Senate Republican Budget Officer Senator Leonard Lance asked Senate President Richard Codey to hold a Senate Session in April to move Senate Concurrent Resolution-39. SCR-39 is a proposed amendment to the New Jersey Constitution which would require voter approval for all future borrowing. The letter is attached.
Senator Lance notes in the letter that the Senate vote must be at least 20 days after the members of the Senate receive a copy of the proposed amendment. He also points out that a public hearing must be held before a vote by the full Senate.
“This proposed amendment is vital to the future fiscal health of this state, ” Lance stated. “I hope the Senate President, the Speaker of the General Assembly and the Governor realize that we only have until the end of June to place this initiative on the November ballot.”
March 13, 2008
The Honorable Richard J. Codey
President of the Senate
State of New Jersey
449 Mount Pleasant Avenue
West Orange, New Jersey 07052
Dear Senate President Codey:
The Senate Budget and Appropriations Committee released Senate Concurrent Resolution 39 unanimously this Monday. This proposed constitutional amendment would prohibit all future borrowing without voter approval.
New Jersey’s bonded debt is currently estimated to be between $32 billion and $38 billion. More than 80 percent of this debt was amassed without voter approval. Adding SCR-39 to the November ballot is vital if we are to solve our fiscal problems.
The New Jersey Constitution requires a three-fifths majority in both the Senate and the General Assembly and a public hearing before the measure is put to a vote in the Senate. These requirements must be met at least three months before the November 4th general election.
Due to the short window of opportunity, I respectfully ask that you schedule a public hearing and a vote of SCR-39 during the budget break in April. I look forward to working with you on this matter.
Sincerely,
Leonard Lance
Senate Republican Budget Officer
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June 9, 2008 - Budget Committee to Hear Lance Constitutional Amendment Requiring Voter Approval of All Debt
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