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STATE BORROWING PLAN
On June 4th, the General Assembly passed by a vote of 51-28 ASSEMBLY, NO. 4175 (Pintor Marin D-29), which would establish the “New Jersey COVID-19 Emergency Bond Act” to authorize the State to issue $5.0 billion in general obligation bonds and to apply for federal stimulus loans on behalf of certain local governing bodies. Although a companion version of the bill does not currently exist in the Senate, the Senate Budget and Appropriations Committee held a public hearing on the Administration’s proposal on June 1st where the State Treasurer also outlined the projected $1...
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