13:8C-18.1 Allocation of amount exceeding $1,000,000,000.
3.Of the total of up to $1,150,000,000 in proceeds raised by the trust from the issuance of bonds, notes or other obligations, and transferred by the trust to the State Treasurer and deposited by the State Treasurer into the Garden State Green Acres Preservation Trust Fund established pursuant to section 19 of P.L.1999, c.152 (C.13:8C-19) and the Garden State Farmland Preservation Trust Fund established pursuant to section 20 of P.L.1999, c.152 (C.13:8C-20) as required pursuant to subsection a. of section 18 of P.L.1999, c.152 (C.13:8C-18), any amounts exceeding $1,000,000,000 in such proceeds shall be allocated and deposited into those two trust funds as follows notwithstanding the provisions of subsection a. of section 18 of P.L.1999, c.152 (C.13:8C-18) to the contrary:
a.80% thereof to the Garden State Green Acres Preservation Trust Fund to be used for the purposes of that trust fund; and
b.20% thereof to the Garden State Farmland Preservation Trust Fund to be used for the purposes of that trust fund.
L.2004,c.126,s.3.
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Last modified: October 11, 2016