New Jersey Question 1, Increase in Garden State Preservation Trust Bond Limits (2003)
Question 1 increased the cap on the amount of bonds issuable by the Garden State Preservation Trust from $1 billion to $1.15 billion.
The Garden State Preservation Trust raises money through the sale of state-backed bonds that is used to for open space, farmland, and historic preservation efforts in New Jersey.
|New Jersey Question 1|
|New Jersey Constitution|
|Preamble • I • II • III • IV • V • VI • VII • VIII • IX • X • XI|
Text of measure
Shall the amendment to Article VIII, Section II, paragraph 6 of the Constitution of the State of New Jersey, expanding the authorized uses of the constitutionally dedicated Corporation Business Tax revenue, to include funding the costs of the remediation of hazardous discharges, and funding the costs of a State underground storage tank inspection program, be approved?
Approval of this constitutional amendment would increase the cap on the total amount of bonds that may be issued by the Garden State Preservation Trust to raise revenue for open space, farmland, and historic preservation efforts in the State. The cap currently is $1 billion, and this measure, if approved, would increase it by $150 million, so that the new cap would be $1.15 billion. The Constitution dedicates for State fiscal years 2000 through 2009 the sum of $98 million annually, and for State fiscal years 2010 through 2029 the sum of up to $98 million annually, in State sales and use tax revenue to finance open space, farmland, and historic preservation, including the payment of any debt that may be incurred from the issuance of bonds for those purposes. This measure would make available $150 million more in bond funding for open space, farmland, and historic preservation but would not increase the amount of the constitutional dedication of up to $98 million annually in State sales and use tax revenue to be used for such purposes.