Bill Text: NJ A3984 | 2014-2015 | Regular Session | Amended

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Bill Title: Reallocates casino investment alternative tax to Atlantic City to pay debt service on municipal bonds issued.

Spectrum: Partisan Bill (Democrat 6-0)

Status: (Enrolled - Dead) 2016-01-17 - Cond. Veto, Passed Both House, No Action Taken By Governor [A3984 Detail]

Download: New_Jersey-2014-A3984-Amended.html

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[First Reprint]

ASSEMBLY, No. 3984

STATE OF NEW JERSEY

216th LEGISLATURE

INTRODUCED DECEMBER 15, 2014

 

 

Sponsored by:

Assemblyman  VINCENT MAZZEO

District 2 (Atlantic)

Assemblyman  JOHN J. BURZICHELLI

District 3 (Cumberland, Gloucester and Salem)

Assemblyman  THOMAS P. GIBLIN

District 34 (Essex and Passaic)

Senator  STEPHEN M. SWEENEY

District 3 (Cumberland, Gloucester and Salem)

Senator  JIM WHELAN

District 2 (Atlantic)

 

 

 

 

SYNOPSIS

     Reallocates casino investment alternative tax to Atlantic City to pay debt service on municipal bonds issued.

 

CURRENT VERSION OF TEXT

     As amended on November 9, 2015 by the General Assembly pursuant to the Governor's recommendations.

 

An Act concerning the allocation of the casino investment alternative tax and supplementing P.L.1977, c.110 (C.5:12-1 et seq.).

 

     Be It Enacted by the Senate and General Assembly of the State of New Jersey:

 

     1.    Notwithstanding the provisions of section 3 of P.L. 1984, c.218 (C.5:12-144.1) or any other law to the contrary, including subsection k. of section 5 of P.L.2011, c.18 (C.5:12-219), the moneys received by the State Treasurer derived from the payment of the investment alternative tax in the amount specified in paragraph (2) of subsection a. of section 3 of P.L.1984, c.218 (C.5:12-144.1) and the investment alternative in the amount as specified in section 17 of P.L.2013, c.27 (C.5:12-95.19), except for any amount thereof pledged for payment of bonds issued by the Casino Reinvestment Development Authority or otherwise contractually obligated by the authority prior to the effective date of this act, shall be allocated to the city of Atlantic City for the purposes of paying debt service on bonds issued by Atlantic City prior to the effective date of this act.

 

      2.   This act shall take effect ¹[immediately] upon the enactment into law of  P.L.      , c.     (C.          ) (pending before the Legislature as Assembly Bill No. 3981¹ and expire 15 years thereafter.