Voters would decide whether New Jersey may borrow up to $5 billion

If the bill becomes law and a majority of voters approve it, New Jersey could issue up to $5 billion in bonds. State projects and grants to local governments and nonprofits would cover flood protection and recovery, water systems, and severe weather resilience. Grant projects must appear on a yearly project list, and lawmakers must approve funding for each project. Sales tax revenue would pay the bonds. Municipalities would collect property taxes if money for bond payments is insufficient or unavailable. The vote would occur at the next general election at least 70 days after the bill becomes law. The borrowing provisions would take effect if a majority of voters approve.

If the bill becomes law, New Jersey would set aside $5,000 for the Department of State. The money would pay to publish notice of the statewide vote on the proposed borrowing. The bill must become law before the money becomes available. The $5,000 provision would take effect when the bill becomes law, before the vote.