Senate Bill 2697 provides for the new $9.9 billion loan together with interest and “transaction fees” to be paid back during the next 35 years. If the State doesn’t collect enough money from existing state taxes during any of those years, a new property tax on all real estate in NJ will automatically be added to all quarterly tax bills in addition to all school, county, and local property taxes. Click here for details about the lawsuit we filed last month against a similar bill passed by the State Assembly last month. We filed that lawsuit because that loan is not subject to voter approval as required by our NJ State Constitution since 1844. That lawsuit was dismissed because the Assembly bill never became law. We are now filing a second lawsuit to stop a new $9.9 billion loan package contained in State Senate Bill 2697 which also does not require voter approval. That bill was approved by the Senate and Assembly and signed by Governor Murphy last Friday. It was done through a “fast-track” procedure that took less than a week.
David Goloff for LibertyAndProsperity.com