ASSEMBLY, No. 1229
STATE OF NEW JERSEY
208th LEGISLATURE
PRE-FILED FOR INTRODUCTION IN THE 1998 SESSION
Sponsored by: Assemblyman JOSEPH V. DORIA, JR.
District 31 (Hudson)
Assemblyman ANTHONY IMPREVEDUTO
District 32 (Bergen and Hudson)
SYNOPSIS
The "Liberty State Park Reinvestment Finance Act."
CURRENT VERSION OF TEXT
Introduced Pending Technical Review by Legislative Counsel.
An Act concerning Liberty State Park and supplementing Title 13 of the Revised
Statutes.
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. This act shall be known and may be cited as the "Liberty State Park Reinvestment
Finance Act."
2. The Legislature finds and declares that Liberty State Park is a magnificent State
resource, a key
part of the State park system, and an important State tourist attraction; that the park is
worthy of a
substantial and continuing dedication of State funds to ensure that it is properly
preserved,
developed, enhanced, improved, operated, and maintained for all generations to enjoy both
now
and in the future; and that proper care of the park will allow for expanded recreational,
cultural, and
educational opportunities and greater public access and use of park facilities. The
Legislature
therefore determines that it is necessary and desirable for the State to create a stable
source of
funding, as set forth in this act, in order that Liberty State Park may reach its full
potential as one of
the premier urban parks in the entire nation.
3. a. There is created in the Department of the Treasury a special non-lapsing, revolving
fund to be
known as the "Liberty State Park Reinvestment Finance Fund," hereinafter
referred to as the fund,
to be held separate and apart from all other funds of the State.
b. (1) All revenue generated and collected by the State or any agency thereof from Liberty
State
Park concession, franchise, vendor, license, or lease agreements, special events,
concerts, ferries
and tour boats, user fees, parking fees, recreational facilities, or any other source,
except for
revenue generated and collected from lease agreements between the Department of
Environmental
Protection and the Liberty State Park Development Corporation and any subleases thereto,
shall be
deposited into the fund and appropriated annually by the Legislature to the Department of
Environmental Protection only for the purposes set forth in subsection d. of this section,
based upon
certified estimates thereof provided annually by the Director of the Division of Budget
and
Accounting in the Department of the Treasury.
(2) All taxes imposed and collected pursuant to the "Sales and Use Tax Act,"
P.L.1966, c.30
(C.54:32B-1 et seq.), on tangible property sold, services performed, food and drink sold,
or
charges to places of amusement at Liberty State Park, and the State of New Jersey's share
of any
sales taxes or other sources of revenue imposed and collected for transactions occurring
at Statue of
Liberty Island or Ellis Island as may be allowed pursuant to any agreement pertaining to
that share
that may be reached between the State of New York and the State of New Jersey, shall also
be
deposited into the fund and appropriated annually by the Legislature to the Department of
Environmental Protection only for the purposes set forth in subsection d. of this section,
based upon
certified estimates thereof provided annually by the Director of the Division of Budget
and
Accounting.
c. Monies in the fund may be invested and reinvested as are other funds in the custody of
the State
Treasurer, in the manner provided by law. All interest or other income or earnings
received from the
deposit or investment of monies in the fund shall be credited to the fund and shall be
appropriated
annually by the Legislature to the Department of Environmental Protection only for the
purposes set
forth in subsection d. of this section.
d. After deducting such monies as may be necessary to pay for the costs of administering
the fund,
50% of the monies remaining in the fund shall be allocated and used for operations and
maintenance
support of Liberty State Park and 50% shall be allocated and used to fund capital
improvement
projects at the park.
e. For the first ten years after the effective date of this act, monies annually
appropriated from the
General Fund for Liberty State Park shall not be reduced because of the annual
appropriation of
monies from the Liberty State Park Reinvestment Finance Fund for operations and
maintenance
support pursuant to this act. Thereafter, monies annually appropriated from the General
Fund for
Liberty State Park may be reduced accordingly because of the annual appropriation of
monies from
the Liberty State Park Reinvestment Finance Fund for operations and maintenance support
pursuant
to this act.
f. (1) Capital improvement projects shall be undertaken in accordance with a Liberty State
Park
capital improvement plan to be prepared, and adopted pursuant to the "Administrative
Procedure
Act," P.L.1968, c.410 (C.52:14B-1 et seq.), by the Department of Environmental
Protection. The
department shall conduct at least one public hearing prior to final adoption of the plan.
(2) All or a portion of the monies allocated for capital improvement projects may be paid
by the
State Treasurer to the New Jersey Economic Development Authority pursuant to an agreement
between the State Treasurer and the authority, to be used by the authority to provide for
the funding
or refunding of bonds or to otherwise incur indebtedness secured wholly or partly by those
monies,
and to pay the principal of, premium, if any, and interest on any such bonds issued or
other
indebtedness incurred, for the purpose of financing capital improvement projects at
Liberty State
Park, with the approval of the Commissioner of Environmental Protection, the Chairperson
of the
New Jersey Economic Development Authority, and the State Treasurer and in accordance with
the
capital improvements plan adopted pursuant to paragraph (1) of this subsection.
(3) Monies allocated for capital improvement projects that are not used or needed to
finance
bonded projects or the debt service associated therewith may be used for non-bonded
projects.
4. This act shall take effect immediately.
STATEMENT
This bill would provide a stable source of funding for operation and maintenance costs and
capital
improvement projects at Liberty State Park. The bill would dedicate revenue received by
the State
from Liberty State Park concession, franchise, vendor, license, or lease agreements,
special events,
concerts, ferries and tour boats, user fees, parking fees, recreational facilities, or any
other source to
park purposes. Sales tax revenue from the park would be similarly dedicated, as would the
potential
State share of sales tax revenue from Statue of Liberty Island and Ellis Island as may be
allowed
pursuant to any agreement pertaining to that share that may be reached between the State
of New
York and the State of New Jersey.
After deducting administration costs, 50% of the dedicated monies would be used for
operations
and maintenance support of Liberty State Park and 50% would be used to fund capital
improvement projects at the park according to a capital improvement plan to be developed
and
adopted by the Department of Environmental Protection after conducting at least one public
hearing.
Finally, the bill would authorize the New Jersey Economic Development Authority to issue
bonds to
finance capital improvement projects at the park using the dedicated revenue from the park
as
security for those bonds.
