Office
of the Governor
Corzine
signs legislation to reform, replenish and grow
Transportation
Trust Fund
(Trenton)
Governor Jon S. Corzine today signed into law A-2813/ S-1470,
which will revitalize the Transportation Trust Fund (TTF) through
financial and structural reforms that will provide resources for
critical highway and transit repairs and capacity expansion projects
throughout the next five years.
"This legislation will enable the State of New Jersey to
once again use
the Transportation Trust Fund as a driving force for regional
economic
growth," said Governor Corzine. "Funding critical transportation
projects and introducing substantial reforms will ensure that
New Jersey
motorists can enjoy safe roads and mass transit improvements for
years
to come."
The legislation, which was sponsored by Assemblymen John S. Wisniewski,
Vincent Prieto, and Brian P. Stack and by Senators Raymond J.
Lesniakand Joseph V. Doria, will require greater accountability
for the fiscal management of the fund. Reforms include freezing
the level of TTF funds used for capital maintenance projects and
establishing an independent policy oversight board that will ensure
compliance with strict
guidelines for capital expenditures.
"This law will immediately address the needs of New Jersey's
transportation infrastructure," said Transportation Commissioner
Kris
Kolluri. "The replenishment of the Transportation Trust Fund
will effect
the safe, efficient and reliable movement of people and goods
throughout
the state."
The legislation creates a robust capital program of $1.6 billion
annually over five years that advances transportation projects
and
supports 100,000 jobs. Revenue sources for the program include
the
restructuring of approximately $1.8 billion of the State's existing
transportation bonds.
Under the new law, additional net revenue enhancements also will
come
from TTF reforms including dedicating the final 1.5 cents of the
existing 10.5-cent gas tax, which historically was diverted to
the
general fund. That action alone will generate $78 million annually.
Another $12 million will be gained by resuming dedication to the
TTF of
a portion of toll road revenue.
