S4473

An Act concerning the development and stewardship of the State Capitol Complex Park for recreational and conservational purposes, amending P.L.2019, c.136, and supplementing P.L.2016, c.12 (C.13:8C-43).

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

1. Section 1 of P.L.2019, c.136 (C.13:8C-47.1) is amended to read as follows:

1. a. [In] Except as otherwise provided in subsection c. of this section, in each State fiscal year commencing in State fiscal year 2020 and annually thereafter, of the amount credited by the State Treasurer to the Preserve New Jersey Fund Account pursuant to subparagraph (b) of paragraph (1) of subsection a. of section 4 of P.L.2016, c.12 (C.13:8C-46):

(1) 62 percent shall be deposited into the Preserve New Jersey Green Acres Fund;

(2) 31 percent shall be deposited into the Preserve New Jersey Farmland Preservation Fund; and

(3) seven percent shall be deposited into the Preserve New Jersey Historic Preservation Fund.

b. (1) Beginning July 1, 2022, and annually thereafter, the Garden State Preservation Trust shall conduct a review of the appropriations of constitutionally dedicated CBT moneys to, and the expenditures thereof by, the Department of Environmental Protection, the State Agriculture Development Committee, and the New Jersey Historic Trust for their respective programs. In conducting this review, the trust shall: evaluate the demonstrated need for funding for the acquisition or development of lands for recreation and conservation purposes, including Blue Acres projects, farmland preservation purposes, or historic preservation purposes based upon available projects, applicant demand, and past appropriations and expenditures for these purposes; and hold a public hearing to solicit public input on appropriate funding allocations for the department, committee, and New Jersey Historic Trust, for the upcoming fiscal year.

c. On July 1 next following the effective date of P.L. , c. (C. ) (pending before the Legislature as this bill), there shall be deposited by the State Treasurer the following amount into the State Capitol Complex Park Fund established pursuant to section 2 of P.L. , c. (C. ) (pending before the Legislature as this bill) to be used for the purposes of section 3 of P.L. , c. (C. ) (pending before the Legislature as this bill): $20 million of the amount credited by the State Treasurer to the Preserve New Jersey Fund Account pursuant to subparagraph (b) of paragraph (1) of subsection a. of section 4 of P.L.2016, c.12 (C.13:8C-46).

(2) If the trust determines, based on the review conducted pursuant to paragraph (1) of this subsection, that it would be appropriate to revise the allocations set forth in subsection a. of this section, or section 6, 8, or 9 of P.L.2016, c.12 (C.13:8C-48, 50, or 51), the trust shall send a written notification to the Chairperson of the Senate Environment and Energy Committee, the Assembly Agriculture and Natural Resources Committee, and the Assembly Environment and Solid Waste Committee, or their successors, of its findings and recommendations concerning future funding allocations for the Preserve New Jersey Green Acres Fund, the Preserve New Jersey Farmland Preservation Fund, or the Preserve New Jersey Historic Preservation Fund.

(3) A recommendation by the trust to reallocate constitutionally dedicated CBT moneys based on the review conducted pursuant to this subsection shall not alter the allocations set forth in subsection a. of this section or section 6, 8, or 9 of P.L.2016, c.12 (C.13:8C-48, 50, or 51) for any fiscal year unless authorized by the Legislature.

(cf: P.L.2019, c.136, s.1)

2. (New section) a. The State Treasurer shall establish a fund to be known as the “State Capitol Complex Park Fund” and shall deposit into the fund all moneys received pursuant to subsection c. of section 1 of P.L.2019, c.136 (C.13:8C-47.1) and any other moneys appropriated by law for deposit into the fund. Moneys in the fund shall be invested in permitted investments or shall be held in interest-bearing accounts in those depositories as the State Treasurer may select, and may be invested and reinvested in permitted investments or as other trust funds in the custody of the State Treasurer in the manner provided by law. All interest or other income or earnings derived from the investment or reinvestment of moneys in the fund shall be credited to the fund.

b. The moneys in the State Capitol Complex Park Fund are specifically dedicated and shall be used only for development and stewardship projects at the State Capitol Complex Park, located in Trenton, New Jersey, for recreational and conservation purposes.

c. Moneys in the fund shall not be expended except in accordance with appropriations from the fund made by law. Any act appropriating moneys from the State Capitol Complex Park Fund shall identify any particular project or projects to be funded by the moneys, and any expenditure for a project shall require the approval of the Joint Budget Oversight Committee. Any change in project sponsor, site, or type that has received an appropriation from the fund shall require the approval of the Joint Budget Oversight Committee or its successor.

d. Unexpended moneys due to project withdrawals, cancellations, or cost savings shall be returned to the fund.

e. The State Treasurer shall annually, until all moneys in the State Capitol Complex Park Fund have been expended, prepare and submit a report to the Governor and the Legislature, pursuant to section 2 of P.L.1991, c.164 (C.52:14-19.1), which includes an accounting of the moneys in the State Capitol Complex Park Fund. The accounting shall identify, for each year and cumulatively: the amount of appropriations from the fund; the expenditure of moneys from the fund; and the uses for all moneys expended from the fund.

3. (New section) a. Funds allocated to the “State Capitol Complex Park Fund” pursuant to subsection c. of section 1 of P.L.2019, c.136 (C.13:8C-47.1) shall be used for development and stewardship projects at the State Capitol Complex Park, located in Trenton, New Jersey, for recreational and conservation purposes.

b. The State Treasurer shall adopt, pursuant to the “Administrative Procedure Act,” P.L.1968, c.410 (C.52:14B-1 et seq.), rules and regulations for the submittal and review of applications for funding pursuant to this section and may adopt criteria concerning the use of the funds pursuant to this section, provided however, that in no case shall funds allocated pursuant to this section be used for any other purpose than development and stewardship projects at the State Capitol Complex Park for recreation and conservation purposes.

4. This act shall take effect immediately.

STATEMENT

This bill would amend and supplement the “Preserve New Jersey Act” to allocate $20 million of constitutionally dedicated Corporation Business Tax (CBT) revenue for development and stewardship projects at the State Capitol Complex Park, located in Trenton, New Jersey, for recreational and conservation purposes. The State Capitol Complex Park includes the area located immediately behind the State Capitol building, which is bounded by Route 29 to the south, Barracks Street to the east, and the State Capitol parking garage to the west.

The funding in this bill is provided from constitutionally dedicated CBT revenues pursuant to Article VIII, Section II, paragraph 6 of the State Constitution, which dedicates six percent of the CBT for certain environmental purposes. The “Preserve New Jersey Act” allocates the dedicated CBT revenues for open space, farmland, and historic preservation. Under this bill, $20 million of the amount of credited by the State Treasurer to the Preserve New Jersey Fund Account under the Preserve New Jersey Act would be required to be deposited into the State Capitol Complex Park Fund, established by the bill, and would be required to be used for development and stewardship projects at the State Capitol Complex Park for recreation and conservation purposes.