NJ
New Jersey Assembly Bill ACR73

New Jersey 2024-2025 Regular Session

New Jersey Assembly Bill ACR73

Introduced
1/9/24  

Caption

Proposes constitutional amendment requiring voter approval of State bond refundings that increase principal amount of total State bonded indebtedness.

Impact

If enacted, ACR73 would amend Article VIII, Section II, paragraph 3 of the New Jersey Constitution to set clearer restrictions on the issuance of refunding bonds. Specifically, it will limit the issuance of such bonds to situations where the principal amount does not exceed the outstanding debt being refinanced plus necessary costs. This could potentially increase accountability and transparency in the state's financial practices, ensuring that taxpayers are directly involved in decisions regarding increments in government indebtedness.

Summary

Assembly Concurrent Resolution 73 (ACR73) proposes a constitutional amendment to require voter approval for State bond refundings that would increase the overall principal amount of State debt. The amendment aims to tighten the existing provisions established in 1983, which currently allow the state to issue refunding bonds without voter consent as long as it results in debt service savings. The proposed change would ensure that any increase in State debt through refunding mechanisms must undergo a democratic process, as it mandates approval by majority vote during a general election.

Contention

The amendment aims to address concerns about the state's financial management by preventing the risk of uncontrolled debt increases. However, there may be contention around whether this requirement could hinder the state's financial flexibility. Critics may argue that requiring voter approval for bond refundings, even when intended to secure cost savings, could delay or complicate the state's ability to manage its financial obligations efficiently. Proponents, on the other hand, are likely to highlight the advantages of public oversight in governmental financial decisions, advocating for greater transparency and responsibility.

Companion Bills

NJ ACR49

Carry Over Proposes constitutional amendment requiring voter approval of State bond refundings that increase principal amount of total State bonded indebtedness.

Previously Filed As

NJ ACR49

Proposes constitutional amendment requiring voter approval of State bond refundings that increase principal amount of total State bonded indebtedness.

NJ ACR64

Proposes constitutional amendment to require voter approval of dedicated revenue source for certain bonded indebtedness for State transportation system.

NJ ACR88

Proposes constitutional amendment to require voter approval of dedicated revenue source for certain bonded indebtedness for State transportation system.

NJ ACR89

Proposes constitutional amendment to require voter approval whenever State independent authorities issue bonds backed by annual appropriations.

NJ SCR23

Proposes constitutional amendment to establish a 2 percent cap on annual appropriations increases for certain State government spending.

NJ SCR70

Proposes constitutional amendment to establish a 2 percent cap on annual appropriations increases for certain State government spending.

NJ SB2043

Relating to bonded indebtedness of State of WV

NJ SCR97

Proposes constitutional amendment to require payments by State to State-administered retirement systems and establish in Constitution right of public employees to pension benefit; provides for enforcement of funding obligations and benefit rights.

NJ SCR57

Proposes constitutional amendment to require payments by State to State-administered retirement systems and establish in Constitution right of public employees to pension benefit; provides for enforcement of funding obligations and benefit rights.

NJ ACR145

Proposes constitutional amendment to increase amount of veterans' property tax deduction based on annual increases in CPI.

Similar Bills

NJ ACR49

Proposes constitutional amendment requiring voter approval of State bond refundings that increase principal amount of total State bonded indebtedness.

TX HJR90

Proposing a constitutional amendment providing for an exception from the limitation on the maximum principal amount of home equity loans and home equity lines of credit for the refinancing of certain loans secured by the homestead.

DC PR25-1045

The Catholic University of America Revenue Bonds Project Approval Resolution of 2024

NJ ACR64

Proposes constitutional amendment to require voter approval of dedicated revenue source for certain bonded indebtedness for State transportation system.

NJ ACR88

Proposes constitutional amendment to require voter approval of dedicated revenue source for certain bonded indebtedness for State transportation system.

CA AB1765

Marks-Roos Local Bond Pooling Act of 1985: rate reduction bonds: review.

CA AB237

Pilot Program for Increased Access to Responsible Small Dollar Loans.

TX SJR60

Proposing a constitutional amendment establishing a lower amount for expenses that can be charged to a borrower and removing certain financing expense limitations for a home equity loan, establishing certain authorized lenders to make a home equity loan, changing certain options for the refinancing of home equity loans, changing the threshold for an advance of a home equity line of credit, and allowing home equity loans on agricultural homesteads.