Requires public referendum prior to issuance of general obligation bonds by local units.
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed General Assembly
- Passed Senate
- To Governor
- Became Law
Overview
This bill requires that any general obligation bonds issued by local governments in New Jersey must first be approved by a public referendum. The bill outlines specific procedures for introducing, publishing, and holding hearings on bond ordinances, ensuring that voters have an opportunity to weigh in on the issuance of debt. It also establishes the format for the referendum question and includes exemptions for certain types of borrowing, such as emergency notes and refunding bonds. The bill aims to increase local government transparency and accountability regarding the use of taxpayer funds.
Bill text
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Document of record
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Sponsors
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2 on record
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