N.J.S. § 26:2C-8.53 "Diesel Risk Mitigation Fund"; Money Credited, Use

• Library: New Jersey Permanent Statutes
• Edition: 2023
• Currency: Current through L. 2023, c. 194.
• Year: 2023
• Citation: N.J.S. § 26:2C-8.53

a. There is established in the Department of the Treasury a special, nonlapsing fund to be known as the "Diesel Risk Mitigation Fund." The fund shall be administered by the State Treasurer and shall be credited with:

(1) constitutionally dedicated moneys;

(2) such moneys as are appropriated by the Legislature; and

(3) any return on investment of moneys deposited in the fund.

b. Moneys in the fund may be used by the Department of the Treasury solely for:

(1) reimbursements to owners of regulated vehicles or regulated equipment to reimburse the cost of required retrofit devices and the installation thereof;

(2) the administrative costs incurred by the Department of Environmental Protection to implement the provisions of P.L. 2005, c. 219(C.26:2C-8.26 et al.) up to $900,000 per year; and

(3) the administrative costs incurred by the New Jersey Motor Vehicle Commission to implement the provisions of P.L. 2005, c. 219(C.26:2C-8.26 et al.) up to $250,000 per year.

c. No moneys in the fund may be made available for any costs associated with requirements imposed by P.L. 2005, c. 219(C.26:2C-8.26 et al.), unless the State Treasurer certifies that the constitutionally dedicated moneys have been deposited in the fund in that year.

If the moneys provided for the administrative costs of the New Jersey Motor Vehicle Commission are not required by the commission in a given year because they exceed the amount of the administrative costs of the commission in that year, the State Treasurer shall provide those moneys unexpended for that purpose to the Department of Environmental Protection for administrative costs, provided that the administrative costs paid from the constitutionally dedicated moneys deposited in the fund do not exceed $1,150,000.