Dangerous Vote on State Borrowing Shell Game Tomorrow, that Could Raise Your Property Taxes!
Gov. Murphy has concocted a finance scheme to recuperate from his 12 week shutdown of the New Jersey economy because of Covid 19 financial losses.
Should this pass the legislature will be putting a SURCHARGE on to your property taxes!
This is NO JOKE! You should be outraged by this. We are fighting this on your behalf. It is unconstitutional and unreasonable. This is insanity.
Assembly bill A4175 “New Jersey COVID-19 Emergency Bond Act,” authorizes issuance of State bonds totaling $5 billion and authorizes borrowing from the Federal government was passed out of Assembly Budget Committee just this past Monday along party lines. A4175 is scheduled for a full vote of the New Jersey General Assembly tomorrow, Thursday, June 4 at 11 AM. The legislature is not meeting in person. This is a vote by electronic means.
The Center for Garden State Families urges you to call your two state Assembly Members.
You can also search for your two State Assembly Members and State Senator by looking up your municipality Here
WE urge you to call Assembly Speaker Craig Coughlin 732-855-7441 and leave a message and or email him at [email protected] and express your concerns and opposition.
The New Jersey State Constitution:
Art. VIII, Sec. 2, Para 3(a): “The Legislature shall not, in any manner, create in any fiscal year a debt or debts, liability or liabilities of the State, which together with any previous debts or liabilities shall exceed at any time one per centum of the total amount appropriated by the general appropriation law (“budget”) for that fiscal year, unless the same shall be authorized by law for some single object or work distinctly specified therein. … no such law shall take effect until it shall have been submitted to the people at a general election and approved by a majority of the legally qualified voters of the State voting thereon.” The bill, which is scheduled to be voted on Thursday by the full Assembly, would authorize the state to sell up to $5 billion in general obligation bonds. It also gives permission for the state to borrow money from the Federal Reserve through a temporary program that has $9.25 billion available to New Jersey.
IMPORTANT!: The NJ State Legislature will vote on Thursday to borrow $5BILLION and will pay it back by putting on a SURCHARGE on your property taxes!!! We are not kidding. You should be outraged by this. We will fight this on the floor on Thursday. It is unconstitutional and unreasonable. This is insanity.
The State has a huge outstanding debt already
The NJ Constitution requires the voters to approve
New Jersey is already buried in debt and is unable to grow
The Senate is (not yet) on board
Low-cost financing is a lure, a shell game
Any way you cut it, the Taxpayer will pay these costs for the next 35 years
WHAT YOU CAN DO TODAY:
- Contact your Assembly Legislators HERE
- This is not an emergency. Let the People VOTE!!
- Stop! Wait! Consider: NO urgency to vote tomorrow for $5 Billion in debt
- Urge public hearings, public input
- Ask for the spending cuts first!
To read the 23 page bill click below:
To read the 3 page statement click below:
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