Appropriates $247,128,000 from "New Jersey Debt Defeasance and Prevention Fund"; establishes process for authorizing future appropriations for debt defeasance and capital projects.

S 4692 appropriates $247,128,000 from New Jersey's Debt Defeasance and Prevention Fund: $222 million for a new women's correctional facility in Burlington County to replace Edna Mahan Correctional Facility for Women, and $25.1 million for other state capital projects recommended by the New Jersey Commission on Capital Budgeting and Planning. The bill also establishes a process for future fund use, allowing the state to pay off existing debt or fund capital projects without issuing new bonds. It requires the State Treasurer to submit project proposals to the Joint Budget Oversight Committee for quarterly review, with automatic approval for proposals submitted over 45 days before a quarter ends if the committee fails to meet. This directly affects the Department of Corrections, the Department of the Treasury, and the legislative budget oversight process.