And the EnCap mess has resulted in new legislation to protectpublic interests: As a result of the bankruptcy, the state andBergen County stand to lose as much as $50 million of taxpayermoney. That legislation has taken a major step forward withAssembly approval of a bill that would increase the oversight ofmajor projects that receive public money.
The bill is intended to "ensure that state funds are not beingfoolishly or unwisely invested," says its co-sponsor, assemblymanGary Schaer (D-Passaic County), in a statement. "[New Jersey] hasan obligation to taxpayers to make sure that funds are beingexpended in an appropriate and correct manner."
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
