Terms Used In New Jersey Statutes 52:9H-2.1

  • Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • State: extends to and includes any State, territory or possession of the United States, the District of Columbia and the Canal Zone. See New Jersey Statutes 1:1-2
1. a. There is established in the General Fund a separate, non-lapsing fund to be known as the “Long Term Obligation and Capital Expenditure Fund.” The Long Term Obligation and Capital Expenditure Fund shall be credited with the amount appropriated to the fund pursuant to section 2 of P.L.2008, c.22 and such funds as the Legislature may from time to time appropriate for the purposes of the fund as enumerated in subsection b. of this section.

b. (1) The moneys in the Long Term Obligation and Capital Expenditure Fund shall only be used for the purposes of paying for capital improvements and the costs thereof, retiring and defeasing debt and the costs thereof, or making supplemental payments to reduce the unfunded post-retirement health benefits liability for members of, and to reduce the unfunded pension liabilities of, the Public Employees’ Retirement System, the Teachers’ Pension and Annuity Fund, the Police and Firemen’s Retirement System, the State Police Retirement System, the Judicial Retirement System, and the costs thereof, and making supplemental payments to reduce the unfunded post-retirement health benefits liability for members of the Alternate Benefit Program, and the costs thereof.

(2) Appropriations from the Long Term Obligation and Capital Expenditure Fund shall be enumerated in a separate section of the annual appropriations act, apart from all other appropriated funds, and shall not be counted in the total amounts appropriated from any other fund.

(3) The provisions of this section shall not be construed to render balances in the Long Term Obligation and Capital Expenditure Fund unavailable for meeting the costs of any emergency which requires an immediate response in the protection of the life, safety or well-being of the citizens of this State.

L.2008, c.22, s.1.

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