The full Assembly today passed the “New Jersey COVID-19 Emergency Bond Act” (A-4175). The vote was 46-26-0. The measure was also approved by the full Senate and now heads to the Governor’s desk. Bill sponsor, Assemblywoman Eliana Pintor Marin (D-Essex) issued the following statement:
“The COVID-19 pandemic has had and continues to have a devastating impact on the State’s economy. Residents, businesses, and government units have seen significant adverse effects.
“The ‘New Jersey COVID-19 Emergency Bond Act’ authorizes the State to issue State general obligation bonds to help address the fiscal crisis caused by this pandemic.
“The impact of COVID-19 on our economy, budget and finances is unpredictable and changing rapidly.
“We must take action to ensure our fiscal viability by empowering the State to apply for and receive federal stimulus loans for the benefit of the State’s ability to respond to the negative impacts of the coronavirus.
“We do not make this decision lightly. The historic nature of the current pandemic has led to this unprecedented last resort due to the current fiscal crisis.”