VAN DREW TO ASSELTA—STOP THE HYPOCRISY!

VAN DREW TO ASSELTA—STOP THE HYPOCRISY! BE HONEST WITH YOUR CONSTITUENTS AND YOURSELF            

(Cape May Court House, NJ)—In 1999 Nick Asselta voted for a bill that granted very broad and vague powers to the State Treasurer to lease, sub lease, mortgage, or finance our state assets. Assets as defined in the bill include but are not limited to land, building, highways, air rights, institutions, water supply facilities, resource recovery facilities, sewage treatment facilities, wastewater treatment facilities, and transportation facilities.

            “Regardless of what Nick believes his intent was in voting for this bill his supposed intent and the reality are very different. He has been leading us all to believe he is against the leasing of our assets and asset monetization when in fact that is exactly what he voted for,” said Van Drew.

            The following are excerpts from the 1999 legislation Asselta voted for. This information is taken directly from the bill, this legislation speaks for itself:

An Act authorizing the undertaking by the State and local governmental units of structured financing transactions, supplementing Title 52 of the Revised Statutes

3. As used in this act,

"Structured financing agreement" means an agreement, contract or action taken to authorize, implement and finance a structured financing transaction including, but not limited to, lease and sublease agreements, State payment account agreements, escrow deposit agreements, mortgages, security agreements, pledge agreements, trust agreements, service agreements, letter of credit agreements, operating agreements, financing agreements including credit agreements, line of credit agreements, revolving credit agreements, interest rate exchange agreements, insurance contracts, surety bonds, purchase or sale agreement, or commitments or other contracts or agreements entered into in connection with a structured financing transaction.

"Assets" means all property, both real, personal or mixed, tangible or intangible, of any type and all rights, easements, privileges or interests of any kind or description in, relating to, or connected with property, including but not limited to, land, buildings, plants, structures, institutions, water supply facilities, resource recovery facilities, sewage treatment facilities, wastewater treatment facilities, transportation facilities, highways, parking facilities, equipment, motor vehicles, rolling stock, machinery, furniture, leasehold improvements, fixtures, space rights, development rights, and air rights.

"State asset" means any asset that the State owns, or leases, operates or otherwise has a property interest therein in conjunction with other State agencies and State authorities.  The State Treasurer is authorized to enter into a structured financing transaction, on such terms, covenants and conditions and at such times as the State Treasurer may determine, to enter into, execute and deliver a structured financing agreement, and to do any act necessary or convenient to carrying out a structured financing transaction; 

e. The State Treasurer is authorized to engage, in such manner as the State Treasurer may determine, the services of financial advisors and experts, placement agents, underwriters, appraisers, and such other advisors, consultants and agents as may be necessary in the State Treasurer's judgment to assist the State Treasurer in carrying out a structured financing transaction.

C.52:31C-13 Liberal construction.

13. This act shall be construed liberally to effectuate the legislative intent and the purposes of this act as complete and independent authority for the performance of each and every act and thing herein authorized and all powers herein granted shall be broadly interpreted to effectuate such intent and purposes and not as a limitation of powers.

            In summary Nick voted for legislation that:

·        Authorized the lease of state assets including state highways and transportation facilities.

·        Granted broad powers to the State Treasurer to hire financial advisors, underwriters, consultants, and any other agents as necessary.

·        Defined State asset as any asset the State owns, leases, or has an interest in with any other State agency or authority.

“Nick claims we are comparing apples with footballs. But actually he should be more concerned with pickles because he is in a really big one,” stated Van Drew.

 PAID FOR BY VAN DREW, ALBANO, MILAM