New Jersey, United States, regional Obligatory referendum [LOR] - Submission to the people: Creation of debt

General Typology

Instrument
Obligatory referendum [LOR]
Location
New Jersey, USA
Political level
regional
Local Name:
Submission to the people: Creation of debt
Normative Level:
constitutional
Legally Binding:
yes
Legally Defined:

ARTICLE VIII TAXATION AND FINANCE

SECTION II

1. The credit of the State shall not be directly or indirectly loaned in any case.

(..)

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 for that fiscal year, unless the same shall be authorized by a law for some single object or work distinctly specified therein. Regardless of any limitation relating to taxation in this Constitution, such law shall provide the ways and means, exclusive of loans, to pay the interest of such debt or liability as it falls due, and also to pay and discharge the principal thereof within thirty-five years from the time it is contracted; and the law shall not be repealed until such debt or liability and the interest thereon are fully paid and discharged.

Except as hereinafter provided, 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.

b. On and after the date on which this subparagraph b. becomes part of the Constitution, the Legislature shall not enact any law that, in any manner, creates or authorizes the creation of a debt or liability of an autonomous public corporate entity, established either as an instrumentality of the State or otherwise exercising public and essential governmental functions, which debt or liability has a pledge of an annual appropriation as the ways and means to pay the interest of such debt or liability as it falls due and pay and discharge the principal of such debt, unless a law authorizing the creation of that debt for some single object or work distinctly specified therein 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. Voter approval shall not be required for any such law providing that the ways and means to pay the interest of and to pay and discharge the principal of such debt or liability shall be subject to appropriations of an independent non-State source of revenue paid by third persons for the use of the single object or work thereof,

Source: New Jersey State Constitution 1947 (accessed 31 July 2017)

Subject Matter:

To authorize debt or debts, liability or liabilities of the State which shall exceed at any time one per centum of the total amount appropriated by the general appropriation law for that fiscal year. To authorize debt or liability which has a pledge of an annual appropriation as the ways and means to pay the interest of such debt or liability as it falls due and pay and discharge the principal of such debt.

Actors

Author:
Legislature
Initiator:
Law
Decision maker:
Electorate

Requirements

Available Time:
Turnout Quorum:
No turnout quorum, mentioned in legal source
Approval Quorum:
Majority of voters
Geographical Quorum:
No geographical quorum mentioned in legal source
Excluded Issues:


Other Formal Requirements:

Procedural Elements

Wording Of Ballot Question:
Interaction With Authorities:
Supervision And Support:
Transparency And Finance:

Practice

Archive:
Remarks: