Bill Text: NJ ACR60 | 2020-2021 | Regular Session | Introduced

New Jersey Assembly Concurrent Resolution 60 (Prior Session Legislation)

Introduced

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

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2020-01-14 - Introduced, Referred to Assembly Transportation and Independent Authorities Committee [ACR60 Detail]

Download: New_Jersey-2020-ACR60-Introduced.html

ASSEMBLY CONCURRENT RESOLUTION No. 60

STATE OF NEW JERSEY

219th LEGISLATURE

PRE-FILED FOR INTRODUCTION IN THE 2020 SESSION

Sponsored by:

Assemblyman LOUIS D. GREENWALD

District 6 (Burlington and Camden)

SYNOPSIS

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

CURRENT VERSION OF TEXT

Introduced Pending Technical Review by Legislative Counsel.

A Concurrent Resolution proposing to amend Article VIII, Section II, paragraph 3 of the Constitution of the State of New Jersey.

Be It Resolved by the General Assembly of the State of New Jersey (the Senate concurring):

1. The following proposed amendment to the Constitution of the State of New Jersey is agreed to:

PROPOSED AMENDMENT

Amend Article VIII, Section II, paragraph 3 as follows:

3. a. The Legislature shall not, in any manner, create in any fiscal year a debt or debts, liability or liabilities of the State, which together with any previous debts or liabilities shall exceed at any time one per centum of the total amount appropriated by the general appropriation law for that fiscal year, unless the same shall be authorized by a law for some single object or work distinctly specified therein. Regardless of any limitation relating to taxation in this Constitution, such law shall provide the ways and means, exclusive of loans, to pay the interest of such debt or liability as it falls due, and also to pay and discharge the principal thereof within thirty-five years from the time it is contracted; and the law shall not be repealed until such debt or liability and the interest thereon are fully paid and discharged. Except as hereinafter provided, no such law shall take effect until it shall have been submitted to the people at a general election and approved by a majority of the legally qualified voters of the State voting thereon.

b. On and after the date on which this subparagraph b. becomes part of the Constitution, the Legislature shall not enact any law that, in any manner, creates or authorizes the creation of a debt or liability of an autonomous public corporate entity, established either as an instrumentality of the State or otherwise exercising public and essential governmental functions, which debt or liability has a pledge of an annual appropriation as the ways and means to pay the interest of such debt or liability as it falls due and pay and discharge the principal of such debt, unless a law authorizing the creation of that debt for some single object or work distinctly specified therein shall have been submitted to the people at a general election and approved by a majority of the legally qualified voters of the State voting thereon. Voter approval shall not be required for any such law providing that the ways and means to pay the interest of and to pay and discharge the principal of such debt or liability shall be subject to appropriations of an independent non-

State source of revenue paid by third persons for the use of the single object or work thereof, or from a source of State revenue otherwise required to be appropriated pursuant to another provision of this Constitution.

c. No voter approval shall be required for any such law under subparagraphs a. or b. of this paragraph authorizing the creation of a debt or debts in a specified amount or an amount to be determined in accordance with such law for the refinancing of all or a portion of any outstanding debts or liabilities of the State, or of an autonomous public corporate entity, established either as an instrumentality of the State or otherwise exercising public and essential governmental functions, heretofore or hereafter created, so long as such law shall require that the refinancing provide a debt service savings determined in a manner to be provided in such law and that the proceeds of such debt or debts and any investment income therefrom shall be applied to the payment of the principal of, any redemption premium on, and interest due and to become due on such debts or liabilities being refinanced on or prior to the redemption date or maturity date thereof, together with the costs associated with such refinancing.

d. All money to be raised by the authority of such law shall be applied only to the specific object stated therein, and to the payment of the debt thereby created.

e. This paragraph shall not be construed to refer to any money that has been or may be deposited with this State by the government of the United States. Nor shall anything in this paragraph contained apply to the creation of any debts or liabilities for purposes of war, or to repel invasion, or to suppress insurrection or to meet an emergency caused by disaster or act of God.

f. On or after the date on which this subparagraph f. becomes part of the Constitution, no debt or liability of the State or any public entity established either as an instrumentality of the State or otherwise exercising public and essential government functions shall be used for the purposes of paying or financing the cost of planning, acquisition, engineering, construction, reconstruction, repair, or rehabilitation for the transportation system in this State, unless that debt or liability is funded by a dedicated source of revenue that has been identified and submitted to the people at a general election and approved by a majority of the legally qualified voters of the State voting thereon.

(cf: Article VIII, Section II, paragraph 3 amended effective December 4, 2008)

2. When this proposed amendment to the Constitution is finally agreed to pursuant to Article IX, paragraph 1 of the Constitution, it shall be submitted to the people at the next general election occurring more than three months after the final agreement and shall be published at least once in at least one newspaper of each county designated by the President of the Senate, the Speaker of the General Assembly and the Secretary of State, not less than three months prior to the general election.

3. This proposed amendment to the Constitution shall be submitted to the people at that election in the following manner and form:

There shall be printed on each official ballot to be used at the general election, the following:

a. In every municipality in which voting machines are not used, a legend which shall immediately precede the question as follows:

If you favor the proposition printed below make a cross (X), plus (+), or check (a) in the square opposite the word "Yes." If you are opposed thereto make a cross (X), plus (+) or check (a) in the square opposite the word "No."

b. In every municipality the following question:

		VOTERS TO APPROVE BORROWING FOR THE PURPOSES OF FUNDING THE STATE'S TRANSPORTATION SYSTEM FROM A DEDICATED REVENUE SOURCE
	YES	Do you approve the proposed amendment to the State Constitution which provides that any borrowing by the State or any State entity for purposes of paying or financing the cost of planning, acquisition, engineering, construction, reconstruction, repair, or rehabilitation for the transportation system in this State, must be paid from a dedicated revenue source that is subject to voter approval?
		INTERPRETIVE STATEMENT
	NO	This amendment to the State Constitution requires that before the State pays for or borrows money to fund a transportation project, the State must identify a source of revenue to pay for the project or the debt, and the voters must approve that revenue source.

STATEMENT

This concurrent resolution proposes to amend the State Constitution to require voter approval of a dedicated revenue source anytime the State or any State entity borrows money by issuing bonds for the purposes of paying or financing the cost of planning, acquisition, engineering, construction, reconstruction, repair, and rehabilitation of the State's transportation system.