The commission shall, within 1 year of the effective date of this act, prepare and submit to the Governor and Legislature a report concerning State payments in lieu of taxes to municipalities in the pinelands area wherein the State owns any land or interests therein. Such report shall include an evaluation of the manner of calculation and amount of such payments made or to be made pursuant to the provisions of the “New Jersey Green Acres and Recreation Opportunities Bond Act of 1974,” P.L.1974, c. 102; P.L.1977, c. 272 (C. 54:4-2.2a et seq.); and the “New Jersey Green Acres Bond Act of 1978,” P.L.1978, c. 118, as well as the recommendations of the commission for executive and legislative action on additional or alternative proposals for such payments, including the fiscal implications of any such proposal and potential sources of funding therefor.

L.1979, c. 111, s. 20, eff. June 28, 1979.