New Jersey could borrow $5 billion for infrastructure if voters approve

New Jersey could borrow $5 billion and would repay it with interest. The money would fund flood work, water systems, and projects that help communities withstand severe weather. Lawmakers would need to approve project spending. Sales tax revenue would help repay the debt; property taxes would be required if needed money is insufficient or unavailable. The vote would occur at the next general election at least 70 days after enactment. Borrowing authority would take effect upon majority approval. Each bond must be repaid within 35 years of issuance.