N.J.S.A. 17:29A-35.2 — Outstanding obligations continued; new debts not issued.

17:29A-35.2 Outstanding obligations continued; new debts not issued. 4. a. Notwithstanding the provisions of any other law to the contrary, all debts, including 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.) and that have a pledge of revenues derived specifically from a surcharge imposed pursuant to section 6 of P.L.1983, c.65 (C.17:29A-35), 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, refunding bonds, notes, and other obligations shall be issued which pledge or include revenues derived from a surcharge imposed pursuant to section 6 of P.L.1983, c.65 (C.17:29A-35) 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 6 of P.L.1983, c.65 (C.17:29A-35) 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 6 of P.L.1983, c.65 (C.17:29A-35), as long as such refinancing or refunding does not extend the maturity dates beyond January 1, 2035. L.2019, c.301, s.4.

This is the verbatim text of N.J.S.A. 17:29A-35.2, retrieved from the New Jersey Legislature's public statute corpus. Statutes are amended periodically — for the most current version, check the external source link above. Kyzer is not a law firm and this page is not legal advice.