TITLE

Proposed N.J. Bill Would Bring Voters Into Some Debt Decisions

AUTHOR(S)
Braun, Martin Z.
PUB. DATE
May 2003
SOURCE
Bond Buyer;5/14/2003, Vol. 344 Issue 31635, p3
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
The battle against non-voter approved borrowing in New Jersey moves from the courts to the Legislature when two lawmakers will propose amending the state's constitution to require voter approval for state debt backed solely by annual appropriation through conduit authorities. The amendment would end the practice of using independent authorities to evade the constitution's debt limitation clause. Under the proposed amendment, authority debt supported by a constitutional dedication of state revenue would not require voter approval. Bogota mayor Steven Lonegan and his organization Stop the Debt.com challenged New Jersey's use of contract debt without voter's approval, arguing that the state was issuing such debt to circumvent the constitution's debt limitation clause.
ACCESSION #
9859999

 

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