There is created within the authority a special nonlapsing fund, to be known as the
“Market Transition Facility Revenue Fund.” The Facility Revenue Fund shall consist of:
a. Such moneys as may be transferred to the Facility Revenue Fund by the State Treasurer,
upon appropriation by the Legislature, pursuant to section 14 of P.L.1994, c. 57 (C.34:1B-21.14);
b. Such moneys as may be appropriated to the Facility Revenue Fund by the Legislature
from surcharges levied pursuant to the provisions of subsection b. of section 6 of
P.L.1983, c. 65 (C.17:29A-35), except that any such moneys in excess of the amounts required to be used by the
authority pursuant to any bond resolutions authorizing the issuance of Market Transition
Facility bonds and notes, the authority's agreement with the State Treasurer authorized
by section 13 of P.L.1994, c. 57 (C.34:1B-21.13) and any bond resolutions authorizing the issuance of Motor Vehicle Commission bonds
and notes shall be at least annually remitted
(1) in each fiscal year commencing prior to July 1, 2006, to the General Fund provided that the first $7,500,000 of such moneys so transferred in each such fiscal
year shall be remitted to the “Alcohol Treatment Programs Fund” created in section
2 of P.L.2001, c. 48 (C.26:2B-9.2); and
(2) in each fiscal year commencing on or after July 1, 2006, to the Motor Vehicle
Surcharges Revenue Fund established pursuant to section 6 of the “Motor Vehicle Surcharges
Securitization Act of 2004,” P.L.2004, c. 70 (C.34:1B-21.28), to be applied as set forth therein, until such time as all bonds, notes and other
obligations issued or entered into pursuant to section 4 of P.L.2004, c. 70 (C.34:1B-21.26) and the costs thereof are discharged and no longer outstanding;
c. Interest or other income derived from the investment of moneys in the Facility
Revenue Fund; and
d. Any other moneys as may be deposited from time to time, except that such moneys
shall not be appropriated from the General Fund.
Moneys in the Facility Revenue Fund shall be managed and invested by the Division
of Investment in the Department of the Treasury.
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