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)
Co-Sponsored by:
Assemblyman Moriarty
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.