News Flash

Legislative Advocacy

Posted on: July 19, 2020

Murphy Ok's COVID-19 Borrowing Bill

Yesterday, both the Assembly, by a 46-26 vote, and the Senate, by a 22-15 vote, passed the amended State COVID-19 Borrowing bill. Late yesterday Governor Murphy signed it into law. P.L. 2020, c. 60 authorizes the borrowing of up to $9.9 billion in State general obligation bonds to address the State’s financial problems that have arisen as a consequence of the COVID-19 pandemic. The law permits up to $2.7 billion to be authorized between now and the end of September, which is the end of the extended fiscal year 2020, and the remainder could be borrowed between October 1 and June 30, 2021, which is the new State FY21.

However, prior to the issuance of borrowing the “Select Commission on Emergency COVID-19 Borrowing”, which was created by the bill, must approve authorization. This four-member commission will be comprised of two Senators and two Assembly representatives and will have to approve each request to borrow with a majority vote. Senate President Sweeny has indicated he and Senator Sarlo will serve on the commission. Assembly Speaker Coughlin will be appointing the two Assembly representatives.

The provision of the legislation that authorized borrowing from the federal government on behalf of local governments was removed prior to the floor vote of the Assembly and Senate. We anticipate separate legislation to address municipalities’ financial problems arising from COVID-19.

In addition, today the NJ Supreme Court has accepted review of the NJ GOP challenge to the State’s COVID-19 law. An Order was issued deeming the matter pending in the Supreme Court and scheduled oral arguments for August 5. 

Contact: Lori Buckelew, Assistant Executive Director, lbuckelew@njlm.org, 609-695-3481 x112.


Facebook Twitter Email

Other News in Legislative Advocacy

Update on S-1

Posted on: February 22, 2021

Legislature Preview: Week of February 22

Posted on: February 22, 2021

Amended Shared Service Bill S-1 Advances

Posted on: February 16, 2021

Governor Signs Tax Incentive Legislation

Posted on: January 11, 2021

Cannabis Clean Up Legislation Held

Posted on: January 11, 2021

Senate Passes PFRS 20 and Out Legislation

Posted on: December 18, 2020

Tax Incentive Legislation Moving Quickly

Posted on: December 18, 2020

Small Cell Regulation Bill Advances

Posted on: December 14, 2020

AG Issues Marijuana Charge Guidance

Posted on: December 10, 2020

Gov. Murphy Signs Plastic Ban into Law

Posted on: November 11, 2020

Vegetation Management Bill Advances

Posted on: September 21, 2020

Hospital Property Tax Bill Advances

Posted on: September 21, 2020

Governor Takes Action on Bills

Posted on: September 21, 2020

MIllioniares' Tax to Bolster State Budget

Posted on: September 21, 2020

Bridge Budget Bill Introduced

Posted on: June 26, 2020