Majority Leader Lou Greenwald (D- Burlington, Camden) issued the following statement after the Assembly voted to release the New Jersey COVID-19 Bond Act this afternoon:
“These are unprecedented times we are in. To that end, this is also one of the most fiscally challenging times for the State of New Jersey. It was imperative for us as legislators to take action today on the Bond Act. I believe this was a necessary step to ensure our state a fiscal opportunity to get through these times.
“Borrowing has never been our first choice; however, we do not have any other viable option that would address the devastating shortfall in the state budget. Mitigating the effects of COVID-19 has depleted our coffers as it has done in other states throughout the country.
“New Jersey’s nine million residents were our only concern today. Staving off property tax increases, supporting education for our children and helping local governments and businesses recover was our only objective with this bill.
“Securing this funding will help the State meets its obligations to our schools, higher education institutions, municipalities, hospitals and, most importantly, to residents who are struggling as a result of the effects of the pandemic.”