7. All monies received by the Treasurer of the New Jersey State Firemen’s Association from the 2% tax on fire insurance premiums paid by insurance companies not organized in this State, on behalf of municipalities or fire districts which do not have a duly incorporated local firemen’s relief association affiliated with the State Association under R.S.43:17-2 et seq., shall be dedicated to the New Jersey Firemen’s Home. Upon adoption of the budget, subject to the approval of the Governor, in accordance with R.S.30:7-1 et seq., these funds shall be allocated to the Board of Managers for the operation of the New Jersey Firemen’s Home. A certified copy of the budget approved by the Governor shall be filed immediately with the Treasurer of the New Jersey State Firemen’s Association.

The Treasurer of the New Jersey State Firemen’s Association shall return to the general fund of the State Association the balance of the monies not required for the annual operation of the New Jersey Firemen’s Home.

If there are not sufficient funds in the account for the annual operating expenses of the New Jersey Firemen’s Home in accordance with R.S.30:7-1 et seq., the Board of Managers of the New Jersey Firemen’s Home shall certify the amount of the deficiency to the Treasurer of the New Jersey State Firemen’s Association. The certification shall be filed before the fiscal year for the New Jersey Firemen’s Home commences. The certification shall set forth the specific sum necessary to fund the operational expenses of the New Jersey Firemen’s Home. The operational budget shall include all necessary costs for the maintenance and operation of the home, including purchase of equipment. Upon receipt of the certification, the Treasurer of the New Jersey State Firemen’s Association shall pay the certified amount to the New Jersey Firemen’s Home no later than May 1 of each year.

The procedure set forth below shall be followed if the Board of Managers proposes a capital project consisting of a building addition to the New Jersey Firemen’s Home or the construction of a new facility:

a. At least 30 days before the capital project is submitted to the Governor, the Board of Managers of the New Jersey Firemen’s Home shall submit to the officers and executive committee of the New Jersey State Firemen’s Association, a description of the proposed project, and costs thereof, including future operational costs. Within 30 days of receipt of the notice the officers of the New Jersey Firemen’s Home and New Jersey State Firemen’s Association shall approve or disapprove the funding necessary therefor. After the project has been approved or disapproved, the executive committee shall meet in a special executive session to confirm the action of the officers.

b. If the officers or the executive committee disapproves the proposed capital project, the board of managers or the officers may appeal to the Commissioner of Banking and Insurance who shall issue a final decision within 30 days, but in any event not later than November 1 of any year. The budget then shall be submitted to the Governor for approval pursuant to law.

L.1997,c.41,s.7.