“New Jersey COVID-19 Emergency Bond Act,” authorizes issuance of State bonds totaling up to $9.9 billion
S2969 (Sweeney/Sarlo)/A4175 (Pintor Marin, McKeon) New Jersey faces an unprecedented dire economic situation due to the COVID-19 crisis. While borrowing is not anyone’s first choice, state priorities in education, infrastructure, and the health and safety of New Jersey residents face severe consequences without immediate action.
When the legislature passed A3969/S2392, which allowed municipalities to delay the payment of a school district’s share of the property tax levy, we expressed our concerns about how districts would be able to meet their obligations if the district was not made whole. At the same time, the state faces revenue shortfalls unlike any other.
Opening schools next year will incur significant extra costs to ensure the health and safety of students and staff. This bill will allow the state to address the added costs of the pandemic while allowing the state to continue to offer services and meet the needs of the people of New Jersey.
NJEA urges you to support S2969/A4175.