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NJ S3439
Bill
Status
6/13/2024
Primary Sponsor
Joseph Vitale
Click for details
AI Summary
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Expands the definition of "qualified assistance fund expense" under New Jersey's Urban Enterprise Zone (UEZ) program to include improvements to transportation infrastructure located within an enterprise zone
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Allows UEZ assistance funds to be used for payment of debt service related to financing transportation infrastructure projects
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Permits the pledge of UEZ assistance funds toward repayment of loans issued by the State Transportation Infrastructure Bank or other government agencies for transportation infrastructure projects
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Limits the use of zone assistance funds for transportation infrastructure debt service or loan repayment to 75% of available funds, contingent on inclusion in the municipality's UEZ Authority-certified zone development plan
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Adds detailed definitions for transportation-related terms including public transportation service, rail passenger service, motorbus service, paratransit services, ferry passenger service, and transportation infrastructure
Legislative Description
Revises definition of qualified assistance fund expenses under UEZ program to include costs of transportation infrastructure projects and related debt service.
Substituted by another Bill
Last Action
Substituted by A4534 (2R)
6/28/2024