Assemblywoman Eliana Pintor Marin (D-Essex) released the following statement today on the unanimous ruling by the New Jersey State Supreme Court that the COVID-19 Emergency Bond Act passes constitutional muster:
“The COVID-19 pandemic has had and continues to have a devastating impact on the State’s economy. Residents, businesses, and government units have all been impacted.
“Today’s unanimous ruling by the Supreme Court makes clear the justices acknowledge these unfortunate facts and I am grateful for that.
“The ‘New Jersey COVID-19 Emergency Bond Act’ authorizes the State to issue State general obligation bonds and apply for federal stimulus loans to help address the fiscal crisis caused by this pandemic.
“The impact of COVID-19 on our economy, budget and finances is unpredictable and continues to change rapidly. The Bond Act provides an important solution that, along with significant cuts in spending that must be identified, will help stabilize the State budget.
“We did not make this decision to authorize this borrowing lightly. The historic nature of the current pandemic has led to this unprecedented last resort due to the current fiscal crisis.”