And the EnCap mess has resulted in new legislation to protect public interests: As a result of the bankruptcy, the state and Bergen County stand to lose as much as $50 million of taxpayer money. That legislation has taken a major step forward with Assembly approval of a bill that would increase the oversight of major projects that receive public money.
The bill is intended to "ensure that state funds are not being foolishly or unwisely invested," says its co-sponsor, assemblyman Gary Schaer (D-Passaic County), in a statement. "[New Jersey] has an obligation to taxpayers to make sure that funds are being expended in an appropriate and correct manner."
The legislation's other co-sponsor is assemblyman Fred Scalera (D-Essex County). Specifically, the bill would affect any project that gets $50 million or more in public money. In the case of EnCap, the state and Bergen County put together $300 million in financing for the ill-fated project.
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