordance with

this subsection for inclusion in the State Capital Improvement Plan. b. Upon the repayment of all outstanding debts, including bonds, refunding bonds,

notes, and other obligations and the costs thereof, of the State and each State agency

that have a pledge of revenues derived from a motor vehicle surcharge imposed by section

6 of P.L.1983, c. 65 ( C.17:29A-35 ) or by section 1 of P.L.2000, c. 75 ( C.39:4-97.2 ), the executive director of the commission shall transmit a written notification

to the State Treasurer and the Chief Administrator of the New Jersey Motor Vehicle

Commission to certify that the debts have been repaid in full pursuant to the terms

of those debt contracts and that no new motor vehicle surcharges shall be imposed

on or after the date that all outstanding debts have been repaid. The written notification shall be transmitted not later than five days after the

date that all outstanding debts have been repaid. A copy of the written notification shall be included in the State Capital Improvement

Plan for the fiscal year in which all outstanding debts have been repaid. c. Following enactment of P.L.2019, c. 301 ( C.52:9S-3.1 et al.) but prior to the repayment of all outstanding debts, including bonds, refunding

bonds, notes, and other obligations and the costs thereof, of the State and each State

agency that have a pledge of revenues derived from a motor vehicle surcharge imposed

by section 6 of P.L.1983, c. 65 ( C.17:29A-35 ) or by section 1 of P.L.2000, c. 75 ( C.39:4-97.2 ), the executive director of the commission shall monitor the issuance of all new

debts to determine if those debts have a pledge of revenues derived from a motor vehicle

surcharge in violation of section 4 of P.L.2019, c. 301 ( C.17:29A-35.2 ) or of section 6 of P.L.2019, c. 301 ( C.39:4-97.2a ). The executive director of the commission shall transmit a written notification to

the State Treasurer and the presiding officer of each House of the Legislature if

the executive director determines that the issuance of any new debts have a pledge

of revenues derived from a motor vehicle surcharge. The written notification shall be transmitted not later than five days after the

determination has been made. A copy of the written notification shall be included in the State Capital Improvement

Plan for the fiscal year in which the determination has been made.