New Jersey ACR90 proposes a constitutional amendment requiring voter approval for state bond refundings that increase the principal amount of total.
New Jersey ACR90 proposes a constitutional amendment to require voter approval for state bond refundings that increase the principal amount of total state bonded indebtedness. Currently, voter approval is not required for refinancing if it provides a debt service savings. This amendment aims to limit refinancing without voter approval to cases where the principal amount of refunding bonds does not exceed the sum of the principal amount of the outstanding bonds to be refunded plus all costs necessary to accomplish the refunding.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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