New Jersey Statutes Title 39. Motor Vehicles and Traffic Regulation 39 § 4-97.2a

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a. Notwithstanding the provisions of any other law to the contrary, all debts, including bonds, refunding bonds, notes, and other obligations and the costs thereof which remain outstanding as of the effective date of P.L.2019, c. 301 ( C.52:9S-3.1 et al.)  1 and that have a pledge of revenues derived specifically from a surcharge imposed pursuant to section 1 of P.L.2000, c. 75 ( C.39:4-97.2 ), shall continue to be paid until those debts have been repaid in full pursuant to the terms of those debt contracts.

b. After the effective date of P.L.2019, c. 301 ( C.52:9S-3.1 et al.), no new debts, including bonds, notes, and other obligations shall be issued which pledges or includes revenues derived from a surcharge imposed pursuant to section 1 of P.L.2000, c. 75 ( C.39:4-97.2 ) as a source of funding for the repayment of those new bonds, so that once the debts outstanding as of the effective date of P.L.2019, c. 301 ( C.52:9S-3.1 et al.) have been retired, the revenues collected pursuant to section 1 of P.L.2000, c. 75 ( C.39:4-97.2 ) shall not be encumbered by a debt of any sort.

c. The provisions of this section shall not prohibit the State from refinancing or refunding any outstanding debts, including bonds, refunding bonds, notes, and other obligations, which remain outstanding as of the effective date of P.L.2019, c. 301 ( C.52:9S-3.1 et al.) and that have a pledge of revenues derived specifically from a surcharge imposed pursuant to section 1 of P.L.2000, c. 75 ( C.39:4-97.2 ), as long as such refinancing or refunding does not extend the maturity date beyond January 1, 2035.

1 L.2019, c. 301, eff. Jan. 13, 2020.

Cite this article: FindLaw.com - New Jersey Statutes Title 39. Motor Vehicles and Traffic Regulation 39 § 4-97.2a - last updated February 19, 2021 | https://codes.findlaw.com/nj/title-39-motor-vehicles-and-traffic-regulation/nj-st-sect-39-4-97-2a.html


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