New Jersey bill would require stricter oversight of some projects
A bill passed by the New Jersey Assembly gives the state the ability to more closely track development projects that receive more than $50 million in federal funds. Under the bill, developers must submit audited annual financial statements and post performance bonds worth 110% of the public funds dedicated to the project, among other things. The goal of the bill is to ensure that state funds are invested and spent wisely, lawmakers say. However, some observers note that the version of the bill that passed is more "business friendly" than a prior version.
Star-Ledger (Newark, N.J.), The
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This story published in AGC SmartBrief on 12/16/2008
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